So bankruptcy is staring you in the face, or maybe you're facing foreclosure. I've been there and done that. I've also assisted thousands who have also been there and done that. One of the most important lessons we all learned was to be a pack rat. By that, I mean we learned the value of keeping and reading every letter and piece of correspondence to and from attorneys, creditors, the county, bankruptcy court, IRS, and any other entity involved in the bankruptcy and/or foreclosure. Here's why:
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1. To protect yourself before the bankruptcy and foreclosure are final. More often than not consumers take the approach in bankruptcy and foreclosure that they are working with highly trained professionals and avoid being actively involved and checking to make sure the paperwork is being properly done. Yes, bankruptcy attorneys and trustees and foreclosure attorneys are highly trained professionals, but they are still human and can make mistakes. Reaffirmation agreements can be missed. A second mortgage can be overlooked by the attorney. It happens.
I know clients who completed reaffirmation agreements for their cars, and found out their attorney had never filed the form when the repo man called. By then, it was too late because the bankruptcy was discharged. I also have previous clients whose bankruptcy attorney completely missed a second mortgage on their home that had been foreclosed on before filing. The end result was the attorney's mistake cost my clients years of delay in their credit recovery and headaches and hassles beyond belief.
The lesson is to keep and read every word to and from the parties involved in your bankruptcy and foreclosure prior to them being final. Know what was said and done, when it was said and done, and who said and did what. Make sure your bankruptcy schedules are comprehensive and list all your accounts. If you are reaffirming a car or house, make certain the appropriate papers are filed. A little detective work on your part can spare you from a giant headache
2. Be a pack rat to protect yourself after the bankruptcy and foreclosure are final. Something funny happens to a lot of consumer credit reports after a bankruptcy of foreclosure, but it's far from a laughing matter. What frequently happens is late payments pop up with dates post bankruptcy, or wrong dates are reported for the bankruptcy or foreclosure. Another common occurrence is creditors don't update accounts as in bankruptcy or foreclosure and show past due balances. All of these items significantly lower credit scores and slow a consumer's credit recovery after bankruptcy and foreclosure.
The solution to the above problem is easy if you've been a pack rat and saved all your documentation. Go to http://www.annualcreditreport.com and pull your credit. Then electronically dispute every item on your credit report which is incorrectly reporting. The bureaus will request you to fax or mail in your documentation. In approximately thirty days, the credit bureaus will issue you their findings.
Facing bankruptcy and foreclosure is difficult enough without mistakes. Protect yourself from errors and additional present and future stress by being a pack rat. In both the short and long term, you'll be glad you did!
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