60 Minutes Report: Is your Credit Report Accurate?

Steve Kroft of 60 Minutes gave an excellent report on how the average consumer is being damaged by credit reporting agencies. The National Association of Consumer Advocates, (NACA) has a full transcript posted of the story. To see it click here:

http://www.naca.net/news/60-minutes-report-40-million-mistakes-your-credit-report-accurate

In my practice I receive a considerable amount of inquiries about problems on credit reports. This report does an excellent job of answering many questions, and gives further information to follow up on.

If you have questions as to whether bankruptcy would help your situation, contact our Fresno Bankruptcy Attorneys at 1-877-776-4529 or visit our website at www.fresnoforeclosurelawyer.com. 

The Fork in the Road, August 14th, 2012

             Everyday good people realize they are in bad situations. Situations that were neither intended nor desired and in fact most individuals still wish to make good on their debt. However, there is a point that each one of those good people come to a fork in the road. Do they borrow from retirement (or make some other impractical decision) to pay that past due credit card bill or do they call a bankruptcy attorney and get information? According to US Courts.gov, 1,410,653 people in 2011 realized they were in a bad situation and not only called for information but took advantage of bankruptcy to help them out from under the black cloud of debt. You can find information for free, once you take that money away from retirement, it cannot be undone. Call and get information, ask the attorney if it's the right time for you to stop making drastic decisions to pay back that debt, stop living in the unknown and get a fresh start without those things looming over your daily life. I have not seen a client enter a bankruptcy office who wants to be there but the fact is we all come to a point where we need the help of a knowledgeable professional and the best choice you can make for yourself and your family, is the choice to ask for help. It was stated by Trezza & Associates perfectly, "Making this decision (Bankruptcy) at the right time can save you years of struggle, frustration, and poverty." 

Call today for information on how you too, can get a fresh start and avoid dragging out a difficult situation.




 For information regarding the right time to file for your situation, contact our Fresno Bankruptcy Attorneys at 1-877-776-4529 or visit our website at www.fresnoforeclosurelawyer.com. 


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How to Borrow After Bankruptcy

1) Before you borrow or taking a loan or getting a new credit card, establish your budget. Establish a household budget and include money for retirement and savings in addition to the money for the loan.
2) Take a prepaid credit card. These cards are not unsecured but secured, by an amount that you will put down towards the card. According to allmandlaw.com, these cards are reported to the credit reporting agencies exactly like the unsecured kind without the threat of the unending debt cycle.
3) Know what to provide to lenders. Taking your proof of income and budget information (to show you can pay) will generally be enough for lenders to approve you.
Whatever you do, be smart about your purchases and watch those balances. Use the free tools presented during your bankruptcy counseling courses to help establish yourself again.

For more information or answers to your questions contact our Fresno Bankruptcy Attorneys today for a free initial consultation! The Law Office of Timothy C. Springer, toll free (877) 776-4529, is waiting to hear from you. 

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Myths About Chapter 13 Bankruptcy

Among the many myths associated with Bankruptcy, we see these two repeatedly so let's clear things up a bit. 

1.  Myth:  When a debtor is in a Chapter 13 bankruptcy, the Trustee will check monthly bank statements and check every expenditure a debtor makes for the life of the Chapter 13 Plan.
Truth: When a bankruptcy is filed, the debtor discloses under penalty of perjury their income and expenses. The Trustee understands the income and expenditures as an average and assumes it stays the same until either the end of the bankruptcy or until an amendment is made. The Trustee will not require bank statements each month to verify this information.

2.  Myth:  When a debtor is in a Chapter 13 bankruptcy and they need a different vehicle, they will not be able to purchase another vehicle while in the Chapter 13 Plan.
Truth: A Chapter 13 bankruptcy is three to five years in length. In that period of time many things can happen to someones car, the Court understands this. It is possible to obtain a new or different vehicle, your attorney needs to file a Motion with the court to Incur New Debt. Once the judge approves the motion you can move forward with the issue.


If you want more details on these or any other bankruptcy questions feel free to submit your question(s) via email or call  877-776-4LAW (4529) to speak directly with one of our Bankruptcy Attorneys.

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Rimel Retire's while Clement joins the Eastern District

Frederick E. Clement has been sworn in to take the place of U.S. Bankruptcy Judge Whitney Rimel. A Eastern District Bankruptcy Court Judge who will be missed greatly.

Frederick Clement has been practicing law since 1993 in Redding, California. Mr. Clement is reportedly "looking forward to his new job", but "loves the Redding area and will miss it." Rightfully so, Mr. Clement has been a resident of Redding for over 20 years. He is expected to take chambers in Fresno for his 14-year (renewable) term.


He is a certified specialist in all areas of bankruptcy law and represents individuals and businesses with debt problems before federal and state courts. His resume says he has litigated in state courts, handling business and real estate disputes, and he has been involved in a large number of bench trials and two multi week jury trials.  With seven judges, the U.S. Bankruptcy Court for the Eastern District of California is the fifth busiest bankruptcy court in the nation but it sounds like Mr. Clement has the experience to fill the shoes of an outgoing, fair and competent Judge.

To file a bankrutpcy case in the Eastern District of California or for any further information, please feel free to contact our Fresno Bankruptcy Attonreys
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Bankruptcy Abuse Prevention and Consumer Protection Act, 2005 - February 29, 2012

There is an unfortunate truth in the article on NACBA's website about the 2005 bankruptcy law changes and how they effect debtors. The press from these changes made many people think it was impossible for them to seek bankruptcy relief. 

In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act. The idea of this law was to stop people who were thought to be "abusing" the system. The article reports that a study (done by the American Bankruptcy Institute) found that "the law has served only to drive up the costs to the consumer debtor, and changes in creditor returns have been statistically insignificant." NACBA states that the price for Chapter 7 Bankruptcy has risen 40% and Chapter 13 has risen 25% from 2005. However, it is still possible to seek the relief needed to gain a fresh start.  The new law may have made the filing process more complex but Bankruptcy offices such as The Law Office of Timothy Springer specialize in handling Bankruptcy cases and stay up to date on laws and requirements to insure a smooth transaction made as simple as possible for the debtor. Visit their website, or call today, (559) 225-3622, for more information on how bankruptcy can help you.





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If I file Bankruptcy can I keep my credit cards? - February 23, 2012

The general answer is no. More often than not the root cause, pushing someone towards bankruptcy is credit card debt. That debt is what the client wants to get discharged. However, when there is a credit card held by the debtor which is in good standing at the time of filing or has a $0 balance, the debtor assumes many times (incorrectly) that they can keep that card after the bankruptcy. While I cannot speak for all creditors, most of them will still cancel your account. When you file a bankruptcy, you are required to list ALL of your debts, and ALL of your assets. You cannot leave specific cards out and even though you are only required to inform your attorney about cards with a balance, the cards in good standing, and without a balance will soon find out about the bankruptcy and likely close your account. People seem to be frightened at the thought of not having any credit cards to fall back on, what they don’t realize is the hundreds of dollars they are paying towards those credit cards every month will free up and actually become available funds. With those funds you can purchase a prepaid "Debit" card that looks like, and is useable as a credit card.

If you have any questions please contact our Fresno Bankruptcy Attorneys at The Law Office of Timothy C. Springer. You can reach us at (559) 225-3622 to find out more about the bankruptcy process as it pertains to your situation.