Coping with Creditors and Collection Agencies After Filing Bankruptcy

Choosing to file for bankruptcy is an enormous decision. Obviously, bankruptcy can assist you to have a new lease on your financial future, but it could also wreck havoc on your credit report. Hence, it can make it very challenging to obtain credit lines after your bankruptcy filing.

But, if you feel bogged down in working with creditors it may be the best choice. Chances are if you are filing for bankruptcy you have been receiving letters and phone calls from creditors reminding you that you owe their clients money.

When you finally seek bankruptcy relief and have given over the names and addresses of your loan providers to the bankruptcy attorney, you don’t need any kind of long drawn-out facts for the credit card companies or collection agency representatives. The bankruptcy lawyer can take care of everything after you file.

In many instances, even before the documents are filed and your credit card companies have gotten notification, you can simply tell the creditor on the phone about your bankruptcy proceedings.

You can offer them the name and phone number of your legal professional, but you do not need to answer other questions they could have. Actually, if you've retained an individual bankruptcy attorney, it is their job to deal with these items for you.

Understand that many collectors have obtained unpaid debts from your lenders and may tell you a number of stories in order to collect something from you. Because they now own your debt, if they cannot collect, they lose money.

It is likely they have purchased the debt for about half of what you borrowed from and may well make you a deal to settle the debt for less than you earlier owed and if they are successful, you'll have that debt stripped away from personal bankruptcy, but that is ordinarily not to your advantage.

Keep in mind you are declaring bankruptcy because you can’t settle the debts and unsecured debts will likely be written off along the way. Your best bet is to simply and pleasantly tell them about the individual bankruptcy and offer the name and number of your legal professional before swiftly ending the discussion.

Its also wise to keep tabs on your contacts with your debt collectors just in case they continue to call you right after being informed of your imminent personal bankruptcy. After they have this info, they should stop calling.

However, if they continue, it is usually considered harassment, which can be against the law. Consequently, you'll want to chat with your legal professional if your creditors continue to call you even when they have your lawyer's information for contact purposes.

Actions Toward Filing Bankruptcy in Oregon

If you are thinking about filing for bankruptcy, it's a pretty major decision. It really is such a big deal, you won't ever want to move forward with bankruptcy unless you positively understand all your options. If you are considering declaring bankruptcy, there are many factors to consider.

The very first decision you must make is whether or not you file Chapter 7 or Chapter 13 bankruptcy. The simple and easy difference is with Chapter 7, the vast majority of your unsecured debts are going to be eliminated, along with particular secured debts. Having said that, your home mortgage and any auto loans will likely result in you being forced to turn them over to the creditor, based on their value.

Of course, in case you have a job you possibly will not be eligible to file for Chapter 7 bankruptcy. If this is the case, your bankruptcy lawyer will help you file for Chapter 13 individual bankruptcy and can help you with any paperwork you should fill out. If you file Chapter 13, your entire debt is totalled, combined and is payed off through a court-appointed trustee.

Typically, you'll have several years to pay your debt off, in timely repayments to the trustee. They will then send the funds to the proper creditors, making your way of life less complicated.

If you file Chapter 13, you can hold your house, your vehicle and any additional secured debts. Late amounts can be included in the amount going into your Chapter 13 processing and will be paid back with the remaining creditors. If you're in property foreclosure or your automobile is about to be repossessed, the personal bankruptcy will stop the action. If your automotive was already repossessed, if you file promptly enough, the collector will have to return the automobile to you.

If you do not make ample money to fulfill the monthly installments, you might not be eligible for Chapter 13 bankruptcy. Only by meeting with a Oregon bankruptcy attorney will you know if you are eligible for either type of bankruptcy. The lawyer, if you choose to rely on them, will handle all of the paperwork and court proceedings in addition to coping with your creditors. Once you have filed for individual bankruptcy, your creditors will stop contacting you.

You may be contemplating doing your individual bankruptcy paperwork yourself, but it's vital you work with a skilled attorney if you're trying to file, because you want to be sure to make no mistakes. Anything as critical as declaring bankruptcy should certainly only be taken care of by consultants in the field, which is why working with a lawyer is a good option for those considering it.

Can I File Bankruptcy if I Already Have Before?

