• Repairing Your Credit after Bankruptcy

    For people who have filed a Chapter 13 or Chapter 7 bankruptcy , opening up another line of credit seems counterintuitive, but experts argue that it is important that you reestablish a good credit rating. Your credit takes a significant hit when you file for bankruptcy, and it will take some time and responsible use of credit to improve it to where it was before you filed.

    Personal bankruptcy will stay on your credit report for up to 10 years. If you don’t take steps to improve your credit, your rating will not improve–even after the bankruptcy is no longer on your credit history.

    Research credit cards before you take one out. Make sure to choose one that reports to all three of the major credit reporting agencies each month. Be sure to make all your payments on time-a late payment will hurt your credit more than it did before you filed. Also keep your balance low, experts suggest using no more than 10 to 15 percent of your available credit.

    Please contact our firm for a free consultation.

    Benjamin Brand Services- Chicago bankruptcy attorney .

  • What Does Elizabeth Warren Appointment to Banking Committee Mean for Chicago Bankruptcy?

    Elizabeth Warren (D) won the Massachusetts Senator election race over Republican incumbent Scott Brown in November, and many believe she would be a natural fit for the powerful Senate banking committee. Warren is an American bankruptcy law expert and a Harvard Law School professor. Warren certainly has outstanding credentials-she was named the 2009 Boston Globe’s Bostonian of the Year, and she was listed in Time Magazine’s 100 Most Influential People in the World in 2009 and 2010.

    Warren has a reputation for being a consumer advocate, standing up to banks and credit card companies. Warren is the first female senator in Massachusetts’ history.

    Many big banks are not fans of Warren and her policies. Warren is certainly qualified, and most believe that if she wants to serve on the committee she will be named to it.

    “The leadership and committee chairmen usually work together to try to accommodate incoming senators’ preferences, within reason,” one Senate Democratic aide told Reuters. “If Senator-Elect Warren indicates she’d like to serve on the banking committee, given her prominent work on those issues, she would certainly have a very good shot.”

    It is hard to speculate exactly what it would mean if Warren is named to the committee, but most experts believe she would continue to be a consumer advocate.

    Please visit our site for bankruptcy information , and contact our firm for a free consultation.

    Benjamin Brand Services- Chicago bankruptcy attorney .