How To Come Back From Bankruptcy

Filing for bankruptcy is never a good feeling or an easy thing to do. The prospect of trying to restore your financial stability and your credit can often become overwhelming. For those who have gotten to the other side of the bankruptcy tunnel, it can often come with a sense of freedom; it’s a chance to start new. When you have gotten to that other side, it’s essential to make a plan for post-bankruptcy. 

The Paperwork From Your Bankruptcy 

The paperwork that you obtained from filing your bankruptcy needs to go into a safe place. Odds are you’ll never want to see it again, but if there ever comes a time that you need to request a loan, you will need to have that paperwork handy. It could even become handy if there is a creditor down the line that could claim you still owe money; having that paperwork on hand can ensure that you no longer owe any other payments. 

Rebuilding Your Credit

Once you have cleared the bankruptcy tunnel, don’t rush into applying for a loan or buying a brand new car, that’s a recipe for falling right back into debt. When trying to rebuild your credit, consider opening a credit card or a secured credit card. These are designed for those who have little to no credit or bad credit. With a secured card, you are required to put down a deposit of $200 to $300 before using the card. While they are often beneficial to your credit, they can incur some snags, such as high-interest rates and annual fees. 

Understanding Your Bankruptcy 

It’s essential to understand the cause of your bankruptcy. Was it a temporary situation such as a job loss or an illness that caused issues with your full-time employment? If the primary root for your bankruptcy was caused by something of this nature, know that it is possible to come back financially. Dwelling on any sense of impossibility will only inhibit your ability to do so.

Establishing a Positive Relationship With Your Bank

Eventually, there will come a time when you need to apply for a loan after making the initial steps to go back from your bankruptcy. When you are ready to apply for a loan, you should try to have some personal connection with your lenders. Establish a relationship with your loan officers or even the CEO of your small community bank. Explain to them the reasoning behind your bankruptcy, ensure that they know that your default won’t happen again, and why the protection was needed in the first place. This will help you be seen as more of a human to lenders than just a number on a piece of paper. 

Who You Borrow From

After you have come back from bankruptcy, always consider from whom you’re borrowing. Your lenders will recognize that you have more expendable money now that you are out of debt, and you will not be able to file for bankruptcy again for a few years to try and eliminate any new debt that you have accumulated. Consult with your bankruptcy attorney; they will be able to help provide you with the names of mortgage brokers, car dealers, and even credit companies that will be able to help you by offering competitive rates.

This article was originally published on RashadBlossom.org

Finding The Right Bankruptcy Attorney For You

Filing for bankruptcy is a difficult task both procedurally and mentally given the stigma of falling into financial difficulties. However, this does not have to be traversed alone. Working with a bankruptcy attorney is extremely beneficial in a variety of ways, as they can simplify the many technicalities that come with this process and help you avoid taking any missteps. Bankruptcy as a whole has many long-term consequences, both legally and financially. Therefore, finding the right attorney for you is strongly suggested.

Schedule a Consultation

Even if you haven’t decided to file for bankruptcy just yet, speaking with an experienced bankruptcy attorney can yield some sound advice. You may find that bankruptcy is not actually the wisest route, and that there are alternative ways of settling any debts that you owe. Attorneys can also offer insight on some of the most common mistakes made during the initial stages of filing for bankruptcy. Overall, the more time spent with a bankruptcy attorney, the better. As an added bonus, hiring an attorney often results in a large decrease in calls from creditors, which can save both time and stress.

Consider Pricing

Paying for a competent bankruptcy attorney is important, but it is also important to not overpay. Many firms that advertise their pricing may reference the lowest fee possible that does not apply to all potential clients, or they fail to mention that some services are an additional cost. 

Hiring a less expensive attorney purely for the sake of saving money will often result in more money lost, surprisingly. Due to corners cut, work being outsourced, and a final mediocre bankruptcy petition, more time and money will have to be spent accommodating and/or making up for this subpar work.

Don’t Hire Too Quickly

You should never feel pressured to hire the first bankruptcy attorney you interview. Your main priorities should lie in figuring out your best options for overcoming your debt, and whether or not the attorney in question can help you achieve that. After all, bankruptcy is a cooperative effort. y

This article was originally published on RashadBlossom.org

How Entrepreneurs Can Recover From Burnout

Business burnout is generally becoming exhausted from always trying to make an organization stronger. Business owners know how damaging this can be to the overall income and brand name. Here are 5 tips to help businesses going through a burnout recover:

1. Stop Forcing

Business owners sometimes feel tired from work but still feel the need to accomplish something before resting. Everyone’s brain needs time to recharge now and then before resuming handling complex tasks. There are also detrimental health side effects to working for long hours, like staring at a computer or laptop. It affects the back due to the sitting posture and eyes due to the light from the screen.

