Category Archives: After Bankruptcy

Post-Bankruptcy Creditor Violations

Protecting Your Credit Report After Bankruptcy

Your Tampa Bay Bankruptcy Lawyers

At Law Office of Thomas A. Nanna, P.A., our lawyers are committed to seeing every case through to the very end. Typically, our cases end after bankruptcy is finalized and the debt is discharged. Sometimes, we are able to file a lawsuit against a debt collector that has violated the Fair Debt Collection Practices Act and get some extra money for the person we are representing. After that, our client is able to go off into a future that is free of debt.

Unfortunately, these cases don’t always end quite so conveniently. Sometimes, a post-bankruptcy creditor violation causes severe damage to a recovering credit report. When that happens, attorneys Thomas A. Nanna and Jessie B. Molnar are ready to take action.

How Do Post-Bankruptcy Creditor Violations Happen?

After you file bankruptcy, and your debt is discharged, creditors are required to report zero debt. Eventually, your credit report recovers from the damage caused prior to bankruptcy.

Sometimes, however, a creditor will report that you still owe money, even after you have had the debt discharged through bankruptcy. This can seriously hurt the recovery of your credit report. This is also a clear violation of the Fair Credit Reporting Act (FCRA).

How Are These Violations Dealt With?

Our attorneys put a lot of time and energy into helping people get rid of debt and get their finances moving in the right direction. At our law firm, we will certainly not sit back and let creditors undo all of the work we’ve done.

We will take action against creditors, filing lawsuits if necessary to fix the mistakes that have been made. When we help you file bankruptcy, you can be confident that we will stand beside you to make certain that everything goes according to plan.

Contact Law Office of Thomas A. Nanna, P.A. Today

Located at the heart of the Tampa Bay, our lawyers are ready to discuss seeking compensation for creditor harassment and debt collector abuse. Contact us today to learn more about what we can do to help you overcome your legal troubles.

How long does a bankruptcy filing remain on my credit report?

A bankruptcy remains on a credit report for a maximum of ten years under provisions of the Fair Credit Reporting Act.

How do I get a bankruptcy filing removed from my credit report?
The Bankruptcy Court has no jurisdiction over credit reporting agencies. The Fair Credit Reporting Act, 6 U.S.C. § 605, is the law that controls credit-reporting agencies. The law states that credit reporting agencies may not report a bankruptcy case on a person’s credit report after ten years from the date the bankruptcy case is filed. You may contact the Federal Trade Commission, Bureau of Consumer Protection, Education Division, Washington, D.C. 20580. That agency can provide further information on reestablishing credit and addressing credit problems. You can also directly contact the credit bureau(s) reporting the information.

Creditors Trying to Collect After Bankruptcy

What can I do if a creditor keeps trying to collect money after I have filed bankruptcy?
You should immediately notify the creditor in writing that you have filed bankruptcy, and provide them with the case name, case number, and filing date, or a copy of the petition that shows it was filed. If a creditor continues to attempt to collect, the Debtor may be entitled to take legal action against the creditor to obtain a specific order from the court prohibiting the creditor from taking further collection action. However, a formal motion must be filed, in accordance with the Bankruptcy Code and applicable Rules. If the creditor is willfully violating the automatic stay, the Court can hold the creditor in contempt of court and fine the creditor. Any such legal action brought against the creditor will be complex and will normally dictate representation by a qualified bankruptcy attorney.

Refinancing After Bankruptcy

Refinancing after a bankruptcy can seem like an especially difficult challenge, but it doesn’t have to be. Six months after your bankruptcy has been finalized, you can find lenders willing to refinance your mortgage. In fact, refinancing your mortgage can help rebuild your credit to good standing in two year’s time. The following steps will help you find the best refinance lender while helping you rebuild your credit record.

Preparing For Refinancing

Right after bankruptcy, you have six months to prepare to refinance your mortgage. Begin by establishing good payment history by regularly paying your bills and current mortgage. This is also a good time to open a credit card account to start establishing good credit history.

If possible, also start building up a savings account. The more cash assets you have, the better your application will look. Consider having a garage sale or taking a second job to raise funds.

Researching Lenders

Once you are ready to refinance, research mortgage lenders and their rates. Online mortgage websites allow easy comparison shopping. Look at both interest rates and fees of refinancing quotes. Usually a slightly higher rate with low fees is the best deal.

With bankruptcy on your credit report, you will typically need to work with a sub prime lender. You can expect to pay a few percentage points above a traditional mortgage, which you can find through online mortgage companies.

Choosing Your Refinancing Package

You may be offered a chance to cash out part of your home’s equity when refinancing your mortgage. If you need to make home improvements or buy a car, this may be a good option. However, if you keep your home’s equity in place, you are improving your credit.

Once you have decided on your terms, you can finish your loan application online or through the mail. Quotes are not guaranteed, so rates may vary slightly once your application has been approved. Before the loan is finalized though you have the opportunity to review the loan again.

After Refinancing

With your refinancing completed, you can plan to lower your interest rates through refinancing in two years by building up your credit score. Continue to make regular payments and add to your cash reserves. Before you apply to refinance again, review your credit report to be sure your bankruptcy closed all past accounts on your record. With a solid credit history behind you, you can apply to traditional mortgage lenders.

Refinancing After Bankruptcy

By Carrie Reeder

Carrie Reeder is the owner of ABC Loan Guide *http://www.abcloanguide.com, an informational website about various types of loans.

To view Carrie’s recommended sources for refinancing after a bankruptcy online, visit this page: *http://www.abcloanguide.com/lessthanperfectcredit.shtml.

*These websites are neither endorsed nor recommended by Thomas A. Nanna