Credit Card Debt: Repair After Bankruptcy

Ah, credit card debt. You've asked yourself the question many times, "Will I ever get credit again?" The answer, although seemingly complex, is quite simple: Yes. You can have another chance at re-establishing your credit. Filing bankruptcy is the first intelligent step taken to wiping out accrued credit card debt. The next step you'll have to take is to repair your credit report. In order to do this, you'll need to develop great patience while you're re-establishing your credit, as these things do take time.

Two or three years after you've eliminated credit card debt by filing bankruptcy, you'll want to start rebuilding good credit. How, you ask? Apply for secured credit cards. Preferably cards without annual fees attached to them. Do your research on the internet to see what others have done in similar situations. If you come across an offer which looks to good to be true, it most likely is. Use discretion when giving out Social Security numbers and personal information online.

Start small. Don't expect anyone to hand you a $10,000 credit limit overnight. You've had a history of credit card debt, it's not going to happen. Make lenders trust you again. Make monthly payments in the full amount. Your payment transactions will determine how successful your new credit report will be. If you're late with payments you're heading in the wrong direction. You don't want to end up on the road to credit card debt or bankruptcy again, do you? Of course not.

The stronger your current financial condition is, the better candidate you may be for future credit. Convince lenders that you've left the past behind you. You've changed your ways. Show them how you've handled money since the bankruptcy. Prompt payments made in a full amount are very impressive to a credit lender. If you're denied a major credit card, don't get distraught. Try applying for a department store's line of credit or a card issued by an oil company. These are some small steps to a successful debt-free future.

It's also important to keep an eye on your credit report. Make sure that everything is accurate and appears is it is supposed to. Errors, which can go unacknowledged will only harm you in the future. Your local bank can give you a copy of your current credit report for a nominal fee. However, if you're a legal resident of the United States, you are eligible to receive free credit reports. Specifically, one credit report per year.

In 2005, the Federal Trade Commission announced that every United States citizen is eligible to receive one free credit report on an annual basis, regardless of where they live. This was wonderful news to Americans everywhere. To receive your free credit report, you must supply proof of your identity. Questions you may be asked will include: your name, address, social security number, and a personal question [for security purposes] that only you will know.

Nevertheless, be very careful. There's a wide number of companies who will promise free credit reports. But are they legitimate? Anyone can build a website and claim that they're a credit agency. Why risk giving out your personal information to a stranger? Identity theft has become increasingly popular. Don't fall prey to a fraudulent credit agency that you know absolutely nothing about. Do some background research on the company prior to using their services. If you can't find any information relating to their services they're probably not very trust-worthy.

Credit reports can be received online or through physical mail. Be certain that the company which is offering free credit reports is being employed by the FTC. Bear in mind, anyone can say they're affiliated with the FTC. Make sure that they're legitimate. Such a fiasco occurred recently on the internet. Thousands of people were taken advantage of when they filled out a form for a "free credit report." Don't give out your information to anyone but a trusted bank, a reputable mortgage broker, or an agency employed through the Federal Trade Commission.

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Bankruptcy Chapter 13 Basics

The US Congress passed a law that established a set of uniform laws to govern how bankruptcy was handled. These laws were situated under a system called the bankruptcy code. In this code there are chapters that refer to various issues in bankruptcy. One such chapter deals with allowing the debtor to start a new life whilst they pay off their future debts. This bankruptcy chapter 13 is one of the popular bankruptcy laws.

In bankruptcy you by and large need to find some way of surviving while at the same time you pay your creditors what you owe to them. This sounds like a civilized way of dealing with this matter but the truth is otherwise.

In most cases creditors will try to force you to give them the assorted amounts that you owe. This form of force payment can range from a simple letter to torment via phone calls and even visits from your creditors. With bankruptcy chapter 13 you have the best way of stopping this force payment and you are given a way to live again.

When you file for a chapter 13 bankruptcy you actually have protection against the creditors. Once a payment plan is setup and both parties agree, then there is nothing more the creditor can ask of you. They cannot change their mind and ask for more money. Again they may try, but you are now covered by the law and your agreed upon payment amount.

With a bankruptcy chapter 13 filing, for the person who has gotten into a debt which seems to be eating up their life's earnings, this law allows the person to find a fair way of paying off their debts.

The terms of repayment will need to be discussed with your creditors in your lawyer's presence. This way the terms of payment will be in conformity with a court sanctioned payment scheme. With this payment scheme your debts can be paid off with an amount of money that you can afford to spare from your monthly living expenses.

Make sure you take the time to understand and know what your monthly expenses are. Don't put yourself in a payment plan that you can't afford. Give yourself enough room to cover all your debts.

Once you have filed for bankruptcy chapter 13 your creditors are no longer suppose to talk to you directly about your credit claims. There is a ceiling period of five years for you to pay off any outstanding debts that you have. This is not set in stone so understand your state laws and ask the questions.

During the period of your bankruptcy chapter 13 gives the court the right to oversee how the repayment is progressing. Your interests for this entire time period will be looked after by your lawyer. There are other benefits that you can find with this bankruptcy chapter 13 law. So, be sure to ask your lawyer and the court system the questions you need answered.

In this law you will be able to get a full discharge option for your bankruptcy claim if you have managed to pay off of all of the outstanding debts. The other great advantage of bankruptcy chapter13 law is that anyone can file for bankruptcy chapter 13 as long as they have a steady income with which they can pay off their debts.

Don't be afraid or embarrassed about gathering information on bankruptcy or even filing. Just make sure that you handle it with care. Meaning get all your questions answered and if you file, pay your debt back promptly. And remember, it is a new start with the discharge option.

