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Repairing Your Credit Score After Bankruptcy

Wed, 09 Nov 2022 18:31:52 GMT

Credit Repair Tips Post-Bankruptcy

Many of us get into financial trouble that we cannot get out of. That is why bankruptcy exists. It allows you to wipe the slate clean of certain debts such as credit card debt, medical bills, utilities, and more. Yes, you may have to give up some of your possessions and your credit score will go down significantly. However, you are not stuck with a poor credit score. There are ways for you to rebuild your credit score that include:

Secured Credit Cards: These credit cards are backed by a deposit you make. For example, you give the credit card company a deposit of $1,000 and they give you a card with a line of credit for $1,000. That deposit is used to guarantee that they do not lose their money. If, typically after a year, you continue to make your payments on that card, you get your deposit back and it converts to a normal credit card. All the while, it helps build your credit the entire time.

Co-Sign a Credit Card or Loan: It will be difficult to impossible to get a loan or credit card by yourself shortly after filing for bankruptcy. However, if you find someone with good credit to co-sign with you, you can build your credit from that loan or credit card. So long as the payments are made on that loan or card.

Become an Authorized User: An authorized user is someone authorized to use another person’s line of credit. The authorized user typically receives their own card in the mail with their name on it. You can simply shred that card if you so choose. If the account holder actively uses their account and always makes the payments on it, you benefit from their actions without having to do a thing yourself.

Create a Budget: One of the main reasons people get into debt in the first place is that they do not budget. Create a budget with your monthly income and budget out all your expenses and savings too. If there is money left over after that, you may choose to use that for discretionary purposes. After you create your budget, be sure you stick to it. Your plan is only good if you follow it!

Contact Our Bankruptcy Lawyer Today!

John G Rhyne, Attorney At Law is a bankruptcy attorney serving the Tarboro, NC area. We assist clients in filing for chapter 7 and 13 bankruptcy . Our lawyer will guide you through the entire process. We understand that filing for bankruptcy is a major decision, and you are worried about the impact on your credit score. Thankfully, you are not stuck forever with a poor credit score and bankruptcy on your record forever. There are ways to immediately begin repairing your credit, such as the ones listed above. Contact us today for bankruptcy advice and to schedule your initial consultation!

Your Go-To Foreclosure Attorney In Greenville, NC

Wed, 22 Jun 2022 12:51:12 GMT

Learn more about the foreclosure process and how it will impact you.

Although no one ever wants to think about what will happen if their property were to ever be foreclosed on, it is important to be prepared and to have a better understanding of what will happen if your property were to be foreclosed on and how this process will impact your future. That is why our foreclosure attorney is here to help guide you through the foreclosure process to help prepare you for what will happen.

Foreclosure is when the bank or a mortgage lender takes possession of your property in the event of nonpayment. They then have the power to sell your property to someone else to help them repay the loss due to nonpayment. If you fail to make a payment on time to the bank or mortgage lender, and fail to set up a loan modification, then your property will more than likely go through foreclosure.

After the missed payment is made, you will be put into default. The amount of time between the missed payment and being put into default can vary depending on your bank or lender.

In the event your lender chooses to go through with a judicial foreclosure, your lender will then file a foreclosure lawsuit. If you respond to the lawsuit, you could go to trial or the judge could file a motion of summary judgment. This is when you may need a foreclosure attorney, like John G Rhyne, Attorney At Law, to help represent you.

During the next step, which would be the pre-foreclosure process, you have the opportunity to pay back what you owe on the property. This could help stop the foreclosure from happening.

If there is nothing paid to stop the foreclosure, the bank or lender will most likely create a notice of sale. They can publish this notice publicly or they can put this notice on your property to let people know that the property is available for purchase. Once the property is actually sold, you will be required to move out.

Aside from forcing you to leave your property, a foreclosure can majorly impact your future. For example, a foreclosure can negatively impact your credit score, making it more difficult for you to buy a home or apply for a loan later on. A foreclosure will even stay on your credit report for years to come, meaning those who look at your credit report, such as a bank, will know your property was foreclosed on. In addition to impacting your credit score, a foreclosure can have major tax implications.

Don’t let a foreclosure majorly impact your life for years to come. If your property could potentially be foreclosed on, allow the team at John G Rhyne, Attorney At Law to represent you during the process. Our team can work with you to help you stop the foreclosure process or help you better understand the implications of this process. Contact us today to schedule an appointment with our foreclosure attorney to discuss your case.

How to Prepare for Your First Meeting With A Bankruptcy Lawyer

Wed, 20 Apr 2022 17:59:31 GMT

Know what to expect and get the most out of your meeting

If you’ve decided to seek help for financial problems, we urge you to feel relieved – not embarrassed. John G Rhyne, Attorney At Law is passionate about helping those throughout eastern North Carolina get their financial affairs in order. Let us help you prepare for your first meeting with a bankruptcy attorney.

First, it’s vital to be completely open and transparent about your entire financial picture. You can expect to be asked about your family, marital status, income, whether you owe taxes, whether you have any credit-related judgments, or any debts you have. Don’t be hesitant to answer any questions your attorney may ask – they are there to help!

Be sure to bring any documents and financial statements relevant to your bankruptcy case. These include mortgage documents, income statements, investment information, divorce paperwork, and any loan paperwork. Also bring copies of your Social Security card, driver’s license, and life insurance plan. If you’re not sure whether to bring something, err on the side of caution and take it with you.

Once you and your attorney have thoroughly reviewed your finances, it will then be time to discuss a plan to best suit your situation. Be aware that there are six chapters of bankruptcy, but the most common are Chapter 13 and Chapter 7 . You will want to make sure you understand which is the right fit for you and why. Don’t be afraid to ask questions. If there are certain assets you hope to keep, like a car, boat, or house, communicate that to your lawyer. Make sure you’re prepared to discuss your lawyer’s legal fees and take notes on any information you don’t want to forget.

When it comes to filing for bankruptcy, choosing the most knowledgeable attorney in eastern North Carolina will be one of the easier decisions you have to make. Turn to the bankruptcy lawyer who has been practicing in the area for more than 25 years. John G Rhyne, Attorney At Law can act as your Chapter 13 attorney, Chapter 7 attorney, or Chapter 12 attorney. Our team will be here for you throughout the process to help you understand bankruptcy costs or how to get back in control of your debt. Get in touch today for a consultation!