MORRIS LAW OFFICE
William A. Morris, P.C.
Colorado State Bank Tower
1600 Broadway, Suite 2600
Denver, Colorado 80202
Telephone: (303) 691-9004
Facsimile: (303) 339-0008
Email: WAMorris@WAMorrisLaw.com
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Downtown Denver Bankruptcy Attorney

Who files for bankruptcy?
Very few people filing bankruptcy are well-to-do individuals trying to cheat the system and stiff their creditors. According to a 1999 study by federal bankruptcy judges, the average person filing for bankruptcy earns just $22,000 per year. Most have suffered a significant period of unemployment before filing.

According to a report by Consumers Union, publisher of the well-respected Consumer Reports magazine, 85% of elderly debtors cite medical or job problems as the reason for bankruptcy. Consumers Union also says that single moms trying to make ends meet make up a large portion of bankruptcy filers. 

Half of all bankruptcies are triggered by sudden uninsured medical expenses, according to a recent Harvard study by Professor Elizabeth Warren.

You are not alone.  Even Honest Abe filed bankruptcy.  Click here for more.
Attorney Profile
William A. Morris is a seasoned litigator with more than 20 years trial experience in general civil, commercial, business, and bankruptcy matters. He has been practicing law since 1991 and is admitted to practice in Colorado, Oklahoma, and Texas.  He holds a B.A. from the University of Colorado at Denver and a law degree from Oklahoma City University where he served as a staff editor of the Law Review. 

Denver Bankruptcy Attorneys
Denver Bankruptcy Lawyers
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Chapter 13 Bankruptcy
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FAQ's Chapter 13 bankruptcy
FAQ's Chapter 7 bankruptcy

The best way to re-establish credit is to get more credit. Many banks will offer credit cards -- even with no security -- to recent bankrupts.  Every current payment helps build your credit.  Moreover, your credit score improves even more if you charge no more than 30% of your available balance and pay it off every month

There are many online sites that provide listings of creditors willing to provide new credit to people with poor credit scores.  There are even many banks that will provide you with unsecured credit lines.

Many people are surprised to learn that in many cases they may be better risks after bankruptcy.  After all, you are largely debt free and a better risk so long as you have enough income to cover future obligations.  For instance, most bankrupts can obtain a mortgage at or near market-rate interest after as little as two years.

There are a lot of banks that will offer credit cards -- even unsecured credit lines -- even before your bankruptcy is discharged.  These cards usually carry low credit limits at first but the limit usually increases steadily as you make monthly payments on time.  Again, the key is to never charge more than 30% of your credit limit and pay the card off every month.

Plenty of car dealerships also offer financing through local banks for people who have filed bankruptcy.  Your payment history on a car loan helps you re-establish your credit.  Often, in as little as six months after a bankruptcy filing, your credit score can be higher than it was before you filed bankruptcy.

For an excellent article on how to re-establish your credit after bankruptcy, read this piece on from MSN Money.  MSN Money by Liz Pullian Westin.