25 years offering Indiana bankruptcy help have taught me a thing or two about lids.
One thing that makes a lot of sense but which is hard to do is “keep the lid on” our temper. That rule holds true for everyone, of course, but it’s a particularly good rule to keep in mind when we’re negotiating with creditors. One warning that is shared in the book Credit Repair Kit for Dummies is never to lose your temper. ” (I always find a similar secret worth sharing with clients of our Zuckerberg bankruptcy law offices: Keep the lid on your temper. You might be talking with a bank, mortgage servicer, credit card company, or collection agency representative. Perhaps you’re trying to resolve a mistake, or you might be asking for more time to catch up on debt.) “Call back later if you need to, but don’t lose control,” advises author Stan Bucci.
As every good bankruptcy attorney in Indiana knows, once you’ve fallen behind on credit card payments, the “lid” comes down hard. The amount of credit you are allowed to have is reduced, and your interest rates may rise. That’s because, with a reduced credit limit, the amount you owe is too big a portion of your overall limit.
There are two kinds of “lids” credit bureaus keep track of:
1. Credit limit – the highest dollar amount of credit that you’ve ever been approved for.
2. Highest balance – the most you’ve ever owed on the account. (Ideally, the highest balance stays well below 50% of the credit limit, as measured on each credit card, and on all of them combined).
When you’re stressed out with financial worries and creditors are calling, it’s very difficult, I know, top keep a lid on your frustration and anger. That’s precisely the reason it’s so important to have a legal representative that can stay calm and “keep the lid on”.
But, exactly what does a lawyer for bankruptcy in Indiana DO that keeps the situation from “exploding” in a negative way? A lot: An experienced bankruptcy professional can:
Analyze your financial situation to help you make the best decision about what type of bankruptcy to file. (My Richmond bankruptcy lawyer colleague thinks this is the single most important service we provide.)
Instruct you how to set a value on personal assets and real estate. help you prepare the paperwork, including exhibits, attachments, schedules, statements, lists, etc. needed to file a bankruptcy
Accept phone calls from creditors. – no more harassing calls to you.
Obtain credit reports, and guide you through the required credit counseling needed to file a bankruptcy.
Represent you and negotiate with your creditors
At the Zuckerberg bankruptcy law offices, we’ve done this before. Thirty thousand times before. We know how to keep the lids where they belong!
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg