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Phone: 786-766-7247
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Key West, FL 33040
Phone: 786-766-7247

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Expert Legal
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Bankruptcy Courts

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Useful Information and Resources

Legal Research And Helpful Links

The decision to seek bankruptcy help is a significant one. The majority of cases, prior to seeking help from a bankruptcy attorney, an individual, couple or business owner has already run the gamut of financial stresses. Those stresses usually include delinquent credit cards, lawsuits, mortgage defaults, tax problems, car repossessions. Once the decision is made to come to the office, we are happy to report that those stresses are decreased greatly because a comprehensive solution to the debt stressors obtained. Below you will find useful information and and links.

STATUTE OF LIMITATIONS, CREDIT REPORTS AND BANKRUPTCY

Statute of Limitations

Generally speaking, contract obligations defaulted upon in the State of Florida need to have litigation initiated within five years of the last payment. There are some exceptions. If a debt has been in default for more than five years, it is probable that the debt has expired. This does not mean that the debt will not remain on the credit report.

Credit Reports

Pursuant to federal law, accounts in default may be reported on your credit report for 7 years from the date of default.

Bankruptcy

Pursuant to federal law, public records such as judgment and bankruptcy filings may be reported on the credit report for up to 10 years.

 

Credit, Banking, Finance Links

Bouncing Back From Bankruptcy

Five Tips To Rebuilding Credit After Bankruptcy

James Alan Poe, P.A., is experienced in helping his clients file for bankruptcy

1. Make a budget. Compare your monthly expenses against your income and set priorities for spending and saving.

2. Learn to love cash. One of the benefits of bankruptcy: Many people who've been through it develop a "depression-era mind-set," says Chris Farrell, host of the nationally syndicated television show "Right on the Money!" and author of "Right on the Money: Taking Control of Your Personal Finances." "And that's not a bad thing." The result: You pay with cash, buy only what you need and save more.

3. Pay all your bills on time, including small ones like utility bills which will report negatively on your credit report if you do not pay on time.

4. Monitor your credit report. The purpose of filing bankruptcy was to obtain a clean slate and fresh start. Monitoring your credit report for any inaccuracies will enable you to dispute incorrect items and maintain a positive credit score.

5. Get a credit card. This is normally the easiest new account to obtain. It is important to have new positive items reported on your credit report in order to regenerate your credit score.

Options include:

A secured card. This is a no-lose option for the credit card company, but personal finance experts are divided on whether these cards are helpful to consumers looking to re-establish credit. How it works: A bank holds your money and gives you a charge card with a limit for the same amount. When you close the account, you get your deposit back. Common-sense advice: If all you can get is a secured card, shop for one with the best rates and least fees. Get out a magnifying glass, and read all the fine print before you sign. Use it sparingly for six months to a year -- then try to renegotiate with the company for an unsecured card.

An unsecured card. Even after bankruptcy, you should still be able to get a card. Some banks or lenders may actually consider you a decent risk because you're not carrying any debt and may not be able to file a bankruptcy for years. But you likely will pay dearly for the privilege. Act just like you would if you had tons of money: Shop around. Check Bankrate's search feature to find the right card for you.

Be careful not to apply for too many cards. Each time you make an application for credit -- and a creditor checks you out -- it can potentially lower your credit score.

Card tricks: To establish a record of borrowing and repaying (the heart of the old credit system), you need to use your card. At the same time, you can't run up the charges because you need to pay it off -- in full -- every month to show you have truly reformed. (Plus, you didn't go through bankruptcy and back just to rack up piles of debt again.) Oleson's solution: Get a credit card but use it only for one specific thing, such as gas.

Extra credit tip: When you use the card, deduct the purchase amount from your checking account balance. Then, when the bill comes in, you already have the money to pay the bill in full.