You can still file for bankruptcy in Vancouver or Portland after having filed previously, so long as you meet the requirements for another bankruptcy (either Chapter 7 or Chapter 13 personal bankruptcy. With Chapter 13 you may refile bankruptcy again after two years, but the new bankruptcy must also be a Chapter 13.

In addition to the above caveats, you must:

• have lived in Oregon or Washington for at least 90 days to file Chapter 13
• petition for Chapter 13 bankruptcy with the appropriate bankruptcy court
• await the bankruptcy court's acceptance of your petition -- they will send you a notice listing all of the creditors you owe
• await the court's appointment of a trustee to your bankruptcy case -- if you haven't heard anything and you feel you should have, get in touch with Thomas McAvity, your Vancouver bankruptcy attorney right away

Anything beyond this will depend on your unique bankruptcy case -- as they say about snowflakes, each of us is different, and so are our bankruptcy filings.

Above all, what you need to understand more than any of the confusing details is that there is help for you, you are entitled to it, and you can reach out to bankruptcy lawyer Thomas McAvity for help. A healthy financial life is in your future, but you have to choose it for yourself before anyone can help – but once you choose, help will be on the way.

Please call Thomas McAvity and the NWDRLF team by dialing 1-866-601-1918 or simply click here to send an e-mail directly.

Want to Know Who You Owe?

It's actually quite easy to find out who you owe money to -- and it could be creditors or collecetions agencies that you've forgotten about, never heard of, or who should have been removed from your credit report because you resolved the debt.

Tom McAvity recommends pulling a yearly credit report from all three credit bureaus. You are entitled to these credit reports free of charge under the Under the Fair and Accurate Credit Transactions Act.

If you are ready to file for bankruptcy in Salem, Oregon or Vancouver, Washington, Tom McAvity and the legal team at the Northwest Debt Relief Law Firm (NWDRLF) are happy to assist you with everything you'll need to get started. They offer a free initial consultation and legal support that is second to none. You'll need help understanding how to do your pre-bankruptcy "homework" so that filing bankruptcy in Portland or Salem, Oregon can be done efficiently and accurately.

NWDRLF and Tom McAvity offer 24 hour support in the form of an Internet portal where you can log in and check on your personal bankruptcy status any time, day or night.

So get started. Get your free credit report from www.AnnualCreditReport.com and get a feel for the ins and outs of your credit score and credit history. Once you've done this you'll have a much clearer idea of what you're up against, who you owe, and who you may have to file disputes with. It's fast, easy, and worth doing at least once every twelve months. Checking your credit report and score is like having a physical exam -- if you don't go to the doctor there's no way to know for sure exactly how healthy you are. Check your credit, and file for bankruptcy if you need to -- get more information on exactly how to do this by contacting NWDRLF at 1-866-601-1918.

Welcome to Tom McAvity's Bankruptcy Blog

We all know that bankruptcies are at all time highs in the nation right now because of the subprime crisis and the subsequent foreclosure crisis that still plagues the nation. Most of us also know there's a lot more going on behind the scenes than that.

What Tom McAvity hopes to achieve with this blog is to impart some inside information about bankruptcy and how yes, it is a good thing for the people who need real relief. Predatory lending practices, subprime and ARM mortgages are just the big issues that pose(d) clear and present danger for American consumers. There's much more to this puzzle than what can be simply stated, and perhaps that's the reason for so many bankruptcy FAQs all over the net, the constant discussion of bankruptcy in the news, and the constant chatter on every street corner; I was laid off, my husband was laid off, we can't keep up with our mortgage, I'm spending my retirement and my child's college fund to keep up with house payments.

Tom McAvity has a sincere desire to help residents of Portland and Salem, Oregon, as well as residents of Vancouver, Washington, face their fear of financial hardship with the antidote of Chapter 13 Bankruptcy.

It's not the end of the world. What really could be the end of the world would be consumers who really need to file for bankruptcy not doing so. Americans have a right to protection in the realm of finances. Given the harsh economic climate and the fact that many homeowners fell into mortgages that seemed great in the early 2000s but have turned out to put them in a horrible financial bind in the late 2000s, bankruptcy should not be the Scarlet Letter. Americans need to know that the truth about bankruptcy is hope for a future.

Thomas McAvity is a seasoned bankruptcy attorney serving Oregon and Washington states. More posts to come as we learn more everyday about what bankruptcy can do for those who need debt relief so badly.