When you do not have the means to repay your debts anymore, the only option left is to file for bankruptcy. The simplest form is under Chapter 7 bankruptcy. You are sure to come across differing opinions about this process. It is essential to discuss the details with a bankruptcy attorney for handling the case. Apart from the federal directives, Arizona has certain rules and regulations pertaining to this legal process, also called "liquidation"....more
Do not worry about getting credit after bankruptcy. You can get it pretty easily. Years ago, we normally relied upon the banks providing secured credit cards to us in order to reestablish credit. While secured credit cards are still available, it is no longer necessary, in most cases, to obtain a secured credit card. Unsecured credit cards are generally available to everyone even a day after you have filed your bankruptcy case.Getting approved...more
When it comes to getting approved for a mortgage, a bankruptcy can play a major role in your ability to get approved. There are several factors that a bankruptcy has on the home loan process. Knowing what to expect can help you increase your chances for a mortgage approval.The Waiting PeriodIf a person has filed bankruptcy, it will be more difficult to get approved for a mortgage loan. Many home loan programs will require a waiting period from the time the bankruptcy has been discharged before the mortgage loan can be approved. Depending on what type of bankruptcy that you filed will depend on how long the waiting period will be. If you filed a chapter 7 bankruptcy, then you will have to wait at least two years from the discharge date before the home loan can be approved. The two year waiting period is based on a FHA home loan. A conventional loan will require a four year waiting period.If you have filed a chapter 13 bankruptcy, the waiting period is still the same on a conventional home loan, but on a FHA home loan, there is a way to finance a house while still in chapter 13 bankruptcy. FHA mortgage programs will consider the filing date when calculating the waiting period. A...more
Several months ago there were whispers that Fergie's personal accounts may be in the red. She has appeared on television claiming to be living a 'hard up' life as a single parent, even though her recent divorce settlement left her with more than $4 million, which has since dissipated into thin air.Perhaps it was the spending spree she enjoyed on a...more
Chapter 7 Bankruptcy seems to be a handy and known option to debtors who are neck deep in debts and thus they do not spend much time to re-consider their decision. Practically one should consider the available options and alternatives before deciding upon Chapter 7 bankruptcy, as the after-effects of this plan are not very pleasant...more
Amongst other things in life, one can be sure that politics and business are constantly subject to change, not simply because of the relationship they have with each other, but also because of world events.Sometimes in the Western world we become complacent, making hay whilst the sun shines and paying little or no regard to the inescapable truth that eventually things will change. This is especially true of economies, and in reecent times we have perhaps seen the results of growing complacent.As a result of so many people losing their jobs and businesses in the recent economic slowdown, bankruptcy is now a real possibility for many people, and many are looking for sound finacial advice, not leasr about bankruptcy.Chapter 13 was designed to ensure that all unsecured debt is repayed if the debtor is deemed to have sufficient income to do so. The court rescedules debt repayments etc, and the debtor is then given a legally binding repayment plan which is a series of payments spread over three to five years.This may sound fair and reasonable, and in a strict moral sense it is, however the criteria on which how much the debtor can afford to repay each month varies from state to state,...more
You can avoid filing bankruptcy in many ways today. Debt settlement is one of the best methods which you can gain relief over your debts. It is picked vastly by consumers in the present. Settlement has always become a great relief...more
When people are flooded with debts, and they see no way out of their situation, they start thinking bankruptcy could be the only possible solution towards a debt free life. Almost all debtors are not aware of two main points about...more
If you are in profound debt and struggling to find a way out, opt for debt solution. None of the debt solution measures can eliminate all your debts. But it can certainly reduce your debt burden. Debt consolidations, debt settlement,...more
To have too many loans at a single point of time can be a great source of mental agony as you need to remember scattered dates of your loan installments carefully every time there is a due date otherwise missing them will prove quite costly in terms...more
If you're in a bad financial situation in which you are considering bankruptcy, then I'm sure you're aware of the disastrous effect that it will have on your credit. The fact is that the effects of a bankruptcy can ruin your credit for...more
It's a scary and difficult time, but it's also not a time to ignore the phone and your deepening financial difficulties. For many Americans in today's economy, a telephone call is enough to trigger that uncomfortable feeling in the pit of your...more