Economics Finance

One thing I’ve never understood is why some people insist on going it alone. No matter how difficult the situation may be, they feel that they have to prove something to themselves and to their loved ones by not seeking assistance from professionals. This is usually a foolish attitude to have when you are stuck in a serious life crisis, and that is especially true if you are considering declaring personal bankruptcy.

You may have heard some people talk about filing bankruptcy online by filling out a few forms or trying to go through the process without the assistance of a lawyer. Let me tell you why that is not a good idea.

The bankruptcy laws have changed in recent years, and they have become increasingly complex. Even lawyers have complained about the confusing language in the statutes. Even though the new bankruptcy law contains the words consumer protection, this federal law does nothing to help consumers navigate their way to financial recovery. Continue reading ‘Filing Bankruptcy Online Without a Lawyer is Not a Good Idea’ »

Many of the people who call to an experienced Washington bankruptcy attorney to learn more about how the bankruptcy laws can protect them are also extremely concerned about their credit rating. This can be a complicated issue, and it is one that law offices invite potential clients to discuss candidly with one of their Washington bankruptcy lawyers.

A lot of peoples have spent many years, if not decades, building up their credit scores. In difficult economic times, however, it is very tough to maintain a good credit score once you start consistently falling behind 30 days or more on various accounts. Some of people struggle for a long time to try and stay as current as possible. In talking with them in detail, however, it is apparent that they are merely treading water.

Their creditors harass and annoy them for anything they get. But it is never enough. More importantly, even if your creditor claims that they are willing to work with you, they are also probably simultaneously destroying your credit score by reporting multiple late payments. It is a vicious cycle that Washington bankruptcy attorneys have seen time and time again.

Again, this is complicated issue that is also very fact specific. In most cases, and despite what the credit card companies would have you believe, filing for bankruptcy actually improves your credit because the balances on your outstanding debts are discharged (wiped out) and your debt-to-income ratios drop. Continue reading ‘Effect of Filing For Bankruptcy to Your Credit’ »