Category: Bankruptcy - Chapter 7

Does Filing For Bankruptcy Make Me A High Risk To New Lenders And Credit Card Companies?

Not necessarily. In fact, most lenders (including credit card companies) view post-bankruptcy applicants as low risks for the following reasons: 1) Once a debtor files for Chapter 7 relief and receives a discharge, they cannot successfully file again for another 8 years. Meaning: new creditors will know that a debtor cannot push the "eject" button […]

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Will Filing For Bankruptcy Ruin My Credit Score?

The better question to ask for most people with debt is: does it make a true difference what the actual credit score is? In other words, when individuals have lots of debt, having a good credit rating will not necessarily allow them access to new credit. And even if it did, what good is it […]

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Why Don't Attorneys Sign Reaffirmation Agreements On Behalf Of Their Clients?

Let's first start with what happens when a debtor files for and is granted a discharge in a Chapter 7 case. In this instance all dischargeable contracts become null and void and any remaining claims on these contracts are no longer the debtor's legal responsibility. However, a debtor may choose to keep some of his […]

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Chapter 7 Or Bust? Over-Median Debtors

When a client comes to see me, they are usually struggling with debt. Might be a little or a lot; much of it depends on the eye of the beholder. For some, $20,000 in debt is a drop in the bucket; for others (most), it's the entire ocean drowning them with each additional dollar of […]

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Debt Consolidation Company Vs. Barrios & Machado - Round 1

Client comes to my office and says, "I've been paying $600/month to a debt consolidation company." I respond with, "How long have you had this problem?" Client answers, "About 9 months." "I'm in the wrong line of work," I joke. "Ok, so you've paid $5,400 to a debt consolidation company over the last 9 months. […]

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