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Archive for August, 2013

What is the Ideal Fee of the Denver Bankruptcy Lawyer?

Posted on: August 28th, 2013 by jemsu

Seeking the professional help of Denver bankruptcy lawyer for handling your bankruptcy filing is no doubt a sensible decision. But at the same time you also have to ensure that your lawyer is charging your right price and there is no hidden cost. As the number of people filing for bankruptcy is increasing many unscrupulous lawyer are over charging their clients disguised as cost.

Generally speaking there is no exact fee of the professional services of Denver bankruptcy lawyer as it completely depends on the complexity of the individual case. But you must be aware of the “bait and switch” tactics utilized by lawyers. Credit reports from all credit bureau should never cost over $40. Similarly, the mandatory credit counseling classes must not cost more than $30 including both the pre-filing and post-filing classes. Many attorneys as well as petition prepare falsely charges from their client $150 for credit report or mandatory counseling classes.

Professional, reputed and experienced Denver bankruptcy lawyer always ensures that clients are provided with honest and straightforward information regarding fees as well as the options available to them. A proper fee structure is one of the important factors when it comes to deciding that whether the prospective client is interested to hire the service or not. Filing bankruptcy means discussing personal legal matters and thus filers must choose a lawyer or firm with whom they feel comfortable discussing such issue.

A reputed and trusted Denver bankruptcy lawyer provides the initial phone consultation absolutely free. Many attorneys charge their clients part by part and in case any complication arises with their case they charge more money from their clients. But in reality a lawyer is supposed to receive a set of amount before the case is filed. The lawyer and the associates will then perform rest of the other tasks as per the rule and will complete the matter, i.e. a successful bankruptcy filing without asking for more money.

In case your attorney receives fees from your creditors under certain circumstances means your hired lawyer has filed a lawsuit on your behalf either to protect your right or the Court through the Chapter 13 Bankruptcy repayment plan. All the other matters including bankruptcy litigation and bankruptcy amendment or repairing the past filed bankruptcy case are generally quoted as flat fee.

As a mode of payment most of the lawyers accept cash, but also prefers certified funds, checks or money orders. In case of bankruptcy service payments credit cards are not accepted.

Tips to Repair Credit after Bankruptcy Filing

Posted on: August 26th, 2013 by jemsu

If you are fighting with debt and have a good and experienced lawyer then by now you must have known that filing bankruptcy is the best option at present. But you are also required to understand that filing for bankruptcy is merely a first step towards your desired financial recovery as you would have to continue being strict with finances as well as credit even after being discharged from bankruptcy. Though bankruptcy can remain on the credit of a borrower for up to 10 years, you can follow these tips to repair your credit for the sake of your future financial wellbeing.

• Get at least 1 secured credit cards: Secured credit cards are available against a deposit or collateral. With the help of these cards you have the opportunity to pay off the entire balance and that too on time on a monthly basis, thereby contributing to your credit rating. However, it is also important to ensure that you remain capable to pay off the entire balance on monthly basis because carrying balance on such card might continue to hurt your credit score. Thus, the use of such card is recommended for small purchases only.

• Choosing Secured Cards Carefully: Picking a secured card with the largest possible deposit that you can afford is quite predictable, but at the same time it is also important to know that how much you are charged as the fees becuase under such circumstances the money you would be spending should work for you and not for the credit company.

• Reviewing Credit Report after Regular Intervals: Ensuring that any debt that is supposed to be deleted after being discharged from the bankruptcy is important for the sake of proper credit score. Reviewing credit score after every 6 months is thus considered to be ideal. In case, if you find that have not been discharged from your debt it means you might be a victim of identity theft. Such kind discrepancies must be informed to the credit bureau immediately in written communications through letter or e-mail along with clearly mentioning your name, social security number, birthdate, year and the concerned account information suffering from any disputes.

Advantages of Filing Bankruptcy with Denver Bankruptcy Attorney

Posted on: August 23rd, 2013 by jemsu

Filing of bankruptcy is a life changing decision because one wants to start a new life without any debt followed by being responsible and careful for all their future debt. In Colorado because of the existence of different kinds of bankruptcy as well as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 filing procedure can be complicated. Moreover, incomplete filing and failure to put correct information unintentionally might drag you to more legal problems and you would be unable to seek bankruptcy for the next few years. However, if you file bankruptcy with an experienced, reputed and trusted Denver bankruptcy attorney, your worries would be well taken care of which is also one of the biggest advantages of filing bankruptcy with an attorney experienced in this field.

