Archive for June, 2013

Should you file bankruptcy?

Thursday, June 13th, 2013
article BNL by admin

Yes, if you owe more now than you did last month.

This test is easy and the answer is simple to understand.  It is your best way to tell whether your finances are headed in the right direction or whether you are digging deeper into debt.  If you ignore this one piece of expert advice you will undoubtedly follow the false promise of what appear to be quick easy painless debt collection schemes, schemes that are stacked against you.

Do not ignore these warning signs.
As one struggles with bills one typically faces a series of common phases – ill-advised attempts to fix the problem.   You pay as much as you can on your bills, and when that is not enough you move into phase one.  First, one uses savings, until none is left, leaving nothing for emergencies.  You are taught early in life to save for a rainy day.  Your savings account is your safety net.  It is there to protect you and keep you out of financial trouble.  Using up your emergency fund is your first warning sign that financial danger lies ahead.
One borrows money, usually in one or more of the following four ways.

  • By credit cards, until the account limits max out and the bank declines to issue further credit;
  • By long term debt consolidation, based on one’s ability to get a loan;
  • By short term high interest payday type loans;
  • By begging money from family and friends.

When you find yourself in a hole, stop digging.  Borrowing money to get of debt is the same as digging the hole deeper.  If you cannot pay your bills today, you will not be able to pay more debt tomorrow.  When no one will loan you more money, you have used up all your credit, and you have spent all the money you do not have.   When you have no more credit to spend, stop digging.   This is the second warning sign that you need real help.

Finally you realize your ways do not work and you start to ask for advice.  The one word you keep hearing is bankruptcy. That is a word you have been conditioned to avoid, because banks tell you it is bad.  The same people that stopped loaning you money do not want you to file bankruptcy.  Why, because they tell you they will not give you loans in the future.  But they already stopped giving you loans and you cannot pay the debt you already have.  It is time to get a fresh start, a do-over.  It is time to take back control of your life.  In reality, contacting a bankruptcy lawyer is the first step to achieving debt relief, but for many people it is often the last resort.  The third warning sign is thinking you can solve this problem yourself.

See an expert

You tried it your way.  Now is the time to listen to the expert.  A bankruptcy lawyer brings years of experience and thousands of cases to your problems.  A lawyer will listen to your problems and present you with options to get out of debt.   The lawyer can offer debt consolidation or debt settlement and can explain whether those options are suitable to your situation.

Bankruptcy lawyers are trained to find solutions.  An experienced bankruptcy attorney can predict whether your case:

Probably will succeed….. Might have a chance at success…….  Or  is a loser.
It is time to follow advice.  Keep an open mind and let the lawyer work for you.  Accept the advice, take the recommendations.  Do not insist on another scheme that “is a loser”.  You ignored all the warning signs leading to falling in debt.  Now is the time to let the experienced bankruptcy lawyer help you out of debt.

Carolyn Secor is a Clearwater bankruptcy attorney and Clearwater foreclosure attorney serving Palm Harbor, New Port Richey, Oldsmar, Tarpon Springs, Seminole, St. Petersburg and the Tampa Bay area.

If you would like more information on our practice, please consult our website at:

www.bankruptcyfortampa.com
or call (727) 254-1704.

Is It Too Late For a Bankruptcy After a Credit Card Judgement?

Monday, June 3rd, 2013
BLN article by admin

Credit cards file lawsuits to show they’re upset and they miss your payment. If they win, they have a judgment against you. It’s not unusual for debt collectors to say bankruptcy doesn’t “work” then. They’re wrong!

Bankruptcy filings stop collection of debt in its tracks. That’s why debt collectors lie about it. (You probably should not take legal advice from people who are your opponents, right?) It doesn’t usually matter if the credit card has a judgment against you. We can stop those too.

Ultimately a judgment is important. In some cases, what the judge ruled on in that case will be fixed for good. So if a judge ruled you committed fraud, that may make it harder to get out of the debt through bankruptcy. (It depends on your jurisdiction.)

And a judgment can become a lien on your property. Some liens are hard or impossible to remove, even with bankruptcy. It depends on your situation.

Most importantly, judgments can be used by the credit card company to get the government — the state or federal court — to help collect their money. This is where garnishments, property seizures, and other forceful takings of your stuff can start. It means you’re losing control of your financial affairs and the other guys have it now.

Those things can normally be stopped with bankruptcy too.

So taking the plunge and contacting a bankruptcy lawyer before a judgment is taken is a good thing. It gives you time to plan and prepare. It allows the case to be put together carefully. But even if you waited too long, it’s probably not too late. But don’t keep waiting — all that does is push your chance to get back on your feet down the road.

Carolyn Secor is a Clearwater bankruptcy attorney and Clearwater foreclosure attorney serving Palm Harbor, New Port Richey, Oldsmar, Tarpon Springs, Seminole, St. Petersburg and the Tampa Bay area.

If you would like more information on our practice, please consult our website at:

www.bankruptcyfortampa.com
or call (727) 254-1704.