2. Take Frequent Breaks

Many individuals start working the moment they open their eyes in the morning. They reach out for their laptops or smartphones, lose track of time, and work up to lunchtime. It is essential to set apart 15-30 minutes intervals after working for an hour or two. During these breaks, a walk or some exercise can do the body well before engaging in work again.

3. Take Care of the Body

The body requires care to reciprocate this with energy. One of the best ways to avoid burnout is to eat healthy foods consistently. Working through an entire day requires a balanced diet of proteins, carbohydrates, and vitamins after every 3-4 hours. A bottle of water should also be close by and refilled frequently.

4. Change of Environment

Working in the same office every day can make you feel too ordinary and uninspired. Switching to a different environment like a library, coffee shop, or somewhere great outdoors can freshen up the mind. For entrepreneurs who work from home, a switch from the home office to the kitchen or balcony can do the trick.

5. Find Time for a Vacation

Many business owners can work an entire year without even taking a vacation. Everyone needs a break, even from their favorite hobby. It reduces the pressures of work and refreshes the body and mind.

Conclusion

Business burnouts kill the productivity of an organization by creating inconsistent progress. It damages the balance and steady approaches to operations. Firms that have already crashed can start the recovery process by following the tips above.

This article was originally written on RashadBlossom.co

5 Benefits of Employee Engagement

In today’s business environment, companies need happy and engaged employees to satisfy their customers. Employee engagement is the degree to which employees are passionate about their work, committed to their boss, and willing to contribute to company success. Engaged employees not only care about their paycheck but also their work, meaning they are intrinsically motivated.

Engaged employees go beyond their call of duty to do things that are not in their job description. They are deeply invested in the company’s long-term goals and understand that their daily responsibilities contribute to achieving these goals.

Here are the benefits of employee engagement.

1. Lower Turnover

The hiring and employee onboarding process is a significant investment for a company. Investing in employee engagement helps firms retain top performers and reduce turnover by ensuring workers are happy and satisfied. For organizations experiencing a mass exodus, improving employee engagement is a smart move to reduce turnover.

2. Increased Productivity

Intrinsically motivated employees tend to work harder and efficiently because they enjoy what they do. When employees are engaged in decision making, they develop a sense of belonging. They feel that their presence is valued and reciprocate this by performing at the best of their ability.

3. Less Absenteeism

Engaged workers enjoy being at their workplace. Such workers don’t even mind working on the weekend. On the contrary, disengaged employees lack a sense of responsibility, and thus they don’t mind not showing up.

Engaged employees feel that they are part of the organizations they work for, and they know that the organization’s success solely depends on their efforts.

4. Increased Employee Satisfaction

Employee satisfaction is a focal point when it comes to company success. Low job satisfaction has a detrimental impact on a company’s time and money. Engaged employees are enthusiastic about their day to day responsibilities.

When employees are satisfied, they develop an emotional connection with the organization they work for and are likely to produce high-quality work, which is beneficial to both the company and the customer.

5. Higher Profitability

This goes without saying. When employees work harder and strive to produce quality work, customers become happy. Happy customers come back repeatedly and refer their friends, family, and colleagues to that particular company.

This article was originally published on RashadBlossoms.co

Networking For Bankruptcy Attorneys: Tips and Tricks

Attorneys want their bankruptcy firms to grow. Networking can give attorneys unique tools to grow their businesses, improve their abilities as attorneys, and even partner with mentors or those who need to be mentored. Most networking happens at conventions or other business events, but effective networking requires effort. The following are a few tips that can help.

Network with a Purpose

Networking is more than just working the room. In a large conference, especially if the meeting is virtual, it can be impossible to talk to everyone.

Therefore, attorneys need to create a targeted list of people they want to meet. This allows them to direct their blows in a pinpointed way. The list may include people who the attorney views as an inspiration, presenters in different panels, or staff from a particular firm.

Even better, attorneys can contact the people they want to speak with in advance to schedule a few minutes to chat. Creating a targeted list makes it possible to avoid conversations that are not beneficial and spend more time on those that add value.

Listen

When someone gives of themselves and is willing to have a conversation, it is crucial to listen to that individual thoughtfully. No one enjoys having their time wasted by talking to someone who is not listening to them.

At conferences, lawyers have countless conversations. Many of them are simple introductions and the exchanging of business cards. Usually, those conversations don’t go anywhere; however, the discussions where a person is listened to usually lead to relationships that can lead to business down the line.

