Co-Signors and Debt Discharge

Posted on May 13, 2012 by Law Office of Brian R Lewis

Co-Signors and Debt Discharge

Filing for bankruptcy protection is a safeguard that enables a debtor to discharge his debts after filing for bankruptcy. He is therefore relieved of the duty to repay any outstanding debts. Unfortunately, any remaining co-signor or co-signors would still be responsible for the debt because the discharge is specific to the one party who files for bankruptcy.

 

If you have loans or debt that have co-signors , please contact one of the experienced Massachusetts personal bankruptcy lawyers at the Law Office of Brian R. Lewis. 508-946-3323. Our bankruptcy attorneys will discuss the best options for your chapter 7 or chapter 13 personal bankruptcy.

 

Responsibilities of the Co-signor

A loan that is agreed to and signed by two or more people is the responsibility of all the endorsers. When one of the parties opts to file for bankruptcy and has individually discharged his debts, the onus of repaying the loan then falls on the remaining co-signor or co-signors. Therefore, in addition to meeting the payments, the remaining co-signors will have to be wary of all other co-signed debt that they may be party to. These debts include co-signed leases, mortgage loans, automobile loans and commercial loans. The sudden and unplanned responsibly to repay un-cleared debts sometimes becomes too burdensome for co-signors. Then they also may file for bankruptcy to relieve their debt burden.

 

If you overwhelmed with your debt or if the stress of your financial situation is too much, there are options. An experienced bankruptcy attorney can help, call the Law Office of Brian R Lewis at 508-946-3323.

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Important Ways An Attorney Can Assist You With Bankruptcy:

Posted on May 4, 2012 by Law Office of Brian R Lewis

Legal Services:

Any person can file for bankruptcy themselves but the paperwork and process must be completed in a timely and detailed manner or your bankruptcy could be rejected. A Massachusetts bankruptcy attorney can make the process go much smoother and precisely by assisting in these areas:

 

Counsel: 

When bankruptcy is a consideration, a debtor will need to know their options and what the bankruptcy court expects of them.  A bankruptcy attorney can assist with their legal expertise to insure the bankruptcy is filed correctly and by the state bankruptcy law.

 

Legal Representation: 

Bankruptcy will involve conflict between both parties, the debtor and creditor, which will need to be discussed and decided legally in a bankruptcy court.  Having an experienced bankruptcy attorney to advocate on your behalf is needed.

 

Paperwork:

There is lengthy paperwork involved in filing for bankruptcy in the state of Massachusetts as well as producing and gathering records, bills and income statements.  A bankruptcy attorney takes charge of this process and can relieve pressure and answer questions.

 

Contact Us:

 If you are ready for a fresh start call us at the Law Offices of Brian R. Lewis, 508-946-3323 , so we can aide you in legal advice and assistance through the bankruptcy process.

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How Chapter 13 Bankruptcy Can Stop Foreclosure

Posted on March 12, 2012 by Law Office of Brian R Lewis

While the national unemployment rate has dropped slightly, we still aren’t out of the woods. Even many who are working have fallen behind on payments, leading to risk of foreclosure. If you’re considering filing for Chapter 13 Bankruptcy to prevent foreclosure, here are a few things to consider first.

Understanding Foreclosure

Until your home is completely paid off, a third party has the power to collect on it as collateral for debts unpaid. In most cases, a bank or mortgage company loaned you the money to buy the house and you pay monthly payments for thirty years or until you move, at which point you either take over ownership or sell the house to pay off the remainder of the loan.

But what happens if circumstances leave you unable to make those payments? As with any loan, you can only miss so many payments before your lender takes action. First they will attempt to collect and your credit score will be affected. Then they will begin taking steps to foreclose.

When a creditor forecloses on your home, they must first obtain a court order to get permission to take possession. The bank does not own your home—it is simply collateral in the event you fail to pay. The bank’s only interest at this point is recouping its money and it will seize your home and sell it to pay off the remainder of your debt.

First you will receive a notice of foreclosure giving you a set period of time to make payments before foreclosure occurs. At this point you may refinance, pay off the debt, or sell the home. Another, fourth option has some homeowners doing research: filing for chapter 13 bankruptcy.

Can Chapter 13 Bankruptcy Save Your Home?

When you file for Chapter 13, an automatic stay will be issued by the court. This will, in effect, stop foreclosure procedures on your home. While this may seem a simple antidote to losing your home, there are a few things you should understand about Chapter 13 Bankruptcy.

