Life After Bankruptcy

Our Pew Law Center’s Bankruptcy Lawyers, Phoenix, AZ, Are on Your Side

Client Testimonial:     

“I have been very pleased with the service I have received from Pew Law Center [bankruptcy lawyers, Phoenix, AZ]. They have handled my bankruptcy and have given me advice on how to proceed with getting back on track with my credit. Mr. Pew if very knowledgeable and took the time with me to help me understand the process and answer my questions. I also was very happy with his paralegal Jane. She contacted me right away when I had a concern, no matter what time of day. If you are looking for someone to be on your side and take you step by step through the process of any legal action, I would definitely give Pew Law Center a call! Thank You.”

                                                                                     — Kelly N., Mesa AZ

Given the current state of our local and national economy, bankruptcy lawyers — Phoenix, AZ, specifically — work steadily with people who file for debt relief under the federal bankruptcy laws. If you need protection from bill collectors, you are not alone! There are many people just like you who have received debt relief assistance from bankruptcy attorney Lawrence ‘D’ Pew. So take heart, if you handle your post-bankruptcy financial affairs with an eye toward impressing potential lenders with your reliability, then recovering your credit-worthiness after bankruptcy will happen for you.

How Good Is Life After Bankruptcy?

You have a new financial beginning, a clean slate, a do-over. Life after declaring bankruptcy will be much better for you, in fact it will be great compared to the debt-crisis you may be enduring at this moment.

Think of what life will be like when you return to financial stability with representation from the Pew Law Center’s bankruptcy lawyers, Phoenix, AZ. Once your debts are discharged, you will be able to hold your head up high and handle your monthly expenses once again. Before bankruptcy, every aspect of your life was overshadowed by debt and more debt. Creditors and more creditors. Bill collectors and more bill collectors. After bankruptcy, you won’t have to worry about out-of-control interest payments on credit cards any longer. The time for fear and worry about past-due bills will also be in the past.

When the bankruptcy case is closed, you’ll have control over your finances again. You may be surprised by this, but you will receive offers to extend credit shortly after bankruptcy. What is well known by bankruptcy lawyers, Phoenix AZ lenders are often quick to make new offers to provide credit. The reason is fairly simple – even the most risk-averse lenders know you cannot file for bankruptcy relief again for a very long time. Therefore, to those lenders you are now a very good candidate for the extension of modest credit.

Restoring Credit After Bankruptcy

Immediately after your bankruptcy is finalized and your debts are discharged, you can begin restoring your credit-worthiness and improving your credit score.

You should anticipate any truly noticeable improvements taking at least two or three years, restoring your credit score after bankruptcy does take time. Of course, creditors want to see that you are working steadily and paying your bills timely with no past due payments. If you are focused on staying within your means, you could even qualify for a new mortgage loan within a couple of years! As amazing as that may seem, the Pew Law Center’s bankruptcy lawyers (Phoenix, AZ) have witnessed this time and time again.

To build your credit score:

  • Take stock of your income and expenses.
  • Create a budget and adhere to it.
  • Record how much money you spend in a daily journal so you are always aware of where your money is going.
  • If you made mistakes that led to filing for bankruptcy relief, make sure you don’t repeat those mistakes.
  • Stick to a no-frills lifestyle.
  • Make sure you pay your statements on time.
  • Make sure you add to your savings account and don’t overdraw.
  • Start an emergency fund — set aside money for unexpected expenses like necessary car repairs, emergency medical bills, or home repair costs.
  • Get a credit card with a low credit limit and pay it off in full every month.
  • Apply the knowledge you acquired in the bankruptcy financial education course you participated in after the petition was filed.

Now that you are clear of debt, work toward maintaining and stabilizing your financial position for a much better future.

Your Bankruptcy Lawyers, Phoenix, AZ, Recommend You Carefully Examine Your Credit Report

Because your credit history effects your credit-worthiness going forward, Pew Law Center bankruptcy lawyers (Phoenix, AZ) recommend that you carefully examine your credit report for problems. The only way to really get control of your financial life is to see for yourself what potential lenders, landlords, and employers see when they pull your credit report. You should request a copy of your report and examine it carefully for errors, omissions, or misstatements.

The three credit reporting agencies are:

  • Equifax

                  PO Box 740241

                  Atlanta GA 30374

                  www.equifax.com

  • Experian

                  PO Box 2104

                  Allen TX 75013

                  www.experian.com

  • TransUnion

                  Consumer Disclosure Center

                  PO Box 2000

                  Chester PA 19022

                  www.transunion.com

If you identify any inaccuracies on your credit report (errors with regard to your public data like age or address), then you should notify the agency and provide the correct information. And if there is incorrect negative information about a debt, such as a discharged debt that is still “open” on your report, then you should challenge the matter immediately. Accounts must be updated and outdated information can be deleted.

Under the Fair Credit Reporting Act (FCRA), credit reporting agencies have 30 days to investigate your complaint and must remove incorrect entries. Should the reporting agency fail to remove incorrect information from your report within the 30-day period, you may write a concise letter explaining why the information is incorrect. The letter will become a part of your credit file.

How Discharged Debts Appear on Your Credit Report

The fact that you filed for bankruptcy and had debts discharged will remain on your credit report for up to 10 years. That is the unfortunate truth that bankruptcy lawyers (Phoenix, AZ, being no exception) know all too well. That means any potential lender who takes the time to look up your information will learn that you filed for bankruptcy – there is no hiding from that fact.

The debts that were discharged with the assistance of Pew Law Center bankruptcy lawyers (Phoenix, AZ) should not appear as open accounts on your credit report – those debts were released forever.  A discharged debt that remains on your credit report may be an act of false reporting and actionable under the Fair Debt Collection Practices Act (FDCPA). Continued attempts at collecting a debt after the bankruptcy court’s discharge order is a violation of the FDCPA.

To get our clients on track as quickly as possible, we assist with post-bankruptcy credit repair so they get the full benefit of a fresh financial start. You can count on Lawrence ‘D’ Pew and his legal team to get you on the road to financial independence. You’ll regain peace of mind and be able to provide a more promising future for your family.