Take an Active Role at the Conference

Attendees can be passive at a conference and simply listen. However, those who take an active role by volunteering at the forum get a unique perspective on attending. Volunteering puts an attorney in a position to interact with more of the attendees and make a memorable impression.

Attendees feel more comfortable approaching a volunteer and may see them as a source of information. Volunteers may have more one-on-one time with speakers at the conference.

Get the Entire Office Involved

There may be too many people of interest at a conference for just one attorney to talk to them all. However, if networking is approached as a staff goal, an entire team can work together to identify the people they want to meet, plan dinners and lunches, and make connections that can increase business.

This article was originally published on RashadBlossom.org

The Benefit of Bankruptcy

 While bankruptcy isn’t typically seen as an enjoyable experience to go through financially, it has certain benefits if you have a substantial debt to resolve. Since filing for bankruptcy can be pretty emotional for some people, it can help relieve stress in several ways. 

 After filing for bankruptcy, people will notice that calls from debt collection agencies cease and that creditors will no longer be filing lawsuits to claim debt owed. Before filing for bankruptcy, many of those who receive a paycheck will notice that their wages are being garnished. This practice ends after the bankruptcy filing is approved. More importantly, for homeowners, a bankruptcy filing prevents the bank from foreclosing on your home. Meaning that you get to stay in your home as you repay or restructure your debt. Specific repossessions may also stop, but this depends on where you live and the type of bankruptcy filed. 

 If you file Chapter 7 bankruptcy, many debts will go away altogether. Depending on the state you live in, specific property like vehicles or furnishings are protected from being sold. Overall, bankruptcy works for those who want a fresh start to be free from a mountain of debt. 

 Whether or not bankruptcy will work for someone varies on the individual and their needs. First of all, it’s essential to determine the type of bankruptcy filing someone is eligible for. This depends on how much debt you have, whether you own a home and other factors. Some folks worry about the kind of impact bankruptcy could have on their credit report or future access to loans or credit lines. Filing bankruptcy may also prevent someone from getting low interest rates in the future. For those filing for Chapter 7, their assets may be on the line as the case is worked out. 

 Specific forms of bankruptcy may not erase credit card debt and could put cosigners for loans at risk of having creditors go after them as well. If someone has a pension or other type of savings fund, it could be impacted by debt filing. Naturally, many people are also hesitant about having their financial information become public knowledge in a courtroom setting.

This article was originally published on RashadBlossom.org

Obtaining a Mortgage after Bankruptcy

Although necessary at times, filing for bankruptcy can be a painful experience. After bankruptcy, many people still want to obtain a mortgage. While the mortgage process usually requires a good credit report and lenders can view bankruptcy on a credit report as an adverse incident.

While it may be a challenge to obtain new credit to help rebuild credit reporting, it is possible. The following are several suggestions on how you can improve your credit after filing for bankruptcy.

Ways to Improve Credit Scores

With a secured loan, you can slowly start to rebuild your credit. A secured loan is a credit product backed with some collateral. Examples of collateral are vehicles, real estate, bank accounts, and insurance policies. If the borrower does not pay the loan back on time, they risk losing the collateral.

Secured credit cards are like secured loans, except the card is backed by a cash deposit. The limit on the credit card may depend on the amount of the cash deposit. The cash deposit can pay the bill if the borrower does not pay. Sometimes secured credit card companies will change the card to an unsecured status after 12 months of excellent payment history. However, with a secured credit card, fees and higher interest rates can apply.

People may be able to find a cosigner for a credit card or loan. There is a risk to the cosigner because they are putting their credit score on the line. Another option is to become an authorized user on a credit card as long as the lender reports this information to the credit bureaus. Although not as influential on credit reports as cosigner status, this method can be helpful.

Mortgages Requiring lower scores

Qualifying for a mortgage loan with a traditional lender can be difficult, but an FHA (Federal Housing Authority) loan is easier to get than other mortgages. Most mortgage lenders require a waiting period after the bankruptcy filing to apply for a loan. There is no waiting period for Chapter 13 bankruptcy and a two-year waiting period for a Chapter 7 bankruptcy with an FHA loan. FHA loans also have fewer credit requirements.

It is possible to live an entirely healthy financial life after filing for bankruptcy. Practicing good credit habits will allow people to build for the future and eventually obtain a new mortgage.

This article was originally published on RashadBlossom.org

Rashad Blossom Represents Woman Whose Case Required Supreme Court Involvement

Rashad Blossom recently represented a client whose case was so dynamic that it made its way all the way to the Supreme Court. The ultimate result was the Supreme Court ruled that it should be more difficult for third-party defendants to have cases removed from state courts and moved to federal courts.

