Do You Really Need a Individual Bankruptcy Clarification Letter?

Bankruptcy is a scary action to take specifically if you never expected to have to file for it and an event in your own life made filing unavoidable.

Once the bankruptcy procedures are over and your obligations have been discharged, you might still be unclear about what to do to get your credit score brought up. There are a few options that will get your credit back again on the right course.

One way to make this happen is to open several credit cards that are enthusiastic about opening accounts with individuals who have low credit scores. These could have high rates of interest, but keeping your payments manageable and not allowing your balance to get too high can help you rapidly rebuild your credit scores.

Investing in a car will assist you to rebuild your credit rating, but this will likely take a little while longer to rebuild your credit.

Make sure you stay within your obtainable payment range or perhaps you will be back where you started but lacking an option to assist you in getting away from wage garnishments if you should go delinquent in the payments.

Buying a house after a bankruptcy proceeding can help restore your credit, also. Lenders are probably not willing to offer you a loan until you have confirmed you're able to make installments, so getting a home loan may take a few years after you declare bankruptcy, to get the one that will not have incredibly high interest rates.

Before you are eligible for a loan you most likely are asked to give a Bankruptcy Explanation Letter to the potential financial institution. Lenders are more likely to supply you with a loan if they are certain that your bankruptcy had been due to a surprise life situation, like sudden unemployment or unexpected illness.

This shows to them that you certainly did not plan to file bankruptcy based on your bad financial management techniques, but was as a result of something that is away from control.

You will end up inspired to write a letter explaining why you filed bankruptcy in the first place, that it had been an isolated event, and just how you plan to keep from getting back into financial debt again so that you can not have to re-file later.

They might need you to provide documentation of medical bills or unemployment checks in order to backup what you have written them inside the letter.

You should provide all of the right information with regards to your situation and to be entirely open with your potential lenders, to enable them to make a fair assessment of your situation.

Is a Short Sale Better Than a Foreclosure for My Bankruptcy?

This is a common question among those facing bankruptcy, especially bankruptcy brought on by falling behind on mortgage payments. So what's the right answer?

When dealing with the bank that you have to pay your mortgage to, if you opt for a short sale and they agree, this allows you to sell the house for a value lesser than what you initially paid. If the bank accepts this agreement with you, you will no longer be held responsible for any more mortgage payments on the home (as it is no longer yours as of the date it is sold to the new owner.)

This allows you some breathing room, and while you will no longer own the home, you will have the money that you would have had to use to pay the mortgage to pay for other outstanding bills and/or for rent elsewhere.

The disadvantage is that it's pretty much up to you to find a new buyer for the home, and the bank that you have the loan with will have to agree on the new price of the home. If you're not quite sure what the bank will go for in terms of the price of the home, it can be an uphill battle. That said, most banks will work with you to some degree because getting a mortgage of some kind from someone is better than having the home go into foreclosure, which leaves it up to them to price and sell themselves.

Make sure that you discuss all of your options with your bankruptcy attorney -- short sales are not always the best answer for every consumer, especially given the state that the home is located in. It's always best to know which option best suits you and your chances at a better financial future.

Consumer Bankruptcy Filings Rise in Middle Class

A PRWEB news release on June 30th notes that according to the Institute for Financial Literacy's Annual Consumer Bankruptcy Demographic Report, the effects of consumer and personal bankruptcy are more widespread across sectors of middle class America than ever before during what we now know as the "Great Recession."

The report suggests that consumers in need of bankruptcy in years past were those who earned $30,000 USD or less. According to the report, the yearly salary range for those seeking debt relief are in the group of consumers who make $60,000 USD per year or more. This is a massive shift statistically, but it helps to paint a clearer picture regarding those are in need of bankruptcy or other debt relief help. These numbers make sense to Tom McAvity; he and NWDRLF assist potential bankruptcy applicants everyday and can attest to the fact that the need for bankruptcy in Vancouver, Washington and Portland, Oregon is no longer discriminating any group of consumers.

