For a variety of reasons, Washington residents are often afraid of the negative impact bankruptcy may have on their everyday life. Concerns about future credit, debt collections, or damage to one’s reputation are often based on misconceptions or completely unfounded. Unfortunately, these fears may delay a debtor from considering bankruptcy, resulting in even more damage to one’s financial affairs. Ben Cushman is an Olympia attorney who represents individuals throughout the bankruptcy process. He can help explain the benefits of bankruptcy and a realistic view of what to expect after the case. Contact our office today to schedule a consultation. Our firm also serves Tacoma and other areas in Washington, including Grays Harbor, Mason, Cowlitz, and Pacific Counties.
Olympia and Tacoma lawyer providing accurate information about the impact of bankruptcy
It is not uncommon for bankruptcy clients to express concerns about how the process may harm their credit. Many worry they will not be able to rent an apartment, own a home, buy a car, or have a credit card in the future. Some believe that they will be prevented from doing so for ten years after bankruptcy. For most clients, this is not the case. Under the Fair Credit Reporting Act (FCRA) creditors are required to provide accurate information to credit reporting agencies. FCRA also limits the amount of time negative information may be contained in your credit report. FCRA allows a bankruptcy to remain on your credit for ten years, but it must be removed after that time. Rebuilding one’s credit score in the meantime is entirely possible. With the right financial behavior, credit scores can be positively impacted long before the end of the ten years. In some cases, individuals may see an improvement in scores within six months after the case is dismissed.
When rebuilding one’s credit, it is important to remember that debts incurred after a bankruptcy proceeding will not have anything to do with the relief obtained for prior debts. Failure to pay any new obligations can result in creditor collection actions and place the individual in a difficult financial position once more. Depending upon the type of any previous bankruptcy filing, one may be prevented from seeking relief for a specific period. After the case concludes, any new bills should be paid on time, every time. Individuals should use a budget to avoid unnecessary or excessive debt and to build an emergency fund. Many lenders or credit card companies will reward individuals for responsible financial behavior and opportunities may become available sooner than anticipated. There are a variety of tools available online to monitor one’s credit and ensure that outdated or incorrect negative remarks are removed. Taking these actions can help expedite financial recovery.
Ben Cushman is an Olympia lawyer who represents Washington residents seeking bankruptcy protection. He understands that fear of the consequences can delay or prevent individuals from filing bankruptcy. Ben will explain how your future credit may be impacted. Our firm will provide the necessary assistance so that you can focus on rebuilding your financial future. Contact us today.
Washington lawyer focused on client communication
Ben is an attorney who strives to provide the highest level of service to his clients. He is dedicated to giving each client the respect and attention they deserve. By responding promptly to emails and phone calls, he helps alleviate his clients’ stress throughout the process. This is true for all of our clients, whether you are in Olympia or elsewhere in Washington.
Our firm also serves the Thurston County cities of Lacey, Tumwater, and Yelm, the Pierce County cities of Tacoma, Puyallup, and Lakewood, the Lewis County cities of Centralia, Chehalis, the King County cites of Seattle, Auburn, Bellevue, Burien, and Federal Way, as well as other areas in Washington, including Grays Harbor, Mason, Cowlitz, and Pacific Counties.