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.

Getting Credit Soon Right After Filing for Bankruptcy

Trying to get credit after you seek bankruptcy relief has been long reported as being extremely difficult, but it's not absolutely impossible.

When applying for credit you need to be upfront with your prior financial problems, which includes bankruptcy, but some creditors look at the reason why someone declared personal bankruptcy and make allowances.

Home interest rates for someone that has gone bankrupt will probably be higher, usually at the highest legally allowed limit. This can make repaying the credit lent just a little tricky. However, creditors commonly don't mind given that they also know there is a time limit in which you could claim bankruptcy again.

Of course, if you go delinquent on the loan then you will be forced to pay and they are going to have the law on their side.

So, most of the high risk creditors have virtually no problem taking on a consumer who has just recently filed for individual bankruptcy, as they know you will be made to pay no matter what.

After you go through individual bankruptcy, your credit will be minimal and you'll have to start rebuilding.

Keep in mind that your bankruptcy will stay on your credit report for 10 years and any positive notations made in your report will show upcoming creditors that you're making the right steps to get your financial life back.

Several credit card companies may be ready to take a risk on you fairly immediately after your personal bankruptcy, but the high monthly interest might not be worth the effort.

Some companies offer pre-paid credit cards that work similarily as your bank’s debit card, however in these situations the businesses supplying them usually report your positive results to the credit bureau.

You will have to open a merchant account with them and your available credit will be based on the account balance. You need to make monthly premiums and maintain the first balance in your accounts, but the appeal is your payments will be given to the credit bureaus assisting you to rebuild your credit.

Remember, it's a wise idea to start repairing your credit very quickly after you've filed for bankruptcy. However, you'll want to do so in a fashion that doesn't cause you to end up back in the sticky financial circumstances you were in before the bankruptcy process began.

There is absolutely no reason to endure the entire bankruptcy process, only to discover yourself deep in debt once more. Talk with a financial advisor or even your bankruptcy attorney to figure out what the best course of action is for you. Often, they will be happy to give you responsible tips about rebuilding your credit.

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.

Portland Bankruptcy | Does Bankruptcy Clear Student Loans?

According to a recent New York Times article written by Ron Lieber, the current state of bankruptcy law makes it extremely difficult if not impossible for most people to wipe out student loans with bankruptcy filing. Tom McAvity has been following the trends, and it appears as though a number of congresspersons are determined to help people get rid of student loan debt with bankruptcy, especially in cases where loans were disbursed from lenders such as Sallie Mae.

While we wait for more fair rulings where student loans and bankruptcy are concerned, many people struggle, knowing that they can't pay their mortgage, car payment, and other lines of credit in addition to their student loans. For these people, Tom McAvity can assess their unique situation and determine if bankruptcy filing in Portland will help to lessen the financial burden -- even if student loans are not wiped out by bankruptcy.

In his New York Time article Ron Lieber argues that it's insanity that a person can wipe out the debt they owe on an expensive luxury car while someone who simply wanted to educate himself is unable to clear a debt for having done so.

If you are struggling with debt associated with student loans in addition to a an ARM mortgage and/or other heavy debt, Tom McAvity can tell you there is hope through debt relief. Bankruptcy may be a good fit for you. To find out, call 1-866-601-1918 for a FREE bankruptcy consultation.

Tom McAvity tells us how Chapter 13 Helps with Foreclosure

Vancouver bankruptcy attorney Tom McAvity can help you stop the foreclosure process on your Salem, Portland, or Vancouver home. This allows you and your family to deal with the other debts that could be contributing to potential financial fallout.

The protections offered by the U.S. Bankruptcy Court are not in any way influenced or dependent upon any agreements with any financial institution holding a mortgage. When you meet the requirements laid out in bankruptcy law, you will be eligible for help without a doubt. Well-seasoned bankruptcy attorney Tom McAvity and the law team at NWDRLF can tell you if you qualify for bankruptcy and what is necessary to begin the process. If your bankruptcy lawyer notices that other options apply, he will tell you during the pre-bankruptcy process. can often let you know during your initial free consultation with

If filing bankruptcy in Washington is the best option for you, you won’t learn about it until you speak to a qualified bankruptcy lawyer, such as Tom McAvity. Chapter 13 bankruptcy in Vancouver can stop the foreclosure process and allows you as many as five years to get current with all of payments you've missed. Chapter 13 can also dramatically reduce – or even eliminate – personal loans and credit card debt so that you have enough freed-up income to make your house payments on your new plan. Consider Chapter 13 before you consider other more costly and less effective approaches.Call NWDRLF today by dialing 1-866-601-1918.