A successful bankruptcy can help the financial aspect of the borrower in wide different ways. It can stop foreclosure, put a full stop to distressing collection calls, stop garnishment of wages, erase credit card and bad mortgage debt, eliminate medical bills and protect the retirement fund to name a few. When an experienced and knowledgeable attorney helps you your bankruptcy filing will go smoothly while abiding by the law thereby protecting your future financial well-being.

Reputed, experienced and trusted Denver bankruptcy attorney works with each client before the filing, during the complex legal procedure of bankruptcy and after you have been successfully discharged. Such bankruptcy attorneys’ tries to determine the best solution based on your situation, help you file for bankruptcy if required and advise you on ways to regain your financial stability.

Sometimes, alternative to bankruptcy is also recommended like Fair Debt Collection Practices Art if the lawyer finds it as a way to take control of your financial affair. In other words you can expect high level of expertise as well as personalized services. These attorneys also provide bankruptcy services related to business bankruptcy, personal bankruptcy, foreclosures and protecting assets.

Bankruptcy filing is no doubt a tough decision and thus Denver bankruptcy attorney works constantly with clients to help them know about their options, how to protect valuable property, what to expect in bankruptcy procedure as well as its consequences etc.

Repairing Credit After Filing Bankruptcy

Posted on: August 23rd, 2013 by jemsu

Filing for bankruptcy is no doubt a great way to eliminate all your debt and start a new financial future. But one must remember that bankruptcy filing is the first step towards financial recovery and thus must be careful enough to manage their finances and credit better after being discharged from bankruptcy. Though bankruptcy can stay on borrower’s credit report for 10 years, thankfully there are ways to repair the bad credit to improve the score combined with financial condition.
Getting minimum one but not more than three secured cards helps to improve your credit score. These are lines of credit card that are approved against a deposit or any collateral. With minimum number of these cards in hand a borrower can easily focus on paying off the balance full and that too on time resulting improvement in credit scores and ratings. It is also important to ensure that as a borrower you have the capability to pay off the entire balance monthly. It is highly recommended to use the card for minimal purchases such as one or two grocery bill or weekly gas purchase.
Though secured credit cards do contribute in improving the credit rating, it will only happen when you choose such card carefully. Look out for the excess fees charged with your card. The inclination to choose the card that allows you with highest deposit is understandable, but you also have to ensure that you are spending money wisely to work for you, but not for some credit card companies.
Reviewing your credit report after regular interval is a great way to ensure that you have been discharged from all your debts and there are no debts on your name that you have not accumulated. Drawing attention to any kind of discrepancies formally in written communication is highly recommended because you don’t want to suffer for doubtful debts or other related issues. During any such written communications, always include your full personal details like your name, social security number, year and date of birth as well as other necessary details like account information mentioned in the dispute.
It is also important to ensure that you are not requesting your credit report for not more than within six months tenure is important as too many credit report requests might also damage your credit score.
If settled debt remains on your credit, it severely affects the score and thus make an attempt with the creditor to remove such debts from your credit report.

How to Avoid Bankruptcy Fraud?

Posted on: August 19th, 2013 by jemsu

Filing for bankruptcy can help you to eliminate all your debts, but at the same time it is also important to remember that failure to include all your property might result in bankruptcy fraud which is a serious federal crime. Often times while such a step is committed unintentionally, simultaneously there are others also who try to defraud the federal government in order to eliminate their debts while improving from their present economic standing. Irrespective of committing such a step unintentionally the IRS as well as Department of Justice prosecutes such cases to the complete extent of the law. The court also views such cases of bankruptcy fraud as outrageous attempts gained at the cost of honest citizen who are seeking bankruptcy as a solution to their tough economic conditions.

Thus, if you are seeking bankruptcy, it is quite obvious that you would try to avoid such frustrating situations that would contribute to make matters worse. Other than seeking the help of a qualified, reputed and respected bankruptcy here are some steps that you must ensure to avoid any kind of bankruptcy fraud.

Always ensure that you have disclosed all your assets and your debts. Missing any of your assets like real estate, bank accounts as well as personal assets like jewelry, cars etc. might be viewed by the court as an attempt to hide. Thus, you must be extra careful during compiling the list of your assets. Reviewing the list multiple times is a highly recommended step.

Providing full as well as accurate information about yourself is must to avoid any types of bankruptcy fraud. Failing to fill out forms accurately is one of the most common ways that people commit bankruptcy fraud. During preparing the paperwork for the bankruptcy ensure that you have provided all the necessary information accurately and have not left anything. Remember omitting any required information is viewed as attempts to commit bankruptcy fraud. Devoting time to fill the details is thus highly recommended to ensure that your bankruptcy procedure remains smooth and abided by the law.

