In this current economic situation, credit repair has become the norm instead of the unusual. If you need a complete overhaul or a simple tune up, these tips will help you to improve your credit score. Still, if you feel it’s too late, don’t worry, let a good Newport Beach Bankruptcy Attorney help put you back on track.

Check your credit score by getting a copy of your credit report from each of the three main credit bureaus several times annually. You can do this for free on a lot of different sites on the internet. Once you are aware of exactly how much you owe, you will be able to take the steps to improve your credit.

Save money in late fees or interest charges by inquiring about payment plans offered by your collection agency. If a company is more lenient about late bills, focus on paying the bills issued by companies with less lenient policies.

If there are negative marks on your credit report, take note of them. Review your credit report and your new notes thoroughly in order to uncover reporting errors or untrue information. You will be better able to start boosting your credit score once you know what negative factors are influencing it.

Make sure you research the laws when it comes to debt collection in your state and know what your rights are. There’s no debtors’ prison in the United States, so you won’t be jailed no matter what a collection agency may tell you. In fact, an agency that tries to threaten or bully you into paying is the one breaking the law! You should contact a highly qualified bankruptcy attorney in Newport Beach for personal advice on your situation!

Try to keep the balances on your credit cards below 30 percent. This allows you to make more progress with smaller payments that suit your budget. When your balance exceeds 30 percent of your total available credit, you will find yourself wasting money on interest payments that you could put to better use elsewhere. Keep an eye on your balances to make sure they are as low as possible.

You should try to work out a repayment plan with your creditors, instead of ignoring them. Generally, if you admit that you are having difficultly making all your payments, collection agencies will be willing to reduce your payments or bill and consolidate your debt. Not only that, but making a good faith effort toward paying off your debt can help reduce or eliminate extra fees and interest.

Making these simple changes will quickly rectify your bad credit. You can start using them right now in order to rebuild your credit.

Unfortunately, many people find themselves in a situation where they need to do some credit repair. It can happen to anyone. The important thing is to face the issue and not hide from it.  The same thing goes for bankruptcy. If you need to file for bankruptcy in Orange County CA, don’t run away. Face it head on. Read and follow the tips in this article for easy things you can do to repair your credit.

To reduce your overall credit card debt and repair your credit score consider taking a personal loan from a loved one such as a parent. Once your cards are paid off lock them away and do not use again. Be sure to make timely payments to your loved one. They may be more forgiving than a credit agency, but you do not want to put an additional strain on the relationship.

An important tip to consider when working to repair your credit is to consult with friends and family who have gone through the same thing. Different people learn in different ways, but normally if you get advice from somebody you can trust and relate to, it will be fruitful. You can also turn to a trusted, experience bankruptcy attorney in Irvine CA for helpful advice on how to proceed.

A great tip for people looking to repair their credit is to check their credit scores regularly. You may have to pay a monthly fee for an online credit tracking site, but you are much more likely to notice irregularities with your credit score if it is continuously monitored.

Before making any payments to any debt collectors in order to repair your credit, make sure that the information is correct. It is important to look over paperwork regarding your debts because you do not want to give money to any company and then later find out you did not owe as much as gave.

Watch out for credit repair scams. A legitimate credit repair company will make sure to inform you of your rights under the Fair Credit Reporting Act, will have you sign a valid contract, and will not claim to be able to remove correct negative reports. A scam company will not fix your credit; they will simply take your money and disappear.

An important tip to consider when working to repair your credit is the fact that each of the three credit reporting agencies will most likely have a different score for you. This is important to know because each company has a different report and each has a different model that they use to calculate your score.

If you have credit problems you should be proactive in solving them. There are steps you can take in a credit repair process that will help restore the damage to your report. Use the simple tips you have read in this article to improve your credit. It will be well worth the effort!

“It’s pretty obvious that creditors don’t like it when people don’t pay their debts, so it’s natural to assume that they wouldn’t mind it so much when a debtor files for bankruptcy,” says Bert Briones, an Irvine bankruptcy attorney. ”Unfortunately, especially when it comes to chapter 13 bankruptcy, this isn’t the case.”

