Credit After Bankruptcy- Getting Credit Is Easier Now Even After Bankruptcy

Credit After Bankruptcy- Getting Credit Is Easier Now Even After Bankruptcy

Generally people think that they will not get any credit after bankruptcy, according to federal law the people will get credit after bankruptcy. In United States, as per the federal law there are four chapters. Bank will provide a credit card after a bankruptcy with lower limits, when compare to previous credit card. To avoid bankruptcy the minimum payment should be made before the due date and also maintain the reward points and using it properly, the following steps should be taken once we start using credit card i. check the bill generation date and due date, ii. Once the bill gets generated check the exact amount to be paid and make the payment on time. iii. Choose the easiest way to make payment (e.g.) cash in branch, cash in deposit machine iv. Check the interest rates each and every month. A person will get a loan after 24 months from the date of end of bankruptcy period, by checking our monthly salary and the loan amount. The bank people will concentrate more on your down payment. Even a bankruptcy can continue a home loan by making the payment correctly every month to keep your house without being auctioned; the bankers will not allow you to preclose the loan. The bankers will take a jewel, household goods, and instruments from your place once you fail to make payment and becoming a bankrupt again. Some of the federal rules mentioned for taking action against customer, they are i. Missing the installments payment every month ii. In case of customer death, they will check any property is their and they will check spouse can make it, if there is no possibility they will close this under the chapter 12 and 13. iii. The notice will be sent by consulting with he court The bankers should file a case by using proper codes; these codes could be used only by the responsible person. The notice should be sent to a bankruptcy court before taking legal actions, there are some rules and regulation to send a notice: I. The notice should be given properly by the bank people with the codes mentioned. II. They should mention that the basic reason for taking action against the customer. III. The notice should be understandable and it should be in a proper format with the bank seal. The companies will send a warning letter with the proper code to the customer address at least for three times, then they will file a case in a court according to the federal law by submitting all the signed documents and the signed agreement provided by the customer. The business people also file a bankruptcy against all partners and shareholders. Different countries have their own bankruptcy rules and regulations. In India the bankruptcy court will give an order to arrest the people once he becomes bankrupt, so the individual person can apply the order against arresting, the court will auction the property to the third party. So it is better to plan and lead a life without being bankrupt.

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