In order to avoid bankruptcy fraud seeking the help of a qualified, trusted and experienced bankruptcy lawyer is the best decision. Bankruptcy itself is a complex legal procedure and so the filing procedure is. An experienced attorney can guide you through the right path for a successful bankruptcy procedure as well as avoid the common pitfalls. Fight with your debt in a legal way and start a new life.

How to Identify Bankruptcy Mills?

Posted on: August 16th, 2013 by jemsu

Filing a bankruptcy means a life altering decision and thus one must be very careful when it comes to choosing a bankruptcy lawyer. A good and experienced bankruptcy lawyer ensures that your bankruptcy procedure become successful thereby providing you an opportunity to start a fresh life. However, there are borrowers who searches for inexpensive lawyers in order to save money only to end up finding themselves in worst conditions because they are trapped with bankruptcy mills or legal firms that vehemently advertise offering legal support at cheapest rates to provide poor or worst services.

Bankruptcy mills or legal firms of these types file hastily prepared bankruptcy documents in the name of the borrower leaving the filing incomplete and inappropriate based on the borrower’s conditions only to make matters far worse for them. Here are some indicators that you might be dealing with bankruptcy mills or similar types of legal firms.

If a firm is allowing non-attorney staff to supervise the majority of your case, beware. Stop taking help from such lawyer of firm immediately before matters worsens.

Ensure that the law firm or the lawyer you are working with have proper or adequate supervision of non-attorney staff by lawyers who have license to practice bankruptcy law. If the lawyer or the firm is overburdening their staff with bankruptcy cases, it is high chances that that these untrained or unsupervised staffs will make glaring mistakes like missing court dates, failing to file essential documents on time, forgetting to respond to your lenders, being unprepared to represent you in court.

Thus, you can understand that these aspects have complete potentiality to cause huge financial problems in your future thereby making matters far than worse. Your bankruptcy case will also experience unnecessary setbacks and not to mention even rejection followed by foreclosures, wage garnishments or lawsuits filed by your lenders.

The best way to avoid all such frustrating and unwanted situations is by seeking the professional help of a trusted and reputed lawyer who have extensive experience and knowledge in the field of bankruptcy law. You can ask for client’s testimonials before seeking the service of a lawyer to know the credibility.

Co-signers: Know your Options

Posted on: August 14th, 2013 by jemsu

If you have ever come across request to be a co-signer it is highly advisable that before you sign, you must know the roles and responsibilities of a co-signer in the event of securing a loan. Being a co-signer it will be your responsibility to make the missed payments or make the payments when the person who has taken the loan decides to stop payments or else your credit score will suffer. This is the reason that majority of the financial advisors strictly warn their clients as well as ask them to reconsider their decision when it comes to co-signing any loan.

So, if there is any loan default the co-signers can explore these options.

Securing Forbearance: Requesting forbearance is a great way for the co-signer as well as the actual person who has secured the loan to get some time because they can’t make any payments due to lack of money. A successful forbearance can suspend loan payments for few months. However, such a step is highly advisable for a situation when the other person in the loan can’t make payments for a temporary period but has complete intention to pay the amount eventually and simultaneously you also don’t have any money to pay for the same.

Refinancing the loan: One option for refinancing loan involves trying to refinance the cosigned loan with other borrower. This can contribute in reducing the monthly payment that might make the amount affordable for both the other person as well as you allowing both to make payments on time. But in case if the other borrower is still incapable to make these reduced payments then as a cosigner you might find yourself in a position for more interest payments and unfortunately end up paying more money than you could have before opting for refinancing.

Filing for bankruptcy: As a co-signer if you are facing credit-card debt or other debt and finding yourself in a position not to pay back the amount you owe considering the option of bankruptcy seriously would be a great option. Though viewed with a negative perspective, bankruptcy provides you with an option to start fresh free from debt. Moreover, the court also views bankruptcy as a responsible approach that you would be careful about all the loans in your future.

However, it is important to remember that bankruptcy will not discharge all your debt like student loan debt, but it might free funds to pay off rest of your debts.

Are there any Alternatives to Payday Loans?

Posted on: August 14th, 2013 by jemsu

Payday loans are great way to meet any kind of emergency expenses like fixing car, paying doctor’s bill or other unanticipated expenses without any kind of collateral or credit score. This loan is available very quickly and the eligibility is also simple where the borrower must be an American citizen, must be above 18 years of age and must have a checking account at least three months old.

