Is There Ever a Good Time to Hire Credit Lawyer?

When you're trying to maintain a decent credit score, sometimes some circumstances come up and will give bad marks to your score. If you know the laws and what is required of you and what can happen if you don't, it's much easier to go through these situations without too many problems.

When Should I Hire a Credit Lawyer?

In this case, you will need a credit lawyer who helps clients manage their credit and debt. The following are some circumstances where hiring a good credit lawyer can help:

1) If you are facing criminal charges relating to your credit

If you have been accused of fraudulently obtaining credit, committing identity theft, or any other crime related to your credit, it's important to have an experienced lawyer.

Although a credit-related offense might sound less serious than other crimes, it can often result in the same level of penalties and consequences as other more serious offenses. Do not decide between hiring an attorney until you've had an opportunity to speak with one about your case.

2) If you are dealing with creditors trying to collect on a debt

If you're facing a legal battle with creditors, you must find an attorney who has experience dealing with collection cases and credit issues. Your attorney will need to look closely at the paperwork related to your debt and determine whether or not there was any unlawful activity involved in obtaining the amount owed. Credit attorneys can also help you negotiate with creditors and may be able to get them to stop pursuing legal action against you.

3) If you are considering filing for bankruptcy

Filing for bankruptcy is a serious decision that should not be made lightly. However, if you find yourself in a situation where you can't seem to pay your bills, and you're facing lawsuits or wage garnishments, bankruptcy might be the best option for you. Lawyers can help you understand the different types of bankruptcies available to you and guide you through the entire filing process.

4) If you have been denied credit or had your application rejected

If you've applied for a loan or credit card and been turned down, you might be tempted to believe that the problem is on your end. However, there are times when another party may have taken out credit in your name without your permission. That can harm your credit report and score, so it's important to deal with this issue as soon as possible. Your lawyer can help you request documentation related to the account, dispute any debts you don't owe, and take other steps necessary to quickly restore your good credit name.

5) When facing foreclosure or eviction from the property you've purchased with bad credit

If you made the mistake of purchasing a property using subprime lending practices during the last decade of the housing boom, then the chances are that you'll face losing property due to foreclosure. If you cannot meet your mortgage obligations, your lender might be able to auction off or sell the property in question. If that happens, it's almost always best for you to leave the property rather than face eviction by the new owner. A credit lawyer can help you learn about your rights and options if this is a possibility in your future.

6) If you're filing for bankruptcy but don't want to give up all of your property, there would be nothing left for any potential creditors

If you ever need to file for bankruptcy protection, you must understand what assets will be protected from liquidation or seizure by creditors. Certain assets are considered exempt and cannot be taken from you. Some items will need to be sold to pay back your debts. A good lawyer will help you understand what types of property are exempt and which must be liquidated.

7) If your wages are being garnished or your bank account is being levied

When you find yourself in debt, the result can often be wage garnishment or a levy against your bank account. Wage garnishment occurs when creditors take money directly from your paycheck until the debt has been satisfied.

This is generally not an option available to credit card companies, but major lenders might have this power if they sue you for non-payment of a loan or other legal obligation.

Bank levies occur when creditors have a court order that allows them to take funds from your bank account. Attorneys can assist you understand the process involved with wage garnishment and bank levies and how you might combat these collection efforts by filing a Chapter 13 bankruptcy petition.

8) If a creditor is suing you or if you've been served with legal papers in connection with a debt

If a creditor is suing you, it's important to have an experienced lawyer on your side who understands the legal process and can help protect your rights. Often creditors will attempt to collect a debt by serving legal papers, which means you have a limited amount of time to respond. If the creditor wins a certain judgment against you or if you don't file an answer or other required paperwork within the time allotted, they could receive a court order allowing them to garnish your wages and place liens on the property that you own. Having a lawyer on your side could help you avoid these problems before they arise.

9) If you want to start a new business but the credit score you've been assigned is too low

When you're starting a new business, one of the many things you'll need to establish a good credit rating for your company. Unfortunately, this can be difficult if your credit score is low due to past financial missteps. A lawyer can help you create a plan that will improve your credit rating so that it's not holding your business back. This might include working with collection agencies to get old debts paid off, disputing inaccurate information on your credit report, or negotiating with creditors for more favorable terms on existing debts.

10) If you want to purchase a home or a car, your credit score is too low

Many people treat their credit scores as an accurate reflection of who they are as people and professionals, when in fact, it's merely a snapshot of the past that may not accurately portray how you conduct business today. When trying to purchase a vehicle or a house, however, the bank will be looking at your credit report and using that information to determine how much money you can borrow from them - so having a bad credit score could impact what kind of mortgage rates you receive. A good lawyer can help negotiate with creditors and collection agencies on both new and existing debts to get inaccurate negative information removed from your credit report while ensuring that any negative accounts stay on file for seven years.

FAQ About Credit Lawyers

Who needs credit lawyers?

Anybody who wants to sue a company or an individual for fraudulently caused damages. Typically, a good credit lawyer should defend any company that offers loans, mortgages, or other credit deals. Even individuals may need one because there are many abusive practices invented by companies and people that can not simply be fought against without the proper knowledge of the law and corresponding rules.

What is the difference between a credit lawyer and a credit counselor?

Credit lawyers can help you get rid of any debt not paid in full. In constrast, credit counselors cannot use methods that will eliminate your debt. Instead, they work with you by settling for lower payments over an extended period for higher interest rates.

What happens when you file for bankruptcy?

After filing bankruptcy, your debts are restructured to pay off some or all of what you owe, depending on your circumstances.

How long can your credit score take to improve after filing for bankruptcy?

Your credit score will usually begin to improve almost immediately after you file. However, before the score is back to how good it was before filing bankruptcy, it will take some time.

What can you do if your creditors keep harassing you after filing for bankruptcy?

You need to get in touch with the creditor and let them know that they need to stop calling or contacting you immediately unless otherwise notified by a representative of your attorney. You can also ask friends or family members who are not associated with your case if they could handle these matters on your behalf while handling other issues related to filing bankruptcy. For example, if a creditor calls your parents and asks for payment on a debt you owe, your parents can hand the phone to someone from you

There are several circumstances in which you might need to hire a credit lawyer. If you're facing criminal charges relating to your credit, dealing with creditors who are trying to collect on a debt, or considering filing for bankruptcy, it's a good idea to speak with a lawyer. Lawyers can help you understand your legal rights and options and guide the legal process.

Pros Of Using the Goalry Application

With the Goalry app, you can receive monthly updates and reports regarding the situation and progress of your business to achieve cleaner credit goals. In particular, you can receive daily monitoring that alerts you regarding any suspicious activities that might threaten your clean business identity and credit.

If you use the Loanry store from the Goalry app when shopping for a mortgage or other types of loans, a poor credit score can attract higher interest and fees. Fortunately, you will receive the tools to assist you in monitoring your credit and numerous tips for enhancing your credit. Further, this platform assists in connecting lenders with consumers searching for mortgages, business loans, and personal loans. At the same time, consumers can shop the money tools of the Loanry to compare real-time rates from several lenders.