Chapter 13 bankruptcy simply means you plan to reorganize and pay your debts. Unlike Chapter 7 Bankruptcy, where your assets are liquidated and your creditors repaid, Chapter 13 Bankruptcy requires that you have a way to repay your debts over time. It is, in essence, a form of debt consolidation.

The good news about a Chapter 13 Bankruptcy is that you will be able to get certain loans after a one- to two-year period has passed. This does not mean creditors will not be skittish about giving you such a loan, however. Chapter 13 Bankruptcies can stand out on credit reports and hurt your chances of getting loans, so think carefully before filing. A Chapter 13 Bankruptcy filing will remain on your credit for seven years following your filing. (Chapter 7 remains for ten years.)

The best thing to do when you find yourself in trouble with creditors is to try to make payment plans and consolidate your debt yourself. Often simply calling and offering to lower your payment on items like credit cards can go a long way.

But in most cases, Chapter 13 Bankruptcy is filed by individuals in order to protect a home against foreclosure. It’s important to note, however, that you will still be expected to begin to make mortgage payments. This is not a way to get out of paying for your house—simply a way to force your mortgage company or bank to give you time.

In order to qualify for a Chapter 13 Bankruptcy filing, you will need regular income. The court will need to see that you are able to repay your debts and have every intention to do so. During the automatic stay issued by the courts, you will have to show that you are paying your mortgage and other debts and attempting to get your finances in order. You may also include smaller items like car payments, credit card payments, and college loan bills in your reorganization, provided you meet the other criteria for filing.

If you’ve gotten yourself into a situation where your home may be foreclosed on, a Chapter 13 Bankruptcy filing may be the best solution for you. It will allow you to remain in your home while you try to get back on your feet again.

Making the decision to file bankruptcy can be confusing and difficult. Contact the Law Office of Brian R. Lewis today for your free initial consultation today!

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Benefits of Filing Bankruptcy

Posted on March 4, 2012 by Law Office of Brian R Lewis

Filing bankruptcy in Massachusetts is often looked at with a stigma of negativity when there are actually many benefits to filing. In fact, personal bankruptcy can be looked at as a “win-win” situation for the person who is filing. You get to keep your home, your car, your personal belongings but you also get to eliminate the debt that you cannot pay. Ultimately that is what the experienced bankruptcy lawyers at the Law Office of Brian R. Lewis want to help you do just that. They want to give you the peace of mind of having a debt you can manage while helping you save some of the investments you have worked so hard to get in the first place.

Keeping Your Home, Your Car, and Other Personal Items

The fact remains that your mortgage lender and whoever has financed your car want your payments – they want them before you file bankruptcy and they certainly want them after. If you are eligible to file for Chapter 7 bankruptcy there is a very good chance that you can go on making your car and house payments as usual even after you file bankruptcy.

How is it Possible to Keep Your Home, Car, and Personal Property?

This is a very common question because it just seems too good to be true. However, if you look at it from the lenders point of view it is easier to understand. Because of the bankruptcy laws, it is actually in the best interest of you lender to continue to accept your payments or complete what is called “reaffirming your debt.”

Whoever you borrowed money from to purchase your house and your car are obviously in the business to make money. They do not want to repossess your house or your car because that generally just means a loss for them. Instead, if they allow you to continue to make payments they will have the peace of mind that you cannot file Chapter 7 bankruptcy or Chapter 13 bankruptcy again for a minimum of eight years. They are also comforted by knowing that you do not have any other debt that would prevent you from making their debt the priority when it comes to making your payments.

Is Chapter 7 Bankruptcy or Chapter 13 Bankruptcy best for you?

Chapter 7 bankruptcy is usually the most sought after form of filing because of the benefits that go along with it. However, there are so special requirements that you must be able to fulfill before you are able to utilize this option. That is why it is so important for you to consult a qualified bankruptcy attorney.

The experienced bankruptcy attorneys at the Law Office of Brian R. Lewis can help you to know whether you are eligible to file Chapter 7 bankruptcy or if Chapter 13 bankruptcy is a better option for you. Regardless of which option is best for your situation, the bankruptcy attorneys will help walk you through this experience from start to finish.