The case saw Rashad Blossom represent a North Carolina consumer named Mr. Carter. Mr. Carter filed a class action lawsuit against The Home Depot and Carolina Water Systems in the state court. Rashad Blossom assisted Mr. Carter after Home Depot decided to attempt to remove the lawsuit from the state court level to the federal court. This was done in an effort to boost their success rate in the case. Rashad Blossom was able to lay out the facts in a way that the Federal Court moved the case back to North Carolina state court. The Supreme Court took on the case when Home Depot appealed the federal court’s decision. The goal of Home Depot was to get the Federal Court to rule that any defendant could move the court that would hear the case.

When the ruling came out, Justice Clarence Thomas’s majority 5-4 decision on May 28, 2019, affirmed the federal court’s decision.  This meant that the lower federal courts were correct in bouncing the case back to the state level. The Supreme Court referenced the plain meaning of the applicable statutes, which do not expressly provide for removal by third-party defendants.

Home Depot was the third-party defendant in the case. This was the case because Mr. Jackson was originally sued by Citibank in state court to collect the debt, which he incurred upon the purchase of his home water filtration system from Carolina Water Systems and Home Depot. Mr. Jackson believed he was the victim of a fraudulent referral scheme, which led him to buy a faulty $9,000 filtration system in the first instance.

In most cases, class actions are initiated by plaintiffs. It’s rare for someone like Mr. Jackson who was the initial defendant in this case and who then became a third-party plaintiff upon suing Home Depot and Carolina Water Systems, to be the one to file a class action lawsuit.

Rashad Blossom is glad that the decision shed light on a common misconception. Blossom believes there’s a misconception that state courts are plaintiff friendly when there really isn’t a bias either way, especially in the state of North Carolina. The Supreme Court’s ruling shows that they believe that anyone can get a fair trial at the state level.

Rashad Blossom Can Help Clients Loosen Strings Attached To Every Bankruptcy Filing

It sounds counterintuitive but all those strings that had been tying you to overwhelming financial obligations aren’t suddenly snipped upon declaring bankruptcy. While it’s true that you’ll have more room to work with, there can still be issues of impending taxes and even foreclosure if you’ve fallen behind on mortgage payments after you’ve filed bankruptcy. According to Rashad Blossom of North Carolina’s Blossom Law, the narrow path those in financial trouble must navigate often calls for a professional guide. Mr. Blossom’s hands-on approach to handling consumer protection and bankruptcy law cases has provided him with plenty of insight into tax and foreclosure issues.

 

According to the Administrative Office of the U.S. Courts, there were more than 790,000 bankruptcy filings between Sept. 30, 2016 and Sept. 30, 2017. Of that approximate amount, 767,721 were non-business bankruptcy filings. This total is a 1.8 percent dip compared to the prior year-long period but is a far cry from 2008, when the Administrative Office says “a national wave of bankruptcies” crested and would eventually reach “a peak in the year ending September 2010, when nearly 1.6 million bankruptcies were filed.”

 

While we’ve come a long way since the Great Recession of 2008, the average American still lacks the financial confidence they may have felt before that global downturn. The truth of the matter when it comes to bankruptcy is this: If a group is legally-entitled to repayment, they are going to get their money. Some may say that you can emerge from a bankruptcy filing and wash your hands of every debt. Don’t listen to them. Rashad Blossom has been involved in this industry for more than a decade and he can tell you that even the most favorable outcomes come with some strings attached. Thus, those embroiled in back taxes, tax liens and levies, tax settlement negotiations or any other type of tax-related proceedings need the assistance of an expert to see them through. If the Internal Revenue Service (IRS) is coming after you to collect, you’ll want an expert on your side who knows the law and can protect you from overbearing tactics.

 

Bankruptcy can be a double-edged sword when it comes to homeownership, too. On one hand, the home is often the greatest source of financial value that the owner has. On the other hand, these individuals struggling with repaying home loans are thus faced with the threat of foreclosure and could lose their house as a result. By deciding to file for chapter 7 or chapter 13 bankruptcy, an “automatic stay” is put on foreclosure and other financial proceedings. This can offer the breathing room that so many people in this predicament desperately need. Rashad Blossom grew up watching his working-class parents fight to keep a roof over his head. Today, Mr. Blossom is carrying on that fight for those who are facing economic hardships and want to avoid or pause foreclosure proceedings at all costs.

 

We are required by law to state that we are a debt-relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.