May 9, 2011
The Effect of Bankruptcy on Credit Scores
"People who are mired in debt often dread the thought of filing for bankruptcy protection and the effect it will have on their credit scores. Many in this situation fear that they will never be able to obtain a loan, get a credit card or that they will be turned down for jobs, all because of a poor credit score.
As a matter of course, bankruptcy can have a serious effect on your credit score. It can lower your score by nearly 240 points. How much it will drop will depend on the type of debts you have and your prior credit history. Essentially, someone with a 680 credit score may suffer a greater score drop than someone with a 520 score. Those seeking bankruptcy protection usually have poor credit scores to begin with, so the drop in credit score may not be significant.
Another consideration is how Fair Isaac (the company that develops credit scoring formulas) grades consumers' credit scores. Bankruptcy filers are commonly compared to those in similar financial straits.
The silver lining is that those who discharge their debts through bankruptcy can achieve a favorable credit score within two years after filing. There are several things you can do to help establish the new credit history that accompanies your fresh start. For instance, bankruptcy filers receive a number of credit card offers. Having a few months of on-time payments on a secured credit card or low balance card can help build a new history and increase your credit score. Also, being listed as an authorized user on another person's charge account can help. While you will not be obligated to make payments on the account, you can reap the benefits of their responsible credit use.
Regardless of your circumstances, bankruptcy can be a new beginning. For additional information and advice regarding your specific situation, contact an experienced bankruptcy attorney."
"ASK THE JUDGES "
LOS ANGELES BANKRUPTCY FORUM IN CONJUNCTION WITH PUBLIC COUNSEL
ANNOUNCES ITS JUNE 6, 2011 PROGRAM
COME AND FIND OUT EVERYTHING YOU EVER WANTED TO LEARN ABOUT BANKRUPTCY
BUT WERE AFRAID TO ASK
Questions from you and:
Hon. Sheri Bluebond - moderator
The Honorable Barry Russell
The Honorable Vincent P Zurzolo
The Honorable Thomas B Donovan
The Honorable Erithe Smith
The Honorable Sheri Bluebond - Moderator
The Honorable Peter Carroll
The Honorable Maureen A Tighe
The Honorable Richard M Neiter
The Honorable Robert N Kwan
The Honorable Catherine E Bauer
The Honorable Deborah J Saltzman
The Honorable Mark D Wallace
The Honorable Scott Clarkson
The Honorable Sandra R Klein
$100.00 for non-members
$35.00 for government
At door: Additional $10.00
Doors open at 6:00 p.m. - Dinner at 6:45 p.m.
Program at 7:30 p.m.
Lights out 8:45 p.m.
Los Angeles Marriott Hotel
333 South Figueroa St.
Contact Pat Garcia (firstname.lastname@example.org) at (818) 972-5343
with your questions or to provide your credit card information.