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Information
Bankruptcy FAQS - Bankruptcy Car Loans
If you have ever filed for bankruptcy and are in need of a car loan, a bankruptcy car loan may be the choice for you. While filing bankruptcy often puts a big dent in our credit report, we often find that we have a need for a car during the seven years after filing. I say seven years, because this is the amount of time a bankruptcy generally remains on your credit report, which could lead to the denial of credit.Read more…Bankruptcy FAQS - Credit Card After Bankruptcy
A credit card after bankruptcy? It is possible! You may thinking that obtaining any type of credit card after having filed a Chapter 7 or 13 bankruptcy is an extremely bad idea.Read more…Bankruptcy FAQS - Home Loans after Bankruptcy
Many people feel that a bankruptcy prevents them from ever fulfilling their dreams of becoming a homeowner. This is not true; there are many companies that will extend you a home loan, even if you have filed bankruptcy in the past.There are specific and specialized bankruptcy lenders that will work with you and provide you with bankruptcy home loans.Read more…Bankruptcy FAQS - What You Should Know about California Bankruptcy
When the 2005 Bankruptcy Act was created, this affected the bankruptcy laws in California, as well as other states across the country. Within this act, those involved in California bankruptcy are required to participate in credit counseling. This participation must occur within 180 days of the bankruptcy filing.Read more…The Key To Successful Turnaround Is Early Intervention
Most diseases including cancer and heart problems are easier to cure if detected early. Similarly, most sick companies can be turned around if the problems are discovered early. Sick companies need to be placed urgently into the intensive care units as the normal treatment regime is ineffective.Read more…Recover From Bankruptcy With a Mortgage Refinance Loan!
There are lenders in the market willing to refinance home loans for people who have gone through a bankruptcy. However, there are many things you need to know before jumping in to the refinance loan market. Otherwise, you may end up in a worse credit situation than you started.Read more…Do I Lose My Car if I Go Bankrupt in Ontario, Canada?
Throughout Ontario, and in fact everywhere in North America, people drive cars, and they worry that they will lose their car if they file for personal bankruptcy. The rules are different in every province and state, so this article only covers the law in Ontario, Canada. Consult your advisor for the rules in your area.Read more…Can You Avoid Bankruptcy? Tips on What You Can Do To Avoid Filing Bankruptcy
If you are on the brink of filing bankruptcy and need a way out, there are other options that may be available to you. This article can offer more information and tips on what you can do to avoid filing bankruptcy.If you can avoid filing bankruptcy, you should.Read more…The Basics of the New Bankruptcy Law
The new bankruptcy law took effect recently and significantly changed the rules of filing bankruptcy. If you're not sure exactly what these changes mean for you, read this article which lays out the basics of the new bankruptcy law.The new bankruptcy law has brought about a number of changes to the filing process.Read more…Life After Bankruptcy – What to Expect
Many people think about filing bankruptcy, but fear what their life will be like afterwards. This article clears things up by offering information on what you can expect after filing bankruptcy.Bankruptcy is designed to provide people with a clean slate.Read more…Bankrupt By 21 Years Old - Whose Fault Is It
The concept of filing bankruptcy has changed significantly in face value over the past couple years. Ten years ago, one would have looked at bankruptcy as the worst possible thing anyone could ever do to themselves. It meant losing everything, and never recovering.Read more…Steps For Getting Approved After Bankruptcy!
If you plan to apply for a loan, you need to do some homework beforehand in order to increase your chances of getting approved. A bankruptcy on your credit report is really a drawback, however, some lenders are willing to approve loans even if you have gone through a bankruptcy as long as it has been discharged and you can prove that you are to be trusted. To prove such a thing you need to make sure that your credit behavior shows no stains for a significant period of time.Read more…Mandatory Credit Counseling Before Bankruptcy - The Unanticipated Results
In a study released in October, 2006 by the National Foundation for Credit Counseling (NFCC) on the eve of the one year anniversary of the 2005 Bankruptcy Reform legislation, there were a number of unanticipated results of the now mandatory pre-bankruptcy credit counseling.The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires all debtors to get mandatory credit counseling before they are permitted to file a chapter 7 or chapter 13 bankruptcy.One of the most surprising results of the study are that consumers filing for bankruptcy have a huge amount of debt, with average unsecured debt being almost $12,000 greater than their average annual income, and this ratio is getting progressively worse.Read more…The Growing Wave of Bankruptcies
Are you fond of using credit cards? If you are then I know you are aware that you have to be careful when using them. I’m a big spender and I often use credit cards to buy any item that catches my fancy.Read more…Bankruptcy Defined
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested by creditors in an effort to recoup a portion of what they are owed; however, in the overwhelming majority of cases, the bankruptcy is initiated by the bankrupt individual or organization.Bankruptcy occurs when a business cannot meet its debt obligations and petitions a federal court either for reorganization of its debts or liquidation of its assets (although this action has a negative impact on a credit rating).Read more…Escaping Bankruptcy’s Effects With Equity!
The equity you’ve built on your home can save you from financial hazards especially if you have gone through a bankruptcy. Some lenders won’t lend to you unless at least 6 years have gone by since your bankruptcy was discharged. But if you apply for a home equity bankruptcy loan you may get approved before that term.Read more…What Is The Cost Of Declaring Bankruptcy And Are There Any Other Options?
A lot of people are running into financial difficulty these days - especially with a lot of major corporations going through layoffs and buyouts. What this means is that a lot of people find themselves suddenly unemployed and it may take some time to get another good paying job. When financial difficulties come, and they stay around for awhile, the thought of declaring bankruptcy will come into some people's minds - especially when the debt starts getting out of hand, with no light at the end of the tunnel.Read more…Rationalising the Stigma of Bankruptcy Part 1
In the first of a series of articles, Stephen Morgan tries to wrestle with the oft misunderstood lending criteria that Modern Day Financial Institutions use to help fuel their financial expansion and growth but at what expense?Hardly a month seems to go by when the Media isn’t reporting some incidence of the suicide or attempted suicide of some individual who has taken the unfortunate decision that death seems preferable to having to come to terms with dealing with steadily amassing debts.Now perhaps I am alone in this (I hope I am not) but there is something rather repugnant about a Society that tolerates the instance of someone choosing death rather than come to terms with the unfortunate situation they find themselves in.Read more…Bankruptcy Credit Repair: 3 Bandages for Life after Bankruptcy
Millions of Americans are forced to declare bankruptcy every year, but even if you're one of those people, you can begin immediately to rebuild your damaged credit by taking a few relatively easy steps. Here are some ideas to help you get on with your life after bankruptcy:1. Pay all of your bills on time from now on. Make a pact with yourself never to be late with a payment again.Read more…Bankruptcy Is It The First or Last Option for You - Bankruptcy Reviewed
Bankruptcy is a very misunderstood process and it has been a hush-hush subject for so many families facing financial difficulties. Once you understand your options, you can better decide what choice you should make.Bankruptcy in simple terms is a defined as utter failure or impoverishment.Read more…
Most Recent Articles in Bankruptcy category
- Make Filing for Bankruptcy a Last Resort - By: Lee Bell
There are 2 main types of bankruptcy. If you can't avoid bankruptcy, determine between Chapter 7 and Chapter 13. - Life after bankruptcy is not so difficult - By: Jason Holmes
"Avoid bankruptcy" is the most common phrase; we come across in our everyday life. There are several disadvantages of bankruptcy. But if you are bankrupt, it is not very difficult to swim out of the situation. - Achieving Financial Security in an Unreliable Economy - By: Mohan Mittal
Financial Security is a false concept that developed in American society based on the idea that security comes from the perceived reliability of a regular or planned paycheck. Many people, believing in the commitment of their corporations to their well-being, have found themselves downsized, layed-off, outsourced, transferred, or, in some cases, even fired. The immediate reality becomes harshly apparent and sadly disappointing. - Bankruptcy - Is it the Last Option Only? - By: Michael Killian
Bankruptcy is available when all other debt payment measures have failed and the unpaid debt is simply beyond the means of the consumer to repay. It is essential, then, to understand debt options prior to bankruptcy and to determine which debt repayment method is the least detrimental. Additionally it is the law of the land that you know your debt repayment options prior to bankruptcy. - It’s Official; We Are Now A Bankrupt Society? - By: Stephen Morgan
The Government’s Insolvency Service claimed that 27,644 people were either made bankrupt or entered into an Individual Voluntary Arrangement (IVA) as a way to control or manage their debts in an ordered fashion.It was too early obviously to know how big a percentage of those who entered into an IVA had it failed by their manager or supervisor but it has been claimed previously that in some cases up to 50/60 percent of those entering an IVA fail to complete it in an orderly manner and therefore find themselves being made forcibly bankrupt at a later date.The other key statistic was that insolvencies were apparently 55% higher than during the comparable period this time last year and the smart money (to spoil the metaphor) is on the figure topping the 100,000 mark for the year. - Considerations Before Filing Bankruptcy - By: Jon Arnold
Financial difficulties can occur in anyone’s life. When you think financial difficulties are more than you can handle, don’t let bankruptcy become your first thought. Bankruptcy should be considered as a last resort, not just the first thing that pops into your head when the going gets tough. - People on Benefits No Longer Eligible for an IVA - By: Diana Middleton
The BBC has reported that people on UK state benefits will no longer be given an option of taking out an IVA to help pay off their debts.In an IVA or Individual Voluntary Arrangement people negotiate a repayment plan with their creditors with an Insolvency Practitioner acting on their behalf. Up to 80% of their debt is written off and interest on debt is frozen. - How Do Bankruptcy Loans' Requirements Work? - By: Kate Ross
Bankruptcy loan’s qualification is not an easy task. You need to overcome serious lender’s wariness about your ability and disposition for repaying the loan you are requesting. At this stage, you need to make no mistakes, your behavior has to be stainless and you need to show the lender that the past problems that led you to bankruptcy exist no more. - Bankruptcy Can Be Used As An Opportunity To Start Over And Reset Your Financial Goals - By: Jon Hansen
Bankruptcy is the last resort that neither the borrower nor the creditor wishes to meet. The impact of this to both sides is negative and long-lasting. Once you are bankrupt, it will remain on your credit report for many years, making it difficult to get any loan, insurance, or a job. - Information on Bankruptcy - By: Andrew Marx
The quick and dirty definition of bankruptcy is when a person who is unable to pay their debt goes to court seeking relief. If you are the petitioner, the court must determine if your debts are truly beyond your ability to pay. Then, depending on your case, either the court discharges the bulk of your debt or sets up a payment schedule that is in your best interests but does not entirely absolve you of the responsibility of paying your creditors.