Why are credit scores so important, and how can you improve them after bankruptcy?

Our clients who file for bankruptcy in Queens and throughout New York want to see the future as a place of possibility, and an opportunity to create a new chapter in their lives.  Life after bankruptcy is not a complete reset, but it can be an amazing time to make changes that will get you on the right path toward fiscal responsibility. One such change is understanding the importance of your credit score and knowing how to improve it. There are steps you can take, now and in the future, to ensure a safer financial future.

Can Errors on Your Credit Score Affect Your Financial Health?

When clients come to our office they are looking for debt relief. This may mean stopping a foreclosure, removing a lien, or going through a Chapter 7 or Chapter 11 bankruptcy. Our clients often want to improve their credit, but there may be more factors affecting their credit scores than missed loan payments.

In a recent study by the FTC (Federal Trade Commission) from December 2012, the findings state that one in four credit reports have errors. So along with the other best practices we share our clients to ensure fiscal health and responsibility, we also support keeping a close watch on the information used by credit agencies to make their scores about you.

What Does Detroit’s Bankruptcy Filing Mean for City Workers and Residents?

When it comes to municipal bankruptcy, our office are asked to answer questions about how it can impact communities and public workers. On Wednesday, a federal judge permitted the city of Detroit’s bankruptcy case to go forward after it was challenged by union and pension fund lawyers –  so the challenges facing the city have been front and center on the headlines and people’s minds.

Why is it so Hard to discharge Student Loan Debt in Bankruptcy?

There has been much debate over the issue of student loans in America in the past few months, and lawmakers and legal professionals are weighing in on the issue. The National Association of Consumer Bankruptcy Attorneys (NACBA) has several strong articles that support making student loans dischargeable in a bankruptcy. I am in agreement with NACBA –   student loans should be dischargeable in order to provide much needed relief for recent graduates, their families, and their communities. 

What does the Repeal of DOMA mean for New Yorkers?

In June the Supreme Court reached a landmark decision to repeal a portion of the Defense of Marriage Act (DOMA). This news affects married same sex couples and their approach to financial endeavors such as filing for bankruptcy.

In a historic bankruptcy case, Alabama’s financially distressed Jefferson County says it has finally reached an agreement to refinance the majority of its debt.

The county will save hundreds of millions by refinancing and set it up to break free from bankruptcy in months to come.  Before the county can rid itself of bankruptcy, it must overcome several obstacles and be looked over by a federal bankruptcy judge.  This is scheduled to commence this Wednesday.

With a single-charge range of only 90-125 miles, it may not come as a complete surprise that the green auto-maker, Coda Holdings, only sold 100 of it’s sedans and filed for Chapter 11 bankruptcy protection.

Coda’s plan is to re-focus their business on energy storage, which has far fewer research and development costs. Coda will be able to use the same energy storage mechanisms they put in their failed sedans into systems for buildings and utilities.