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Credit repair is important in Maine. Your credit score affects all of your financing expenses. A poor credit score can cost you hundreds of dollars in higher interest payments every month. In cat we can help you improve your credit score usually in 45 to 60 days. An important part of financial stability is how to repair credit to maintain the highest credit score possible especially in Maine.

How creditors can remove the automatic stay protection

Repair Credit With so many people experiencing bankruptcy and so much financial data going through the credit bureaus, the chance for error is great. That’s why it’s imperative that you review all of your credit report information for accuracy, particularly the data surrounding the specifics of your bankruptcy. We’ll walk you through why it works and what to do so you can start repairing your credit today, even with a bankruptcy in your past.

How does a bankruptcy affect your credit score?,

Having a bankruptcy on your credit report can be devastating to your credit scores. According to FICO, for a person with a credit score of 680, a bankruptcy on your credit report will lower your score by 130-150 points. For a person with a score of 780, a bankruptcy will cost you 220-240 points. That one event immediately drops you several categories lower and impacts your ability to access credit, and yes, the higher your initial credit score is, the more it falls.


You might not be eligible for future loans or credit cards, and if you are, you’ll most likely end up paying much higher interest rates. Not only that, the amount you can borrow will probably become limited. While filing for bankruptcy may be the best financial decision at this point in your life, it’s still important to understand how and why it affects your credit.
Can credit repair help you in Maine to achieve financial stability? Bankruptcy Removal When do secured creditors try to remove the stay in order to foreclose on your house?

Secured creditors are likely to ask the court to remove the stay if you are not making payments or the collateral is not adequately protected. (To learn more about secured debts, see What Is a Secured Debt?)

Not making payments on a secured debt. Secured creditors often file motions to lift the stay when the debtor is not making payments. Since property used as collateral must be paid for or returned during bankruptcy, the court will normally lift the stay unless the debtor can bring the payments current or show another good reason to deny the motion (for example, the debtor will use one of the available methods for dealing with secured debts in Chapter 7 bankruptcy, or the debtor has provided for payment of the debt in a Chapter 13 repayment plan). For example, if you are behind on your mortgage when you file for Chapter 7 bankruptcy, your mortgage lender is likely to ask the court to lift the stay so it can continue with foreclosure.

(To learn more about secured debts in Chapter 7, see Secured Debt & Property in Chapter 7 Bankruptcy. For more on the repayment plan, see The Chapter 13 Repayment Plan.)

Lack of adequate protection. A secured creditor may also complain that it is not adequately protected. Lack of adequate protection usually means that there is no insurance on the collateral, or it is likely that the debtor will not make future payments.

A creditor must also prove to the court that it has standing. In these cases standing usually boils down to showing that the debtor is actually indebted to the creditor seeking the relief. During the recent mortgage crisis, standing has been a sore subject for the banking industry. Some banks have been unable to prove standing as a subsequent creditor on mortgages that were transferred several times and the original notes are now lost.
Motions by Unsecured Creditors

Sometimes unsecured creditors and other parties seek to lift the automatic stay. The court will often grant the request if the unsecured debt will be excluded from the bankruptcy discharge, like child support obligations, spousal support, or criminal restitution. This is especially true when the debtor has filed a Chapter 7 bankruptcy case. Chapter 13 debtors are often able to repay these non-dischargeable debts over three to five years and remain under the protection of the bankruptcy court.


A landlord may seek relief in order to evict for non-payment of rent. A bankruptcy debtor’s rent obligation is divided on the bankruptcy filing date into pre-bankruptcy and post-bankruptcy debts. Pre-bankruptcy rents are dischargeable, and post-bankruptcy rents are not dischargeable and not subject to the automatic stay. This means that while the automatic stay would prohibit the landlord from collecting on unpaid pre-bankruptcy rent, the landlord may evict if post-bankruptcy rents are not paid.
Credit Repair