Monday, September 23, 2019

Can I Rebuild Good Credit After Filing Bankruptcy In Atlanta?

Filing for bankruptcy can be an important first step towards giving yourself the fresh start you deserve. When you file bankruptcy and get relief from your bill problems, you no longer owe any money to your creditors. You no longer have to suffer with the continuing delinquencies.
 In order to preserve your newfound financial stability, you must take care to rebuild your credit and avoid common pitfalls. If you take some simple steps to rebuilding your credit after bankruptcy, your credit score will start to rise.  After as little as 18-24 months, your credit report can be a positive one.

Improving Your Credit Score
There are a number of things you can do to improve your credit score with a bankruptcy discharge on your credit report, including the following.

·         Acquire a Secured Credit Card. It may seem counterintuitive, but in order to rebuild your credit, you will need to take out loans and repay them on time. A secured credit card gives you credit up to the amount you have in the bank that issues the card.

·         Take out an Installment Loan. An installment loan is any kind of a loan that requires monthly payments, such as a car loan. You must make your payments on time every single month in order to use your installment loan to rebuild your credit.

·         Check and Correct Your Credit Report. After your bankruptcy has been discharged, check your credit reports. You are looking for errors: debts you have repaid but still appear and any other types of mistakes. Contact the credit agency where the mistake appears to have it corrected.

In many ways, once you have completed a filing for Chapter 7 or Chapter 13 bankruptcy your financial future is brighter. It is important that you avoid the mistakes and traps that could get you in trouble again. King & King is dedicated to helping clients file for personal bankruptcy and rebuild their lives afterwards. For a free initial consultation, contact our office at 404-524-6400.

Tuesday, September 17, 2019

Are Debt Collectors Legally Allowed To Contact You in Georgia?

One of the most troubling things about not being able to pay your debts are the calls and letters from creditors. When you have bills you can’t pay, you may start getting endless phone calls and letters requesting payment. This is normal, but there are laws about how debt collectors may behave.

No matter how deep in debt you are, you have legal rights. The Fair Debt Collection Practices Act protects you from unfair and harassing treatment from creditors and debt collectors hired to secure payment. Bankruptcy can also stop debt collectors from contacting you.

There are many different types of behavior that debt collectors may display that are actually against the Fair Debt Collection Practices Act. If you are struggling with debt and facing financial stress, the last thing you need is harassment. Here are a few things debt collectors cannot legally do:

  • Debt collectors can’t threaten you with arrest or by taking action to harm your credit rating
  • Lie to you or misrepresent who you are talking to in an attempt to secure payment
  • Share your personal information about your debt with anyone else, such as your employer or family. However, they can contact your family to locate you
  • Call you before 8 am or after 9 pm, based on your time zone
  • Call you at work, provided the debt collector is aware your employer doesn’t approve of these phone calls
  • Harass, oppress, or abuse you
  • Falsely imply that you have committed a crime
  • Use unfair practices in an attempt to collect a debt
  • Conceal his or her identity on the phone
  • Disregard a written request from you to cease further contact

When you file for bankruptcy, an “automatic stay” goes into place. This stops all collection efforts, including calls from creditors. Call King & King to schedule a free consultation to learn more about how this process works.
You don’t have to endure creditor harassment. Filing for bankruptcy can free you of your debts and give you a brighter financial future. Call us today at 404-524-6400

Tuesday, September 10, 2019

Are Creditors Trying to Take Your Car or Property? There Is Something You Can Do.

One of the most stressful aspects of dealing with debt you can’t repay are the debt collectors trying to get money from you. Sometimes, these efforts can also involve attempts to collect on debts by taking your property. Repossession is when a third party can legally take your property to repay a debt.

How Does Repossession Work?

Repossession can happen when you are behind on your payments for your car, furniture or other items bought on credit. Here are a few aspects of repossession it can be helpful to understand:

· Repossession can start as soon as you default on your contract, missing even a single payment in some cases.

· In most cases, your creditor will not need a court order to start repossessing property.

· Once the property is seized, it is difficult, but not impossible, for the borrower to reverse the situation.

Bankruptcy may be an option. A Chapter 7 Bankruptcy will temporarily stop your lender from being able to repossess your vehicle and may provide you with sufficient time to make a payment to bring your account current. A Chapter 13 Bankruptcy may also be an option. Chapter 13 would allow you to keep your vehicle and catch up on the back payments by repaying the amount you’re behind over a 3 to 5 year period.
The threat of losing your property is frightening. But you have options! By filing for bankruptcy, you may be able to make the repossessionstop by putting bankruptcy’s “automatic stay” to work in your case.
Call King & King at 404-524-6400 to schedule a consultation to discuss your repossession situation with an attorney – the evaluation of your case is free.