Credit Report Review Before Filing Bankruptcy in Arizona
There are some people who can go their entire lives without ever looking at their credit report. They don’t realize how beneficial it can be to look at your credit report at least once a year. Even people who aren’t considering bankruptcy should do this. It’s a good way to find out if someone has used your social security number to open up accounts. It’s also a great way to see what small things you can clear up in order to raise your credit score. Bankruptcy lawyers in Arizona will want to see your credit report before they do anything else. It paints an accurate picture of who you owe, how much you owe and how far behind you are.
Your Credit Report Lists All of Your Creditors
The great thing about your credit report is that, with the exception of a few things, it lists all of your outstanding debts. Some of the information that you can find on your complete credit report includes:
- The name of all of your creditors
- The dates you opened each account
- The amount owed along with your credit limit (or loan amount)
- Whether the debt is being paid on time
- The date and amount of your last payment
- Contact information for the creditor or collection agency who owns the account
For people who pay all of their bills on time, some of this information is meaningless. But for someone filing bankruptcy, this information is crucial.
You May Not Know How Much You Owe on Certain Accounts
Before you make a final decision regarding your bankruptcy, you should look to see what your total debt is. You can look at each entry on your credit bureau report and then add them all together. Of course, there will be other debts not listed on there. For example, you won’t see utility bills on there unless they are from charged off accounts. You also won’t see any high-risk or payday loans on there. Since most of these loans are questionable from a legal perspective, they tend to not report these to the credit reporting agencies. Once you see your total debt in black and white, you can decide what your best option is. You do get one free credit report per year, so it won’t cost you anything to request one. The last thing you want to do is file bankruptcy only to find out you missed a creditor and have to file an amended petition.
Call a Bankruptcy Lawyer in Arizona for Help
If you’ve already started filling out the paperwork for a Chapter 7 bankruptcy, then you know complicated it can be. Even lawyers who don’t specialize in bankruptcy have a hard time figuring them out. Unlike a civil lawsuit or divorce, the forms aren’t all self-explanatory. There are also so many forms, that it’s easy to miss one. If this happens, your entire case will be dismissed. Rather than have this happen, consult a bankruptcy lawyer in Arizona for help.
Bankruptcy lawyers in Arizona typically specialize in this type of law. They know the ins and outs of the bankruptcy code. They also have a good working relationship with the bankruptcy trustee. That’s the kind of person you want to have in your corner when you go through with your bankruptcy. There’s just too much at stake to risk not doing it right the first time around. Call and set up a date and time to come in and meet with one of our skilled bankruptcy lawyer in Arizona.