Bankruptcy Law

  • Creditor Harassment: Protect Your Rights

    ByParnell, Michels & McKay Law Offices Hours

    While debt collectors have the right to contact debtors when they fall behind on their payments, they are also mandated by law to refrain from any practices that are considered harassing in nature. According to the Fair Debt Collection Practices Act (FDCPA), creditors may not harass, oppress, or abuse any person while seeking payment for a debt. If you feel that debt collectors are harassing you, here’s what you need to know. Creditors and Harassing Behaviors Debt collectors may display the following behaviors that are considered creditor harassment when collecting a debt: The FDCPA protects debtors against debt collectors who use deceptive and misleading practices to collect a debt. Debt collectors must refrain from making misrepresentations about the following: If debt collectors are harassing you,…

  • What Does Your FICO Score Mean?

    ByParnell, Michels & McKay Law Offices Hours

    A FICO score is a measure created by the Fair Isaac Corporation that is used by credit agencies to indicate a borrower’s risk. In most cases, the higher the credit score, the lower the risk to the lender. This is how financial institutions decide whether to lend money or issue credit. A person likely has multiple different credit scores. Some scores are used for approving you for a credit card but a creditor who is trying to decide if they should give you credit to buy a car may use a different FICO score. Understanding Credit Scores Credit scores, specifically FICO scores, range between 300 to 850. To determine creditworthiness, lenders take a borrower’s FICO score into consideration to make their decision. Maintaining a high…

  • Considering Bankruptcy During A Pandemic

    ByParnell, Michels & McKay Law Offices Hours

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    3 Tips on How To Reduce Credit Card Debit

    ByParnell, Michels & McKay Law Offices Hours

    If you are dealing with credit card debt, you may feel overwhelmed with no idea how to start your path toward financial relief. To help you achieve financial freedom, our bankruptcy attorneys have put together a few tips to help you reduce credit card debt: Tip 1: Make a plan to pay off your credit card balances. First, you must stop making additional charges on cards that you already cannot pay. Next, take all your credit card bills and stack them in order from the highest interest rate card to the lowest interest rate card and add all the minimum monthly payments together. Next, review your budget and figure out how much more money you can pay toward getting control of your credit card debt…

  • COVID-19; Finances: Is Bankruptcy for You?

    ByParnell, Michels & McKay Law Offices Hours

    The COVID-19 pandemic continues to plague our country as millions are out of work. Recognizing the monumental task before it to stave off depression, the Federal Government passed the CARES Act. This Act provided various forum of relief, but the most well-known include providing some families with a one-time, tax-free stimulus payment and increased unemployment insurance. Still, families are struggling to find ways to pay the bills during the pandemic. During this period of financial and employment uncertainty, many individuals are considering bankruptcy to try to save their homes, keeping their cars, or discharge debt they can simply no longer afford after months of joblessness. A common misconception is that bankruptcy means “losing” every single asset that you possess. This is simply not true. The…

  • New Change Helps Make Bankruptcy More Accessible

    ByParnell, Michels & McKay Law Offices Hours

    Soon the holiday season will be upon us. To some, this time of year signals warmth, family, and good cheer. To others, the holidays are simply another source of stress. There are many pressures in this modern age that pull our focus in several directions. Family finances are often something that get pushed to the back of our minds, leaving many living beyond their means. As such, financial debt is a keystone burden that many New Hampshire families face. After years of neglect, mismanagement, pride, or the unexpected, families often consider the possibility of filing for bankruptcy. Filing for bankruptcy need not be a daunting or embarrassing process. Rather, many are so thankful for the relief a bankruptcy filing can provide after months of phone…

  • Mounting Debt: Is Bankruptcy An Option?

    ByParnell, Michels & McKay Law Offices Hours

    During the housing crisis in 2008 and 2009, many people started losing their homes to foreclosure. The job market tumbled, and people all over the country found themselves unemployed and unable to pay their mortgages. Some people had their home values plummet, causing them to be “under water” on their mortgage in that their mortgage balance was higher than the property value of their homes. This caused substantial strife and stress for many Americans as they slogged through the recession in our economy. During that time, many individuals turned to bankruptcy to try to save their homes. They also faced aggressive debt collectors and creditors trying to take property and bringing lawsuits against them. Faced with a mountain of debt and no way to pay,…

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    The Health Care Appeal: What You Need To Know To Understand The Health Care Debate

    ByParnell, Michels & McKay Law Offices Hours

    A decision is expected this month on whether the Affordable Care Act will be struck down by the United States Supreme Court. Legal scholars suspect that the individual mandate provision faces the most risk of being struck from the law, while experts expect the remainder of the law to stand. It is not clear what the Supreme Court will decide, but a lot of people have been confused on what the Court will look at when deciding whether to uphold the law. In order to understand the Government’s legal justification for the law, one needs to understand the Commerce Clause in our Constitution. This clause has been used to expand what Congress can and can’t regulate through its laws. Essentially, the Commerce Clause permits Congress…