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How to Stop Wage Garnishment by Filing Bankruptcy

Posted on February 23, 2012 by Law Office of Brian R Lewis

Are your wages being garnished? If so, you are well aware of the stress that this situation causes. There was obviously not enough income to begin with or you wouldn’t have gotten behind on your payments but now that they are garnishing your wages this is certainly making the situation worse – not better. If you have a family this only magnifies the situation.

By filing personal bankruptcy either Chapter 7 bankruptcy or Chapter 13 bankruptcy you will be able to stop your wage garnishment – in many cases the garnishment can be stopped immediately.

As mentioned above, wage garnishment can deplete the limited amount of resources that you are bringing into your home. This can make it difficult to even provide the basic necessities for yourself and your family. When you file Chapter 7 bankruptcy or Chapter 13 bankruptcy you will be able to take advantage of your full paycheck once again and use this to provide for your family. Being able to do this is not the only benefit to filing for bankruptcy either. 

The best thing about filing personal bankruptcy is that you are able to get a fresh start. You are able to wipe the slate clean – free of the stress and worry about how you are going to find a way to pay the bills you cannot pay.

Additional Benefits of Filing Chapter 7 Bankruptcy and Chapter 13 Bankruptcy

When you file Chapter 7 bankruptcy or Chapter 13 bankruptcy you are able to eliminate many different types of unsecured debt. Some of these include:

  • Medical Bills
  • Credit Cards
  • Most Personal Loans
  • Deficiencies on Repossessed Vehicles
  • Some Judgments

Another benefit to filing bankruptcy is that there is a good chance that you will not lose any of the property that you own – especially when you file Chapter 7 bankruptcy. However, it is important to keep your mortgage payments and car payments current if you are considering filing bankruptcy. That way if you do meet the financial requirements that Chapter 7 bankruptcy entails there will not be an issue in keeping both your house and your car. Your bankruptcy attorney at the Law Office of Brian R. Lewis can help you to know if you meet the requirements or not.

Regardless of the fact that your wages are being garnished now or are going to be garnished soon, it is still not too late to get the help you need from an experience bankruptcy attorney. Get your life back on track and get the full benefits of the paycheck you work so hard to get each week. Put these financial burdens behind you and live the life you have dreamed of living – one that is worry-free and not riddled with debt you cannot pay.

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Common Myths, Misconceptions, and Alternatives Regarding Bankruptcy Filing

Posted on February 7, 2012 by Law Office of Brian R Lewis

When making the critical decision to file for personal bankruptcy protection, there is a plethora of information available. In these days of the Internet, iPhones, and information about anything available with the dance of our fingers, it is always possible that we may not pick up on the best, or even accurate information.

As with most things, bankruptcy topics have their fair share of myths and untruths that often scare people away from filing, or vice versa. Whether you’re looking to file personal bankruptcy or business bankruptcy, it is essential that you sort out fact from fiction. Avoid a paralegal or document specialist and speak with an experienced bankruptcy attorney, like the Law Office of Brian R. Lewis, who can assist you with all of your fears, worries, questions and doubts.

Misconceptions of Bankruptcy:

Myth #1

One of the biggest misconceptions about bankruptcy is that it is difficult to file. It is actually not hard to file, and in fact, it has never been easier. Most bankruptcy cases can be easily resolved with little or no hang-ups involved. People are also quite concerned with news of a bankruptcy being released publicly, for friends, family and colleagues to find out. The truth is that bankruptcy proceedings are NOT found in public records, and information is only given to the creditors and the debtors of a specific case.

Myth #2

Many people believe that all debts are removed, and it is a fact that they are not. In Chapter 7 bankruptcy, some debts are immune to bankruptcy discharge, such as child support, alimony, taxes and student loans. Though it does relieve the debtor of medical bills, credit card debt, and some legal costs, some debts are just not covered.

Myth #3

Another myth is that people think they will lose everything, being left with virtually nothing if they file personal bankruptcy. Though bankruptcy laws are slightly different from state-to-state, there are exemptions that will allow individuals to protect their home, vehicles, and retirement savings.

Myth #4

For housing, as long as the mortgage is paid on time through the course of the bankruptcy proceedings, there is usually no chance that the home will be liquidated. In Chapter 13 bankruptcy, foreclosure proceeding can be stopped or stalled by a filing. After undergoing debt rehabilitation, making honest payments throughout can avoid another foreclosure, which can happen after the completion of the bankruptcy.