To start with, chapter 13 bankruptcy is bankruptcy in which the debtor is not required to sell off their personal property to cover their debts. Instead, the debt is restructured and a multi-year plan is formulated that ensures that the creditors get regular payments.

Unfortunately for them, people generally file for bankruptcy when they can’t afford the regular payments they would be making under the original terms of their debt agreement. This means that creditors will, as a rule, be getting much smaller payments under chapter 13 than they would under the terms of their original agreement.

Some debts are secured, while others are unsecured. Secured debts are debts where the creditor can repossess something- for example, if you take out a loan for a car, a creditor can repossess your car if you fail to pay. Unsecured debts are granted based on a person’s credit history, like credit cards. Secured debts have more protection than unsecured debts.

A debtor can always be forced to surrender their car or home, even during bankruptcy, ensuring that their creditor gets something out of the deal. Unsecured debt doesn’t come with that kind of guarantee. A creditor seeking redress for unsecured debt can walk away with just a fraction of what they were owed.

Lastly, bankruptcy forces creditors to stop adding up things like interest and late fees. While they would normally be able to keep piling on fees, then sue you for what they’re owed, filing for chapter 13 forced them to stop that. They also cannot harass you, intimidate you, or attempt to take you to court.

So, what does all of this mean for debtors? Unfortunately, creditors have more money and sway than debtors do, so they’re generally the ones who influence bankruptcy legislation. Recent changes to bankruptcy law now make it harder for debtors to file.

If you are considering filing for either chapter 13 or chapter 7 bankruptcy, you’ll need the help of a good bankruptcy attorney. They’ll be able to help you determine which type of bankruptcy you’re eligible for, how much of your debt can be reconciled, and what kind of protection you’re entitled to.

If you have questions regarding Chapter 7, Chapter 11, or Chapter 13 bankruptcy, lien stripping, wage garnishment, cram down, foreclosure, asset protection, or related issues, please call Red Hill Law Group PC, to schedule a no-charge face-to-face or phone consultation with an experienced Orange County bankruptcy lawyer.

We can be reached at 877-343-3289, or please use our contact form and you will be contacted within the next business day.

Download our Free E-Book, “Seven Bankruptcy Mistakes That Will Keep You Chained to Your Debt” here:

http://bankruptcyattorneyirvinesite.com

View our educational video series:

http://www.redhilllawgroup.com/orangecountybankruptcyattorney/

“Filing for bankruptcy is a little more complicated than many people think,” says Bert Briones, an Irvine bankruptcy attorney . In general, filing for bankruptcy is done when a person or business has debts that exceed their assets. Personal bankruptcy is a bit different than corporate bankruptcy. People are able to file for either chapter 7 or chapter 13 bankruptcy, both of which offer different protections, and impact the filer’s credit history in different ways.

Chapter 7 bankruptcy is the type of bankruptcy most people end up filing for. With chapter 7, many of a person’s assets are liquidated in order to repay their financial obligations. This will eliminate some types of debt, but things like mortgages and car payments will remain. It’s good for getting rid of things like credit card debt, or other bills that don’t require an initial deposit of collateral (referred to as unsecured debt).

In many states, filing for chapter 7 bankruptcy can only be done by individuals that pass a “means test,” which compares their income to a statewide average to determine whether they have enough debt to warrant filing for chapter 7 bankruptcy. This type of bankruptcy remains on a person’s credit history for ten years, and there is a six to eight year waiting period before they will be able to file for bankruptcy again.

Chapter 13 bankruptcy differs from chapter 7 in that it does not eliminate debt. Instead, debts are consolidated, and a repayment agreement is reached between the debtor and their creditors. This repayment agreement usually spans three to five years, and impacts the debtor’s credit history as long as the repayment agreement is in effect. Chapter 13 bankruptcy is good for individuals with a high income, and it does not require debtors to liquidate their assets.

Filing for bankruptcy is more complicated than it sounds, and the decision of how to go about doing so isn’t an easy one. A good bankruptcy lawyer can help advise you on whether or not bankruptcy is a legitimate option for your financial situation, and assist you in determining whether chapter 7 or chapter 13 is more appropriate.