Irrespective of so many conveniences with payday loans, millions of Americans are facing tough financial challenges with this unsecured loan because of the huge interest rate. Many times the interest can be as high as 800 to 900% when compared to credit card interest rates. Thus, when payday loan borrowers fail to pay their first due they are bound to face huge payment next month. This can gradually accumulate into whooping debt amount that can take long period to pay off. The worst scenario doesn’t end here as failure will lead to damaging credit scores of the borrowers that will prevent them from seeking regular loans with much lower interest rates.

Now, the question is there any alternatives to payday loans because no matter what happens emergency expenses never arrives prior informing and the borrower should not take any steps that puts his or her future financial well-being into danger. With great relief the answer is yes. Some of the possible alternatives to predatory payday loans are requesting for an advance on paycheck from the concerned employer, borrowing money from a relative, meeting unexpected expense either with an existing credit card or applying for a new credit card. Even though credit card comes with interest rates but compared to payday loans it is much lower, Moreover, if you have good credit scores you can manage to negotiate for lower interest rates.

Applying for a loan from credit union or small financial institution that might not have strict credit standards is a good alternative to payday loans. Filing for bankruptcy based on Chapter 7 or Chapter 13 dedicated to consumer bankruptcy is an indirect alternative to payday loans that helps with a fresh financial start as it removes all the existing debt successfully.

Understanding Credit Cards Terms & Conditions

Posted on: August 12th, 2013 by jemsu

The small fine print on any contract is something that one must never miss because that’s where the terms and conditions of the contract are thoroughly discussed. As a matter of fact the legal terms and the language often appear to be like Greek for many because of the complexity of the arguments. This same aspect is equally very true for credit card contracts and unfortunately even with lack of understanding majority of the individuals signs the contract.

Understanding the incomprehensible legal term and language might be a time consuming affair, but no matter a borrower how badly requires a credit card, without understanding the terms and conditions signing a contract is highly discouraged. So, apart from devoting little bit of time to read and understand the terms and conditions of the credit card, asking thorough questions to the lenders is the best way to clarify confusions, understand the complex legal terms and most important to get a real picture in case failure to meet these terms.

The time consuming affair to understand will prove to extremely effective for the borrower in future because they not only can save a huge amount of money, but also prevent from finding themselves in huge debt with predatory interest rate in future only to seek last options like bankruptcy.

As mentioned above that borrower can ask thorough questions about the terms and conditions of the credit card contract here are some probable questions that promise to help borrowers in every possible way.

Understand when your creditors consider a payment late and the penalties related to the same. Different credit companies have varied rules regarding late payments and thus a borrower must understand the rule of late payments.

Cash advance is another aspect of credit cards where interest rates tend to be huge. In case the card lets cash advances at ATM or bank has a clear understanding when would be the first payment on cash advance would be due?

Over limit fees and its cost sometimes tends to increase the interest rate of the card and in many cases the borrowers would have to opt to be capable to exceed the limit of credit card.

Do’s and Don’t’s in Colorado Bankruptcy Process

Posted on: August 10th, 2013 by jemsu

Bankruptcy even though viewed with a negative perspective, it sometimes becomes salvation for middle class who can no longer make the ends anymore. A record number of Colorado residents are seeking bankruptcy protection because of huge levels of debt like credit card, unsecured loans, rising cost of medical care combined by high unemployment level. According to the US Bankruptcy Court for the District of Colorado bankruptcies in Denver contributed for three-quarters of the 15,000 new cases filed in first half of 2011.

During Colorado bankruptcy process a consumer can expect putting stop on foreclosure, collection calls, garnishment of wages, eliminate credit card debt, bad mortgage debt, erase medical bills and protect retirement fund. After being discharged from bankruptcy most of the persons can get car loans and credit cards very quickly. Mortgage loans are also available within a time span of two years. However, one can only begin a fresh start when they have successfully filed for bankruptcy.

It is very important to ensure that all assets are included to avoid Colorado bankruptcy fraud. Simultaneously, all debts must also be included otherwise the person would be left liable for those debts after being discharged from bankruptcy.

When filing for Colorado bankruptcy one must do or maintain certain things so that the process does not suffer from any kind of hindrance. This includes getting any further debt, using credit cards or writing any checks that one might not be able to cover, giving away any property, making preference payments to family members or others.

Simultaneously, while filing for bankruptcy one must not make any major financial moves without consulting the bankruptcy lawyer. It would be a sensible decision if one starts collecting all their past due bills. In case if one owes more than worth his or her car considering alternatives would be a wise decision. Some of such alternatives include borrowing a car from family to drive temporarily, taking a loan from family for car purchase. In fact many dealers are sometimes willing to lend even before discharged from bankruptcy. Filing a motion with court to receive a discount on current car and new loan is another alternative.


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