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