What’s the bottom line? These statistics tell Tom McAvity and other bankruptcy attorneys that those who need their help are not in any one demographic anymore — it's a need that has swept the nation. That said, all consumers who might be in denial of their need to file for bankruptcy could be doing themselves a disservice.

If you are among the group in need of debt relief in Vancouver, WA or in the Salem or Portland, OR areas, consider having a free consultation with Tom McAvity and NWDRLF. All you have to do is call 1-866-601-1918 — and remember, the consultation is free and confidential.

John Beardsley Bankruptcy | Consumer and Corporate Bankruptcy

According to a June article in the Portland Business Journal, Oregon property owner John Beardsley will be reorganizing his debt with bankruptcy, causing him to have to let go of the Oregon Pioneer and three other Oregon commercial properties. In another Beardsley bankruptcy which is specifically and strictly filing for the Beardsley's US building block, Beardsley is expected to retain ownership of the Fountain Village property.

Northwest Debt Relief Law Firm and Tom McAvity share this story as an example of an Oregon bankruptcy filing that shows that no one is exempt from the potential need for debt reorganization. When it's the right choice, it allows individuals to reorganize and get a fresh start.

It's important for consumers to understand that bankruptcy offers relief, and that the stigma attached to filing for bankruptcy is based on invalid and unvetted opinions -- not facts. The truth is that everyone from consumers with modest incomes all the way to massive corporations could have a need to file for bankruptcy. It's an option that American consumers are entitled to, and Tom McAvity offers the best in bankruptcy support in the Portland, Oregon area. NWDRLF also supports those in need of bankruptcy in Vancouver, Washington as well as Salem and Portland, Oregon.

Let Tom McAvity help you today. Call for a free consultation today by dialing 1-866-601-1918.

Taxes and Bankruptcy: Do I have to file to file?

Yes, you will have to get current with your tax returns when you file for bankruptcy in Portland, OR. Tom McAvity explains why.

Don't get scared or let filing your tax returns deter you from beginning the bankruptcy process -- bankruptcy can help with debt to the IRS. While some people are so fearful of filing taxes during (or even before!) a bankruptcy, it is a part of the process that must be tended to during the Chapter 7 or Chapter 13 bankruptcy filing process with attorney Tom McAvity or any other bankruptcy lawyer in the U.S. You may even be eligible for discharging some of your taxes during a bankruptcy -- and this can provide a huge relief to you and your family.

Before you start wringing your hands and worrying about taxes you haven't filed, remember that you will have the protection of bankruptcy and the representation of a qualified Oregon bankruptcy attorney

For more information on discharging your taxes in bankruptcy, watch the following video.



For more information on why and how you need to file your taxes during bankruptcy, call Tom McAvity today by dialing 1-866-601-1918.

Chapter 7 Bankruptcy Definition

In this greatly detailed video, a knowledgable CPA describes Chapter 7 bankruptcy, exactly what it means, and exactly how it works. Miranda Chuck explains how discharging debt allows for consumers to have a fresh start. Please review this very well-thought out discussion of Chapter 7. If you have any questions following the video, please contact Tom McAvity for more information or to schedule a free bankruptcy consultation.

You're not Alone: File for Bankruptcy in Salem, OR

Many people are scared to file for bankruptcy because they just don't know exactly what it entails or what it will mean for their financial future, or worse, what people may think of them for filing bankruptcy in Salem, OR.

Thomas McAvity and the team at NWDRLF can tell you that this is a common concern -- but the good news is that it shouldn't be. There are many misconceptions about filing for bankruptcy, and chief among those concerns is reputation. Did you know that when you file for bankruptcy it is completely confidential? What that means is, unless you tell people, no one will know -- not your friends, work associates, family members, neighbors, or anyone else.

The Northwest Debt Relief Law Firm and Thomas McAvity are dedicated to helping you get a fresh start with Chapter 7 or Chapter 11 bankruptcy in Salem, OR, or in the Portland, Oregon and Vancouver, Washington areas. These three bankruptcy offices will meet all of your needs, anytime night or day.

