2013 March 28 by jesse
Dealing with financial stress, bankruptcy, foreclosure, and the uncertainty of the future is overwhelming.
For the last 13 years I, Jesse Aschenberg, have had the great privilege of working with individuals, couples, senior citizens, single mothers, divorcing couples, and business men who are in crisis. They are all in one stage or another of the grief.
I generally see two reactions to financial crisis. One personality type is doing all they can to fight and control their situation as best they can. The other has given up and has lost hope. Nevertheless, both types are asking the same question, “why?” Why is this happening? Why me?
The serenity prayer can be a helpful tool to calm the emotional storm and help you make the right decision or to just be at peace in the moment about your current circumstances.
God grant me the serenity
to accept the things I cannot change;
courage to change the things I can;
and wisdom to know the difference.
Living one day at a time;
Enjoying one moment at a time;
Accepting hardships as the pathway to peace;
Taking, as He did, this sinful world
as it is, not as I would have it;
Trusting that He will make all things right
if I surrender to His Will;
That I may be reasonably happy in this life
and supremely happy with Him
Forever in the next.
2013 March 27 by jesse
Last night we held our second Credit Repair and Home Ownership After Bankruptcy Seminar. Kevin J. Kust, Regional Manager at Continental Credit, LLC was our main presenter. He gave an informative talk about what factors make up your FICO score and strategies for re-establishing credit after a bankruptcy.
Here is Kevin’s top 10 list of how to re-establish good credit after a bankruptcy:
- Re-establish credit ASAP starting with opening 1 Secured Credit Card. After another 2-3 months get another secured credit card. Installment loans are great to, but credit cards are most important. (even clients in an active chapter 13 bankruptcy can get approved and are able to open a secured credit cards as long as they are very low limits – have to be under $1000 limit.)
- After opening a secured card never exceed 30% of your available limit on each individual card. Better yet, use these cards for only a few dollars every month and simply make your on-time payment to show you are keeping the account active and you are being responsible by not putting excessive debt on the account & you’re paying it on time.
- Stay away from offers/solicitations in the mail – OPT OUT of these offers by calling 888.567.8688.
- Do not apply for department store or jewelry accounts to re-establish credit history. Secured credit cards are more versatile and ensure to grow your score with all 3 credit bureaus
- Open a secured installment loan with your local bank (however make sure you have at least 6-8 months of reestablished secured credit card history first)
- Your Checking/Savings accounts do not help re-build your credit profile.
- 90% of all Bankruptcies report INACCURATELY to the credit bureaus (i.e. accounts involved in the BK still show outstanding debts or do not appear to be involved in the BK, etc.) Make sure your BK matches your declarations page and is reporting correctly on your credit report!
- Make sure all accounts from your bankruptcy report as “included in bankruptcy” and have a $0 balance associated with the account
- Monitor your credit. Pull a report every 4-6 months to ensure your accounts are reporting correctly.
- Talk to an expert. Call Kevin J. Kust – Regional Manager at Continental Credit Restoration (ph. 303.868.0373) for a free analysis on your credit profile and potential options to remove some of the Bankruptcy from your credit report. Under the Fair Credit Reporting Act Bankruptcies CAN affect your scores for 7-10 years, but this DOESN’T mean that they HAVE TO. Bankruptcies can and have been removed from credit profiles given the right circumstances. Call Mr. Kust to find out how.
2013 March 25 by jesse
A gentleman come to see me last week in a complete panic. He checked his bank balances on-line in the morning only to discover that his account had just been garnished. The creditor took everything in his account. There was nothing left in his accounts.
He was in financial crisis. The creditor took over $8,000 out of his personal bank account. They gave him no notice. Part of the money was his tax refund the other part was money he received from a settlement he won against someone. He was presently unemployed and had no other money to support his family except for what was sized from his bank account by one of his creditors.
Could we help him? Could we stop the bank garnishment?
Youbetcha! We filed an emergency chapter 13 bankruptcy and demanded return of the garnished funds.
The creditors released the funds back to the relief of our client. Crisis averted.
If you’ve been sued by a creditor for defaulting on a credit card or other debt it’s only a matter of time before they garnish your wages or garnish bank accounts.
By quickly filing a chapter 13 bankruptcy (not chapter 7) you can demand return of funds garnished from the bank account from most creditors. That’s the power of the automatic stay and chapter 13 bankruptcy in action!