11 JAN 2022 · They felt that many people filing Chapter 7 bankruptcy were capable of at least paying back a portion of their debt. Hence, Congress made changes to the bankruptcy code and the BAPCPA of 2005 was born. At first, it seemed to work extremely well as the number of those filing bankruptcy dropped substantially.

11 JAN 2022 · The idea that credit will never be available after bankruptcy is foolish when you really think about it. Bankers and creditors are opportunists and they know that many people exiting Chapter 7 bankruptcy are virtually debt free or close to it. Also knowing that this group of people cannot file bankruptcy again for eight years makes them a pretty good risk. I believe the idea of no more credit for bankruptcy filers comes from the debt collection industry. Debt collectors get paid on what they collect and they can keep anyone on the hook for one month longer that might mean one more payment will be paid.

11 JAN 2022 · If you are earning enough to cover your bills, don't file for bankruptcy. Filing for bankruptcy can really damage your credit in the long run, by staying on your report for up to ten years. Don't pay for the consultation with a lawyer who practices bankruptcy law, nearly all attorneys offer free initial consultations, so you should be able to meet with a few before you make a final hiring decision. Do not make any final decisions until every question you have has been answered. It is not necessary to come to a decision immediately following the meeting. If you're unsure, don't hesitate to talk to multiple bankruptcy lawyers.

11 JAN 2022 · The insurance is designed to protect loan repayments should the lender's circumstances change through unemployment or sickness. The word 'mis-sold' means it was sold without the knowledge of the buyer, without the understanding of the buyer, or to those who could have benefited from its cover.

10 DEC 2021 · Finding a mortgage after bankruptcy is now lot easier than it was previously. You can easily qualify for a mortgage with a reasonable rate after declaring bankruptcy and cleaning up your credit. You'll need to have your finances in order and be able to pay a substantial down payment to get the best rate.

10 DEC 2021 · The reason for this is that your bankruptcy shows up on your credit report in the equivalent of flashing red lights and huge neon signs so that potential lenders are aware that you have filed. And the reason for that is simple - you are now considered a much greater credit risk, and loans are placed and interest rates determined based on the amount of risk that the lender feels he needs to take with your loan. The first thing you need to do is to make sure all of your debts have been fully discharged in your bankruptcy. If the proceedings are still taking place and it is not complete yet, you very likely have a very poor chance of securing a loan, since that is just about the highest risk factor that can be considered by a lender.

10 DEC 2021 · Most of us don't consider about bankruptcy until we're in serious debt, and even then, bankruptcy may not seem like the best option. While it's never a good idea to declare bankruptcy without first considering other options, it can be a useful tool for getting a fresh start financially. It's worthwhile to do some research and get to know how bankruptcy works and how it might help you.