If you have been living in fear of bankruptcy because you just don't know what is fact and what is fiction, you need the help of a qualified bankruptcy attorney like Thomas McAvity. Call NWDRLF today to have your questions answered and get on the road to better financial health today! 1-866-601-1918

Foreclosure Defense and Filing Bankruptcy in Vancouver

Bankruptcy Attorney Thomas McAvity has helped many people face bankruptcy in Washington, and for many of these people the main focus has been foreclosure defense. Why? Because most of the millions upon millions of bankruptcies being filed are the result of home foreclosures caused by sub-prime and ARM mortgages.

Using Chapter 13 bankruptcy to protect yourself from predatory lenders will allow you to move on financially. If you qualify for Chapter 13 you will be offered debt reorganization and you will be assigned a trustee from the bankruptcy court. This trustee will handle all of your debt in a consolidated manner, and you will only need to make one payment which will cover all of the debt you owe to your mortgage company and any other creditors that you owe. Scheduling a free consultation with attorney Thomas McAvity can help you and your Washington bankruptcy attorney figure out which form of bankruptcy best suits your unique needs.

If you are interested in Chapter 13 bankruptcy and think you may qualify, call Thomas McAvity and the Northwest Debt Relief Law Firm today by dialing 1-866-601-1918.

What can I do to Prepare for Bankruptcy?

When preparing for bankruptcy, many people have a very hard time. They are scared, they are worried, they feel they will be judged. Know that if you are contemplating bankruptcy that it may be one of the best decisions you will ever make. Thomas McAvity and the law team at the Northwest Debt Relief Law Firm can help you with a fresh start.

Aside from assessing the value of your home and cars, and figuring out what you owe to creditors, you'll want to do a few other things to prepare.

One of the most important pieces of data you will need to have handy for your Portland, Oregon bankruptcy attorney regards whether or not you are on the verge of being foreclosed on your home. If you know that you are mere days or weeks away from a foreclosure, you will need to know the exact date that you will go into default. You may be facing a lawsuit, so alerting Thomas McAvity and the NWDRLF team will help them help you.

Another crucial step you can take to prepare for bankruptcy is simply jotting down a very comprehensive list of the questions you have for your Oregon bankruptcy attorney. Don't hold back here, and remember the old adage: the only stupid questions are the ones that are not asked! So put in on paper -- any and every question you have -- knowing the answers to all of your questions during the pre-bankruptcy process will give you peace of mind.

NWDRLF and bankruptcy attorney Thomas McAvity are ready to serve your bankruptcy needs. Call today for a FREE consultation: 1-866-601-1918.

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.

Tom McAvity's Chapter 7 versus Chapter 13: which works for you?

Have you ever been told -- whether to your face or through experience -- that bankruptcy is a bad thing? Perhaps you've been told or made to understand that filing for personal bankruptcy is bad for your reputation. Tom McAvity is here to tell you otherwise.
Personal bankruptcy, whether it is a Chapter 7 asset liquidation, or a Chapter 13 reorganization of debt, can both be good if they are geared toward the proper candidate.
When faced with financial hardship that is costing you more than it should financially, emotionally, and mentally, the time comes to consider one of these two types of bankruptcy.
Tom McAvity and his team at NWDRLF can help you to decide which of these two options in personal bankruptcy makes the most sense for you. Some of the deciding factors may be:

• Are you a sole proprietor of a small business?
• Are you a homeowner behind on mortgage payments?
• Do you own commercial and/or other real property?
• Are your bills mainly due to credit card debt?
• Are you behind on bills but think you could catch up if you could just catch a break?
• Have you been laid off or had a layoff in the family?

Tom McAvity will look at the answers to these questions and tailor either a Chapter 13 or Chapter 7 bankruptcy plan that will serve you and your financial future best.

You can always direct any questions you have to Tom McAvity by contacting NWDRLF at 1-866-601-1918. Please, let us know how we can help you today!

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.