Thursday, March 31, 2016

Rebuild Your Credit After Bankruptcy

Bankruptcy: Should You File? 

Eric Lanigan and Roddy Lanigan discuss strategy.
If you're asking an attorney whether you should file bankruptcy, the question is not theirs to answer. You already know the answer to the question. It's personal, it's your business and your family's future.

Eric Lanigan and Roddy Lanigan of Lanigan & Lanigan, P.L., in Winter Park, Florida, handle business and civil lawsuits, bankruptcies, securities and investment losses, real estate law and appeals in Florida.

Clients include Florida land, home and business owners from around the U.S., from Asia, from Europe and Florida. One thing tends to come up frequently in regard to rebuilding after a bankruptcy.

If your business is being sued by a creditor, or you had overwhelming medical bills, went through a nasty divorce, fell behind on your mortgage, lost some income…you’re not unlike business owners, families, single parents and individuals across the country.

Florida went through a complete economic disruption that began in 2007. Some families and businesses never recovered.

Sometimes life's emergencies disrupt the most solid financial plans and personal and professional economic goals. When there is too much debt and the level of income will never result in paying off debts, bankruptcy may be the answer.

The real answer lies in a formal consultation with an experienced Florida bankruptcy attorney who will be tell you whether bankruptcy will solve your financial challenges. Before you meet with bankruptcy attorneys, get comfortable with the idea that financial mistakes happen to everyone. Then, plan your economic future. Eric Lanigan and Roddy Lanigan have filed thousands of bankruptcies for Florida businesses, individuals and families. There's not really a situation that we haven't seen or dealt with.

Recover from Bankruptcy

The first concern people have in filing bankruptcy is whether you can recover from bankruptcy. Will you be able to apply for credit? Will you be able to get the business back to where it should be and prove financial stability to investors?

What steps will you have to take so that you can recover from bankruptcy? Will your bankruptcy attorney be able to help you and guide you through steps that you should take after your bankruptcy is finalized?

Credit Building Tips:

  • Pay all bills early so that no bill is ever paid late
  • Pay more money than what is due on any loan, credit line
  • Use a pre-paid credit card for emergencies only
  • Build a savings account that is not touched
  • Not applying for lines of credit
  • Live within your means and pay cash for purchases
  • If you don’t have the money, don’t spend
  • Think before spending: is it a necessity?
  • Get a co-signor on a loan that can be paid in full, on time for loan duration
  • Become authorized user on family member credit line
  • Open a certificate of deposit at your bank to show ability to put money away

How Do You Choose a Bankruptcy Attorney?

If you’re a price shopper, you have to know you’ll get what you pay for: you should wonder why a price for a bankruptcy is lower than all others. Will you be responsible for additional fees later? Will you be responsible for certain paperwork normally filed by a bankruptcy lawyer?

Yes, it's difficult to consider spending several thousand dollars upfront to file bankruptcy. However, you've got a lot of debt, creditors, possibly a business and family that need financial reorganization. If you want something done properly, with the best possible legal advice and guidance, start saving for the bankruptcy filing fee.

Do Not DIY Bankruptcy

Bankruptcy is not a Do It Yourself area of law. Bankruptcy is Federal Law handled in Federal Court. Contrary to popular belief, Federal judges do not allow for time wasted by people in court who do not know the law. Lawyers know the law, all of the law, and how court procedures are handled.

Don't be fooled into thinking that a Federal judge will take pity on you; expect that you will be reprimanded for wasting the court's time if you don't know what you're doing or have no semblance of what protocols to follow in a Federal Courtroom.

Your primary concern when money is tight might be to find the cheapest lawyer. Instead, look for the bankruptcy attorney experienced, knowledgeable and able to foresee where there will be challenges in your case.

No Bankruptcy Case is the Same

No bankruptcy case is the same because no one has the same economic situation. If you're looking to rebuild your business and setup your family for future financial success work with the attorney that has seen and who knows what to expect.

Knowledge, skill, quality legal counsel is not discounted. There are no bargains when an attorney provides legal services. An attorney should perform at a peak and consistent level.

Your need to save money on fees may cost you the quality of legal services. No one gets free legal advice or services in bankruptcy because it is a set legal process with extensive paperwork that has to be filed carefully for every client.

You have to find the bankruptcy lawyer that you’re comfortable with, but as important, is finding the lawyer who has experience to know every aspect, twist and turn that will come with filing bankruptcy.

When you work with attorneys who have seen all the tactics pursued by creditors in Chapter 7, Chapter 11, Chapter 13 bankruptcy you can relax. They’ll know exactly what to do with your case.

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