Myth #5

Another bankruptcy myth is that the debtor will never be able to get credit of any kind again. This also is NOT true. Many businesses and individuals who go through bankruptcy proceedings are able to get credit again, though they may often have to start out paying a higher-than-average interest rate on any loan or credit card. Timely payments and no defaults will raise the credit score, once again.

If all the information is too scary or too unsure, there are options to avoid filing for bankruptcy protection. Some debtors look at settling out-of-court with their creditors at a reduced rate. Credit counselors are available to ensure that any alternatives to bankruptcy will not have a negative effect on your credit rating. These professionals are also available to assist in debt consolidation programs, though some debtors are in so deep that they do not qualify for consolidation loans.

If you have any doubt, seek out a knowledgeable bankruptcy attorney, like the Law Office of Brian R. Lewis, to assist you in making the right decision for you, your family, and your business.

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The Advantages of Filing for Personal Bankruptcy

Posted on December 30, 2011 by Law Office of Brian R Lewis

The Advantages of Filing for Personal Bankruptcy

Are you struggling financially and considering filing personal bankruptcy? Many people struggle greatly with this decision because they are so worried about the ramifications of their choice. However, most people are unaware of the fact that there are several advantages to filing personal bankruptcy that should be taken into consideration as well.

Finding Support While Filing Personal Bankruptcy

While filing bankruptcy may serve as a last resort to correcting your financial difficulties, for some people, it is the only option.  Filing personal bankruptcy can be quite difficult – therefore, the first step is finding a law firm who can guide you through the process.  That is actually the first advantage of personal bankruptcy – you are not alone.  There are many law firms throughout the United States that specialize in bankruptcy law to help you achieve debt relief.

Stop Foreclosures & Harassing Collection Calls

Another major advantage of personal bankruptcy is the fact that you can save your home, your car, your property, and put an end to the harassing collection calls.  As soon as you file for bankruptcy, creditors are no longer permitted by law to call you in order to solicit payments from you for the debts that you owe them.  You will also no longer receive threatening letters regarding lawsuits over your debts either.

Furthermore, filing a petition for personal bankruptcy potentially safeguards you from losing your home, car, and other assets.  In most personal bankruptcy cases, individuals are able to keep their assets such as these.  However, these types of details are on a case-by-case basis.  Again, having a bankruptcy lawyer on your side is the biggest advantage in personal bankruptcy.

Your Credit Can Actually Improve

Many individuals worry that fling bankruptcy will ruin their credit and keep them from being able to establish new credit in the future.  Contrary to popular belief, this is not true.  In fact, although a bankruptcy does appear on your credit report for ten years, many people are able to rebuild their credit quite quickly – making this another great advantage of personal bankruptcy.  It is recommended that you discuss your options for rebuilding your credit after filing personal bankruptcy with your attorney.

Reducing Stress

The stress that financial debt places on families and individuals can be extreme.  Filing personal bankruptcy can help reduce stress by relieving the financial burden with two personal bankruptcy options  – Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.  The option you choose will depend on what type of financial crisis you are in.

Discussing your options with a bankruptcy attorney can really help reduce the stress level of making the difficult decisions associated with filing personal bankruptcy.  Once the process is complete, you will definitely feel relief. You will have your debt either paid or discharged reducing the stress that generates from having outstanding debt. Subsequently, you will be able to move on and enjoy life.

Making the decision to file bankruptcy can be confusing and difficult. Contact the Law Office of Brian R. Lewis today for your free initial consultation today!

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Things You Can Do to Stop Foreclosure

Posted on December 2, 2011 by Law Office of Brian R Lewis

Foreclosure on your home is a miserable experience that can ruin your finances, your credit and leave you in the lurch trying to find suitable housing for your family. On top of the stress of trying to keep your home, you must fend off scammers trying to rip you off. These fraudulent companies take advantage of you by claiming to act on your behalf to stave off the foreclosure process by having you sign off on the deed to your property to their company or charging you burdensome fees to do what a social worker, housing counselor or a bankruptcy attorney could do for a much lower cost.

When considering these steps, it is wise to contact an experienced attorney to assist you through the legal process of bankruptcy and what your rights are as it pertains to foreclosure.

Repayment Programs

Your bank does not want you to be foreclosed upon or abandon your home, and often will work with you to avoid the foreclosure process. Stay in your home to prove to the bank you are committed to the home and the mortgage. Contact the bank at the first sign that you cannot make a payment. Your bank may enact a special forbearance allowing you to only pay the interest on your existing mortgage, skip a payment or temporarily reduce or suspend your mortgage payments until your finances turn around.