If you have questions regarding Chapter 7, Chapter 11, or Chapter 13 bankruptcy, lien stripping, wage garnishment, cram down, foreclosure, asset protection, or related issues, please call Red Hill Law Group PC, to schedule a no-charge face-to-face or phone consultation with an experienced Orange County bankruptcy lawyer.

We can be reached at 877-343-3289, or please use our contact form and you will be contacted within the next business day.

Download our Free E-Book, “Seven Bankruptcy Mistakes That Will Keep You Chained to Your Debt” here:

http://bankruptcyattorneyirvinesite.com

View our educational video series:

http://www.redhilllawgroup.com/orangecountybankruptcyattorney/

“If you’re behind in paying your bills, a debt collector may be contacting you,” says Bert Briones, an Irvine, CA bankruptcy attorney with Red Hill Law Group, PC.

The Fair Debt Collection Practices Act (FDCPA) is enforced by the Federal Trade Commission to help protect consumers from collector abuse. This includes unfair and deceptive practices by a debt collector, who is someone who regularly collects debts owed to others. This may include attorneys, collection agencies, and companies that buy old debts then try to collect on them.

The FDCPA covers personal, not business debt, and includes such things as credit cards, medical, auto, and your mortgage.  A debt collector cannot call you before 8:00 in the morning or after 9:00 at night, and they are not allowed to contact you at your place of business if they are told not to do so, verbally, or in writing.

Harassment, false statements, and other various activities are also off-limits for debt collectors.  These include using threats of violence, using profanity, or falsely claiming to be who they are not, among others. 

If you suspect that a debt collector has violated a rule under the FDCPA, contact the Federal Trade Commission (www.ftc.gov), or your state’s Attorney General’s Office.

If you have questions regarding Chapter 7, Chapter 11, or Chapter 13 bankruptcy, lien stripping, wage garnishment, cram down, foreclosure, asset protection, or related issues, please call Red Hill Law Group PC, to schedule a no-charge face-to-face or phone consultation with an experienced personal finance/bankruptcy attorney.

We can be reached at 877-343-3289, or please use our contact form and you will be contacted within the next business day.

Download our Free E-Book, “Seven Bankruptcy Mistakes That Will Keep You Chained to Your Debt” here:

http://bankruptcyattorneyirvinesite.com/

Read the full press release below:

http://www.onlineprnews.com/news/149620-1308780981-red-hill-law-group-pc-announces-enhanced-internet-presence-through-new-video-educational-series.html

“There are alternatives to filing Chapter 7 bankruptcy,” says Bert Briones, an Orange County, CA bankruptcy/personal finance attorney with Red Hill Law Group, PC.

Chapter 11 Bankruptcy

A Chapter 11 bankruptcy filing may be an alternative for debtors who may prefer to remain in business and avoid liquidation.  Under Chapter 11 of the Bankruptcy Code, the debtor may request a debt adjustment by extending repayment terms and/or reducing the amount of debt.  A more comprehensive reorganization plan may also be sought by the debtor.

Chapter 13 Bankruptcy

A Chapter 13 filing may be an option to explore for debtors who have a steady income and are seeking an adjustment of debts.  A Chapter 13 is often termed a “wage earners” plan and is a powerful tool that enables the debtor to protect property in times of financial hardship.  Once a Chapter 13 petition has been filed, the debtor has the opportunity to save a home from foreclosure.  A Chapter 13 repayment plan covers a timespan of three to five years.

If you have questions regarding Chapter 7, Chapter 11, or Chapter 13 bankruptcy, lien stripping, wage garnishment, cram down, foreclosure, asset protection, or related issues, please call Red Hill Law Group PC, to schedule a no-charge face-to-face or phone consultation with an experienced personal finance/bankruptcy attorney.

We can be reached at 877-343-3289, or please use our contact form and you will be contacted within the next business day.

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What is Chapter 13 Bankruptcy?

“Foreclosure is something you really do not want to happen, and the numbers of foreclosed properties are at an all-time high,” says Bert Briones, Principal Bankruptcy Attorney for Red Hill Law Group PC, in Orange County, CA. 

