The September 2017 Bankruptcy Report from the American Bankruptcy Institute reveals that 589,088 people filed bankruptcy in 2017. This means that there are 589,088 people in need of rebuilding their credit after bankruptcy.
There are also people who have not filed for bankruptcy who are either in need of repairing their credit so that they can apply for a home or car loan or other major expense, or they have suffered a divorce and were saddled with the consequences of a partner’s poor financial choices.
If you filed for bankruptcy, it will stay on your credit report for about 7 to 10 years, depending on which chapter of bankruptcy you filed. After that period of time, you will need to start rebuilding your credit and can reclaim your finances so that credit companies will do business with you again. It takes persistence and time to repair credit. An experienced attorney has dealt with credit bureaus, understands a consumer’s rights under the law and can advocate for your return to financial health.
According to a study by Demos, a New York research group, young Americans aged 18 to 34 are increasingly filing for bankruptcy with sometimes two to three times their annual income in debt, and they carry over debt monthly by 71 percent compared to 55 percent of all credit card holders. They are the fastest growing population to need assistance in managing their financial health.
An attorney can assist individuals or corporations in a number of ways. The Jackson Law Firm is a respected team of lawyers who are trusted and respected in Williamson County, Cedar Park, and the Round Rock areas, and can best advise you how to protect your financial health.
Credit repair is a process that involves closely examining your credit report, challenging false content on the report and repairing negative or delinquent accounts. Depending on the extent of negative or delinquent debt reported, this can sometimes be a complicated process that involves contacting both creditors and credit agencies, negotiating terms, and having false items removed from your credit account which can sometimes seem overwhelming and time-consuming.
Identity theft and Cybercrime is on the rise. In an alarming study in 2017 by Javelin Strategy & Research, it is shown that 15.4 million people were the victims of identity theft and fraud in 2016. This has the ability to wreak havoc with your credit report and can even take years to prove and have removed.
According to the Federal Trade Commission, in 2016, people fell victim to 32.7 percent of credit card fraud, 11.8 percent of bank fraud, and 6.8 percent of loan fraud.
There are a few things that every person can be proactive with to avoid becoming a victim of credit or identity fraud such as checking bank and credit card accounts regularly for suspicious activity, change your passwords to these accounts often, never give out personal info online, get your yearly credit report or sign up for a subscription which notifies you immediately of changes on your report, be careful of phishing emails and scams.
These are just a few things that an attorney can do to assist you in rebuilding your credit: Evaluate your credit report, get negative items removed like charge-offs and late payments, negotiate a settlement of accounts, and represent you in court should a creditor attempt to sue you for debt.
Having good credit versus bad credit can have a big impact on your life such as enable you to purchase a home or get a loan to start your own business. Studies have shown that about 18 to 24 months after the discharge of a bankruptcy, most people are able to qualify for a home mortgage loan with the same loan terms as those people who have not filed bankruptcy.
There are some financial responsibilities that cannot be repaired with your credit, however, and some of those include income taxes and child support, or monies owed a victim of personal injuries which you have caused and were found guilty of in a court of law. All of those items, for example, cannot be discharged and they were not eligible for consideration when you filed for bankruptcy.
Recovery from bankruptcy is possible. It can be a long and sometimes complex process, but it is still a process that has an end. Even if you have never filed for bankruptcy you can benefit from credit repair if you have a large amount of unpaid debt or debt in collections.
With our hectic lives, having someone who can provide relief for financial burden can make a very big difference. If you are in need of rebuilding your credit, call the Jackson Law Firm for a free consultation. We serve Williamson County, Cedar Park, and the Round Rock areas. Let us speak with you today, about relieving your worry and getting you back to financial health and happiness.