Law Office of Allan E. Dunaway, PLC

August 2014 Archives

Getting credit again after bankruptcy

Kentucky residents who are struggling with debt often wonder how filing for bankruptcy will affect their credit and use of credit cards in the future. The fact is that it is possible to get credit again after filing bankruptcy, but the terms will be drastically different from what people with excellent credit enjoy. However, investing in the right credit cards can help consumers rebuild a positive credit history and eventually restore their good credit rating.

Changes to FICO scoring will boost some borrowers' credit

Consumers in Kentucky who have paid off overdue medical bills might still have experienced low credit scores despite resolving their debt. However, FICO has made a significant change to how the company calculates credit scores. The new method of scoring will limit the ability of outstanding medical bills and those that have already been settled to negatively influence a person's credit score. Although this might not stop creditor harassment for people who have not paid their bills, the move will increase the scores of many consumers.

Bankruptcy discharge information for Kentucky residents

Overwhelming financial situations can snowball, especially if credit cards are used to pay bills associated with unexpected situations such as a layoff or medical emergency. If creditor harassment and dwindling resources are resulting in the inability to handle even basic expenses, an individual may want to address unsecured debts through a Chapter 7 filing to obtain the quickest discharge. In a Chapter 7 case, a discharge may be completed as early as four months after the filing is concluded.

Delinquent debt plagues over a 3rd of Americans

Kentucky residents who are struggling to pay their debts may take comfort in the realization that they are not alone. A recent study by the Urban Institute analyzed credit information for approximately 7 million Americans and discovered that more than one-third of them have had debts placed in collections. Typically, a debt is moved to collections and its account closed if it is more than 180 days past the due date. At that point, the debt will usually affect the person's credit report negatively.

Contact the Firm

Get Sound Advice In A Free Consultation

For sound bankruptcy advice you can count on, from a skilled lawyer who truly cares about your future, contact the Louisville Law Office of Allan E. Dunaway, PLC. We have two convenient locations: Louisville, Kentucky, and Jeffersonville, Indiana. Our main office in Louisville is located off the beaten path so you won't have to deal with downtown traffic and can pull right up to our door and walk right in.

Call us at 502-785-1005, or send an email message. Our law firm welcomes the opportunity to serve you in any way we can.

If for some reason personal bankruptcy is not for you, if you do not qualify for the Chapter 7 approach via the "means test" and Chapter 13 reorganization is not the answer, Allan E. Dunaway works hard to inform you of other appropriate means of debt settlement that suits your unique needs.

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Kentucky Office

Indiana Office

714 Lyndon Lane
Suite 4
Louisville, KY 40222

Phone: 502-785-1005
Fax: 502-412-2258
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530 East Court Avenue
Jeffersonville, IN 47130

Phone: 502-785-1005
Fax: 502-412-2258
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