Modification

Modification programs change the terms of your mortgage to reduce the amount that you owe on your home or by decreasing the amount of your monthly mortgage payments to a percentage of your take home pay. The federal Home Affordable Modification Program (HAMP) reduces your monthly mortgage bill to no more than 31 percent of your pre-tax pay. This modification program is ideal for workers who have seen their hourly wages decrease or their work hours cut. The Principal Reduction Alternative (PRA) is for homeowners who find themselves underwater on their mortgages. This program encourages the mortgage service to reduce the amount of principal on the mortgage loan, thereby decreasing the amount of the monthly payments.

Refinance

Refinancing your mortgage helps homeowners maintain ownership of their property when homes experience a decrease in value to the point where more is owed on the mortgage than the home is worth in current market conditions. Homeowners current on their mortgages but unable to enter into a refinance program with the bank might be eligible to refinance their homes through the federal Home Affordable Refinance Program (HARP). If your mortgage was financed through the Federal Housing Administration (FHA), the National Servicing Center of the FHA offers refinancing programs to homeowners who have lost their jobs or are at risk of foreclosure due to default on the mortgage loan.

Bankruptcy

If you are behind on your mortgage with no feasible way to catch up, Chapter 13 bankruptcy may be your best option. First, seek credit counseling, as a completed certificate will be required by the court. Prepare copies of your financial records and propose a repayment plan of your debts, including your mortgage. You must continue to make mortgage payments as you go through this process. Once your plan is approved by the court, you must follow through on your repayment schedule or your home will be foreclosed.

Sale / Short Sale

A short sale allows you to manage the exit of your home without the credit disaster of a foreclosure on your record. The federal Home Affordable Foreclosure Alternatives (HAFA) allows you to prove that your current mortgage payment is unaffordable and allows you to do a short sale or deed in lieu of foreclosure. Another option is a pre-foreclosure sale with approval of your mortgage lender, which allows you to sell your home for less than the amount owed on the mortgage principal, with your bank agreeing to close the mortgage upon the sale of the home. However, in some states you might be responsible to pay the difference between the sales amount and the amount remaining on the mortgage.

Contact an attorney before agreeing to any mortgage changes or deals with your bank or any other entity. In some cases, bankruptcy might be a better option than what the bank or mortgage lender is offering to you.

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The Steps of Chapter 7 Bankruptcy

Posted on November 15, 2011 by Law Office of Brian R Lewis

In these tough economic times, many are faced with the difficult decision of filing for bankruptcy. Chapter 7 bankruptcy is one option that offers relief to those in debt by eliminating unsecured debts, like outstanding credit card bills. This particular type of bankruptcy, known as liquidation, is meant for those individuals, partners, or businesses that are unable to repay their debt. In consultation with a bankruptcy attorney, those wishing to file for Chapter 7 bankruptcy can follow these six steps:

1. Organize your documents

In consultation with your bankruptcy lawyer, organize the documents identifying your creditors, their contact information, and the amount due to each. You will also need documentation regarding your income. Your attorney can give you advice regarding which debts you can liquidate and which you will need to pay off, like student loan debts. Your bankruptcy lawyer will also be able to guide you through the necessary steps if you wish to keep some property, like your home or car.

2. Attend Credit Counseling

Once you’ve organized your documentation, you’ll need to attend a credit counseling course. This course can be completed at any number of approved locations, as well as on-line. You will need to submit your credit counseling certificate when you apply for bankruptcy. Your bankruptcy lawyer can help you identify an approved credit counseling course. You’ll receive a certificate upon completion of the course.

3. File for Bankruptcy

After completing the course, you will submit your documentation to the bankruptcy court for approval. Once approved, you will receive a case number identifying your petition. From this point forward, all creditors should work directly with your bankruptcy attorney. You are now protected against further action by creditors, including wage garnishment, home foreclosure, or repossession of property.

4. Complete a Financial Management Course

Once your bankruptcy petition has been approved, you will need to complete a financial management course. This is an important step toward rebuilding your financial future and avoiding the need to apply for bankruptcy again. It is important that the course you choose be one of those approved by the U.S. Trustee’s Office. Your attorney can help you select the appropriate course. As with the credit counseling course, you’ll be awarded a certificate upon completion. You’ll need this certificate for the meeting with your creditors, the next phase of Chapter 7 bankruptcy.

