atanner's blog

This is truly not a yes or no question! Everyone’s circumstances do vary, but there are a few scenarios that we see on a regular basis.

This is a question that I am asked quite often and the simple answer is yes! Unfortunately, many people get involved with pay day lenders just trying to make ends meet. They then get into a vicious cycle of paying exorbitant interest on a post-dated check every week out of fear that the pay day lender will present the check to their bank and that it will bounce i.e. be returned as non-sufficient funds.

There are certain time limitations on filing repeated bankruptcies. However, there is almost never a time that you cannot file a chapter 13 bankruptcy if you are facing a financial hardship and need the benefit of the automatic stay in order to stop your creditors from pursuing you with garnishments, foreclosure, repossession or other harassing collection efforts. (See my blog post of 9/24/2012 for further explanation of the automatic stay).

Technically, the provision for the automatic stay that applies to every bankruptcy case that is filed is found in 11 USC §362. This is the Unites States Bankruptcy code. The practical effect, however, of the automatic stay is of utmost importance to anyone seeking relief from creditor harassment, repossession of personal property or foreclosure of real property. This provides a huge relief to people who file for any chapter of relief under the bankruptcy code.

When most people think about bankruptcy, they think about it in terms of Chapter 7 or “straight bankruptcy” when you just “wipe out” or discharge debts. This fresh start sounds nice; however, this is not always the best answer for many reasons. If it is not the best answer, then, should you file a Chapter 13 debt consolidation? Filing a chapter 13 debt consolidation can help one resolve many issues.

This is a question that we get on a daily basis. We strongly urge and advise clients to obtain a copy of all three credit reports from the three main credit bureaus, Experian, Equifax and Transunion. You can obtain one FREE credit report each year from each credit bureau by visiting www.annualcreditreport.com or by phone at 877-322-8228. In our opinion, this is the best way to get your credit reports.