Bankruptcy and Your Credit Report

If bankruptcy is unavoidable, you can file either a Chapter 7 bankruptcy, also known as a “liquidation bankruptcy,” or a Chapter 13 bankruptcy, also known as a “reorganization bankruptcy.” Chapter 7 will allow you to discharge your debt, while Chapter 13 provides a way to repay your debts using a negotiated repayment plan.

Will Bankruptcy Affect Your Credit History Adversely?

Filing for bankruptcy will stop creditors from trying to collect the debts you owe, but WILL NOT give you a clean financial slate. Bankruptcy will seriously affect your credit report and credit worthiness. Consequently, obtaining a loan or line of credit in the future will be extremely difficult.

If you do nothing to remove bankruptcy from your credit report, it will remain for 10 years. You might try rebuilding your credit score, which will instantly drop hundreds of points, but this is hard when nobody wants to offer you credit.

Any credit company will view a person with a bankruptcy as a potential financial liability. For this reason you might consider repairing your credit.

Taking immediate action to rebuild your credit can go a long way in boosting your credit score and will alleviate the worry of waiting 10 years for your bankruptcy to clear on your credit report. Choosing to rebuild your credit is a smart decision which can lead to approval of home loans and loans for other major purchases, such as home remodels or a new car, sooner.

Rebuild Your Credit Legally

It IS legal to contest inaccurate information contained on your credit report. The Fair Credit Reporting Act (FCRA) allows you to contest any information which, in your opinion, is inaccurate.

When creditors and credit bureaus receive a dispute letter from you, the FCRA requires that they investigate and verify the accuracy of the entry. If the entry cannot be verified, the negative entry must be removed.

Expert advice can be invaluable if you decide to pursue rebuilding your credit. Lexington Law’s legal professionals can guide and assist you in your attempt to remove negative entries. Consider contacting Lexington Law to get the assistance you need to clean up negative entries on your credit report.

We raised our credit scores from the upper 500 range to 745 and 763 in under six months and got approved for our dream home. See proof of our credit repair success at www.creditforcouples.com and get the real truth about lexington law.

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You might consider looking into a “second chance bank account” if you have had your bank account closed or suspended. Also known as non-ChexSystems checking accounts, these second chance bank accounts help those who are having a hard time opening a bank account.

ChexSystems is a check verification service and consumer reporting agency. You are at risk of being reported to ChexSystems if you perform any type of financial misdemeanor. Of all the banks in the United States, approximately 80% of them use ChexSystems for reporting when an overdraft limit is exceeded, a payment is not honored, or a check is bounced.

You will be reported to ChexSystems if you do any or all of these things habitually. This behavior may also lead to your bank account being closed. Because of your past banking history, most banks will be hesitant of opening an account for you, if they even consider it at all.

Second chance bank accounts allow you a chance to get things back under control. These checking accounts operate like standard bank accounts in that you can access your money and pay your bills. For people whose bank accounts have been closed, these second chance bank accounts offer a needed opportunity to start over again.

A variety of banks and finance companies offer second chance bank accounts. You can even find some of these companies on the internet. To be accepted for one of these accounts, you will need to complete an application and provide address and identification information, which will be verified.

Before you do this, it is a good idea to get a copy of your ChexSystems report. You should review the report for any inaccurate or false information. If the report contains any information which is false or inaccurate, the information can be revised or deleted. It may well be that this false information is what is keeping you from being able to obtain a checking account in the first place.

However, if all the information is accurate, then a second chance bank account is likely the next step to take. These accounts are easy to open and are recommended for people who need a second chance.

Before applying for one of these second chance bank accounts, it is wise to shop around. These bank accounts often charge monthly or annual fees and some even require a one-time payment for opening the account. Therefore, it is smart to shop around and get the best deal.

Does Lexington Law Work? See What Happened When this Man Hired Lexington Law Firm.

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You can be confident that the attorneys at the law offices of Thomas Dvorak are knowledgeable in the legal specialties fields of tax liabilities, mortgage foreclosure prevention and asset protection. If you need legal advice about tax debt, fighting off a foreclosure of your home or other holdings or planning tax reduction strategies to protect your income or offshore assets, these attorneys have both the knowledge and the experience to go to bat for you.

Prevent Foreclosure of your Home

Prospective foreclosure of your home is enough to make almost any homeowner become paralyzed with fear. If you are in danger of foreclosure, you should contact the experts in foreclosure defense to stop the foreclosure before it goes into final stages. The Dvorak law offices have specialists in forensic audits and mediation. They can immediately review the details of your financial status and work with you to develop an action plan. The attorneys will serve as mediators with the bankers or mortgage lending agencies to restructure your mortgage.

Negotiation and Mediation

If you are a debtor to the IRS; if you are in danger of losing your home through foreclosure; if you can’t afford the mortgage payments any longer, know that help is available through legal means. You should use the negotiation and mediation skills of the Dvorak law firm. They are experienced in working with creditors and bankers to prevent foreclosure and obtain debt settlements that get you back on your feet financially.

Asset Protection Offshore

For those who do business, work, or perhaps pursue invest in global locations, review of applicable tax laws that apply to U. S. Citizens is another important reason for discussions with the Dvorak group. The Dvorak law firm includes a division that specializes in tax strategies for those planning investment in foreign banking entities and foreign real estate.

Taxation and the IRS

Tax reduction strategies for anyone who does business or earns income can be an excellent way to insure that your earning are subject to the lowest possible income and other taxes. The time to implement tax reduction strategies is when you are just beginning your income producing years. Our financial planning knowledge will help to make a difference, even in later years, but good financial planning early in life will increase your retirement income.

Previewing Real Estate Transactions

Take advantage of the knowledge represented by the attorneys at Dvorak firm to preview prospective real estate transactions. This will help you to proceed with the transactions in a sensible way while being fully aware of the ramifications. You won’t be surprised by terms that are not in your favor.

Tax Settlement Work

Dealing with the government when there is an outstanding tax bill with the Internal Revenue Service is not a matter for amateurs. If you are in a position where you are being assessed for back taxes, you should go to the experts at the Dvorak law firm. They have the resources and information to get the amount reduced or set aside for inability to pay.

When you have need of the services of the law offices of Thomas Dvorak, it is important to act as quickly as you have knowledge of the problem. Ignoring the problem won’t make it go away, but putting the experts to work can give you a legal and expeditious resolution. If you need to preview real estate transactions; prevent a foreclosure or obtain a debt settlement we can provide experience and peace of mind.

The attorneys who make up the professional staff at the law offices of Thomas Dvorak specialize in two major areas, namely mortgage law as it relates to foreclosure and tax settlement work. More info on foreclosure defense florida and fort lauderdale foreclosure help .

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