5. Meet with your Creditors

During the fifth phase, your lawyer will set up a meeting with your creditors and the U.S. Trustee assigned to monitor your case. This meeting is often referred to as the 341 Meeting of Creditors, and will occur roughly 30 days after you file your case with the bankruptcy court. During this meeting, you’ll be interviewed by the U.S. Trustee who will review your photo identification, financial records, and documentation of any income earned since you filed your case. Your creditors will also be invited to ask you questions.

6. Debt Discharge and Rebuilding your Credit

Following this meeting, there is a 60 day period during which your creditors or the U.S. Trustee may object to any part of the bankruptcy plan, including the petition itself, the schedule, or any of the supporting documentation you submitted. If there are no objections, your debt should be liquidated shortly after this 60 day waiting period. Be sure to review your credit report following the discharge in order to confirm that the debt discharge has been noted. This allows you to start over financially. You can then begin putting aside money for emergencies, and work on improving your credit rating. You might start out by securing a credit card and paying promptly so that eventually you can secure a car and home loans. With the knowledge you’ve obtained during the required financial management course, you’ll be able to work on making financially responsible decisions and fully recovering from bankruptcy.

The decision to file for Chapter 7 bankruptcy can be a difficult one. However, it is an option that offers those in debt the opportunity to make a fresh start. The courses required as part of filing for Chapter 7 bankruptcy are an essential part of getting back on the right track toward financial independence and a strong credit rating.

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Five Steps to Rebuilding Credit after Bankruptcy

Posted on October 23, 2011 by Law Office of Brian R Lewis

Five Steps to Rebuilding Credit after Bankruptcy

Filing bankruptcy is never an easy decision to make. When a person has fallen into too much debt, then it is usually a last resort. However, filing bankruptcy does not mean that your credit is ruined forever. The action stays on your credit report for seven to ten years, but there are many things that you can do in that time to reestablish yourself with creditors. Rebuilding credit does not happen overnight, but with a budget, new credit and on-time payments, you can get back on track and have good credit long before the record of the bankruptcy falls off from your credit report.

Get Yourself Together

Don’t beat yourself up over the need to file bankruptcy.  Millions of people have had to file bankruptcy for numerous reasons including job loss, business failure, illness, divorce, and generally just the obvious strains that this historically bad economy has imposed on most of us.  Bankruptcy gives you the opportunity for a fresh start, and truly gives you the ability to get back on track financially.  Treat it as an opportunity not a setback.

Check Your Credit Report

Once you have filed personal bankruptcy, it is time to check your credit report. You can get them from the three major companies, TransUnion, Equifax and Experian. You can also get them once a year for free. It is important to check your credit report to make sure that all accounts listed are up-to-date and yours. Many times there are mistakes, but they can be disputed and fixed. Since you are starting with a new slate, it is a good idea to check every account on your credit report.

Set a Budget

One of the most important things to do is to set a budget after filing personal bankruptcy. In order to rebuild credit, it is significant to understand why you had to file in the first place. You do not want to make the same mistakes twice, so it is a good idea to be realistic in your income and what you can and cannot afford. Making changes to your lifestyle and budget might need to be done. Controlling your spending and saving up your money is the best thing you can do for yourself. Some easy ways to save money every month are to pay with cash, cook at home, car pool and buy only what you can afford.

Build New Credit

Building new credit is hard for some people because some creditors may not want to give them credit.  However, with the right approach, rebuilding your credit quickly can be achieved.  In my opinion the single best resource for learning proper strategies for rebuilding your credit can be found at a free forum located at www.creditboards.com.  On this forum, people who have gone through the same experiences as well as others who have great knowledge of the credit world are available to educate you on the ways to rebuild your credit.  The common myth is that it takes 7 to 10 years to get credit again.  In my experience this is not true.  Spend some time on credit boards and you will see what I mean.

Keep Up the Good Work

Once you have set your budget, checked your credit report and established new credit for the future, then you can concentrate on staying on top of things. This means that you should stay within your financial means, pay all your bills on time and check your credit report often for mistakes.

These five steps should help you to rebuild credit after filing Chapter 7 bankruptcy. The next seven to ten years should not feel like a jail sentence because there are ways to live debt free and have financial freedom. It just takes time, patience and self-control.

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