Foreclosure typically begins when a homeowner receives a legal notice called a Notice of Default (NOD). This notice usually gives the homeowner ninety days to bring their mortgage payments current. If the homeowner does not take care of the delinquency, or if other arrangements are not made, the home will most likely be foreclosed upon, following the issuance of a Notice of Sale.

After the Notice of Sale has been recorded in county records and copies mailed to the homeowner, the homeowner’s rights will be extremely limited; basically the only right the homeowner will have at that point is to pay off the defaulted mortgage in full.

Generally, a foreclosure sale will then be conducted in a public place, transferring the house back to the lender or sold to another buyer.

One way to stop foreclosure is by filing bankruptcy, which may help you gain extra time to catch up on bills and possibly save your home.  An “automatic stay” will be enforced by the court in order to prevent eviction from the house while your court case is in process. A Chapter 13 filing will help you save your home; whereas, a Chapter 7 filing will only remove liability.

If you have questions regarding Chapter 7, Chapter 11, or Chapter 13 bankruptcy, lien stripping, wage garnishment, cram down, foreclosure, asset protection, or related issues, please call Red Hill Law Group PC, to schedule a no-charge face-to-face or phone consultation with an experienced personal finance/bankruptcy attorney.

We can be reached at 877-343-3289, or please use our contact form and you will be contacted within the next business day.

“The actions you take leading up to bankruptcy can drastically affect your journey through the bankruptcy process,” says Bert Briones, Principal Attorney of Red Hill Law Group, PC, an Irvine, CA bankruptcy/personal finance attorney. “You definitely want to pay attention to these eight potential trouble spots.”

The Credit Card Run­up Mistake:

The best thing to do is to not use your credit cards once you have decided to file for bankruptcy. Consumer debts that you incur for luxury goods and services owed to a single creditor in excess of $500 within 90 days of filing are presumed to be non­dischargeable and may be found to be due and owing! Even cash advances of more than $750 within 70 days of filing are presumed to be non­dischargeable and may also be found to be due and owing.

The Repay a Family Member Mistake:

When it comes to repaying debts, you cannot treat a family member any better than you would an ordinary creditor. As a matter of fact, a bankruptcy trustee can reclaim any amount repaid to a family member within one year of filing.

The Transfer Property out of Your Name Mistake:

A bankruptcy trustee can go so far as to undo a transfer of property that previously belonged to you. This surprising event can occur if the transfer took place within four years of the filing with the intent to hinder, delay, or defraud a creditor.

The “Short Sell” Your Home Mistake:

When financial pressure begins to mount many people consider reducing their expenses. While this is a sound thinking on one level, it does not take into account the means testing under the bankruptcy code. I have seen many people contact our office after having sold their home under a short sale only to find out that their new rent obligation will not help them to either qualify under a liquidation or help them to reduce their payments to unsecured creditors under a reorganization.

The Liquidate Your Retirement Account Mistake:

Your retirement accounts are generally protected. You can eliminate your debt and keep whatever you have in an ERISA qualified account, free and clear. Too many individuals empty their retirement accounts in a desperate attempt to pay down their credit card debt.

The Line of Credit/Second Mortgage to Pay Off Debt Mistake:

Don’t take a loan against your real estate in an attempt to reduce the equity. You can often file bankruptcy and not lose this valuable asset. If you take out a second mortgage to pay credit card debt, you may be putting your home at risk.

The Failure to Appear at Court Proceedings Mistake:

If there is a collection case pending against you in state or federal court, don’t assume that you can avoid the court process simply because you have decided to file bankruptcy. Until your bankruptcy case is actually filed, a collection case can continue.

The Failure to Tell Your Attorney the Truth, the Whole Truth, and Nothing but the Truth Mistake:

Your attorney can only provide advice that is based upon information provided by you. Failure to notify your attorney about your assets can lead to the loss of those assets, denial of your bankruptcy case, fines, imprisonment, or all of the above.

Please call Red Hill Law Group, PC with any questions or to schedule a no-charge face-to-face or phone consultation with an experienced personal finance/bankruptcy attorney. We can be reached at 877-343-3289, or please use our contact form and you will be contacted within the next business day.

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