Bowe is the owner and operator of over 40 websites, providing rich and free information to the online community. Visit his Bankruptcy site and gather some valuable and free bankruptcy information.

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GM Bankruptcy

If General Motors were to file bankruptcy, it could change the world or would it? Yes a GM bankruptcy filing would change the world. Right now with all the over regulation it is amazing that any company can make money these days. I guarantee such a move would change the world. It would definitely wake up the Unions and the governments over regulation on our economic engine. In fact sometimes it seems we do everything to hold down our economy from screaming forward.

With all the over regulations in this country to start, grow and run a successful small business, medium size corporation or a multi-national conglomerate based in the US. Why do we attack and use regulations to slow down our economic might? Because folks it is the way it is deliberately set up. You see at every level we have placed rules and bureaucracy to slow ourselves.

The largest corporations in the World are constantly being bombarded by rules and regulations put in place by regulators and politicians. So they are forced to move the operations out of the country to reduce costs, raise prices and pay off all the politicians you can find, no matter what side, fund them, as you will need them just to do business in this nation.

It is interesting the talk now after the 3rd quarter loss at General Motors and how they may sell off GMAC. Right now with the housing boom getting ready to pull back and some over extended upside down foreclosures due to job losses in the downturn of the business cycle, that might not be a bad idea actually. It seems GMAC is going to have its own issues.

The Delphi Bankruptcy deal is a problem indeed, I too worry about the under funded pension costs and these out of control health care costs, as for a company like GM these are problematic issues to say the least. It is good that the Union has been cutting a little slack at GM these days. Ford is next and lay offs there will be big indeed.

Indeed a bankruptcy at GM would change the world, but why do we need such a strong signal as a wake up call when it is obvious that we need to fix the problems that are right their in front of us. We all should be thinking here, as all of this effects us one way or another and China is not getting any smaller so we better get on the stick and take care of business in real time. Think on this.

"Lance Winslow" - Online Think Tank forum board. If you have innovative thoughts and unique perspectives, come think with Lance in the Online Think Tank and solve the problems of the World; www.WorldThinkTank.net/

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If I declare Bankruptcy in Edmonton, Will I Ever Be Able to Borrow Again

One of the biggest misconceptions about filing for bankruptcy in Edmonton, Alberta, or anywhere in Canada, is that personal bankruptcy will eliminate your ability to borrow money in the future. This simply isn't true.

The only restriction on borrowing money is that while you are in bankruptcy (i.e. prior to receiving a discharge) you are not allowed to borrow more than $500 without informing the lender that you are in the middle of a bankruptcy. Once you are discharged from bankruptcy this requirement is removed. Now let's talk logistics.

Is every lender required to loan you money?

Of course not. No lender is ever obligated to loan anyone money, but as we all know, money is lent every day and often the situations are much riskier than those if a newly discharged bankrupt. You have to remember that the decision to lend money is based on a number of things including your credit history, your income, the stability of your income, the assets you own, the debt you carry and how much money you have available after you have paid all you monthly living costs.

The only item that is negatively affected by filing a bankruptcy is your credit history. In fact, as a result of filing bankruptcy some of the items considered now appear more positive, as your debt load should be almost eliminated, resulting in significantly more cash flow each month. So ultimately, the end result of filing a bankruptcy is that you are in a much less risky position than if you had not filed a bankruptcy.

Does this mean getting a loan after bankruptcy will be easy?

No, but we find that with a little work it is much easier than expected. After being discharged from bankruptcy your challenge will be to demonstrate to the bank that:

a) you are not in a risky position; and

b) you have learned from the experience.

How you address these issues will depend largely on your personal situation, but it never hurts to start with a frank discussion of the challenge you face in rebuilding your credit and the reasons why you are in the situation you are. This will enable you to discuss the bankruptcy, the issues that led up to the bankruptcy, and what you have done to prevent these issues from causing you difficulties in the future.

For further information about bankruptcy in Edmonton or anywhere else in Canada I suggest you contact a licensed bankruptcy trustee. Remember, each situation is unique, and as a result each situation requires an individually tailored strategy. With the help of a trustee you will be to develop a plan that will allow you to deal with your existing debt, develop strategies to prevent future difficulties, eliminate the unnecessary stress and get your life back on track.

Barton Goth of Goth & Associates Inc., trustees in bankruptcy based in Edmonton, Alberta, Canada works with individuals in financial difficulty to help them deal with their debt. Visit http://www.bankruptcy-edmonton.com for information about filing bankruptcy, and borrowing after your bankruptcy is over. Mr. Goth is also a frequent contributor to the Bankruptcy Canada Blog, Canada’s largest source of information about bankruptcy.

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The Bankruptcy Map

There are an increasing number of people who are being forced to the point where they have no option other than to declare bankruptcy. One thing that many people don’t realise is that different areas of the country have increased incidences of bankruptcy declarations. This is not to say that people should avoid moving to those areas of the country, but research should be done into the reasons why it is those areas in particular that have an increased rate of bankruptcy declarations. The number of different financial stresses that a person faces will vary from area to area throughout the country.

The fees and bills that you have to pay vary throughout the country as the service providers you can make use of are different throughout the country. The greater the amount you have to pay in bills, the greater the chance that you will end up bankrupt. This tells us that the areas in which financial stress are higher than normal are likely to be those areas where the number of bankruptcies increases faster than normal. The interest rates increases that occurred recently have also spurred people who were on the edge of financial problems into a declaration of bankruptcy.

Currently the research is showing that the greatest numbers of bankruptcies are occurring in areas to the south west. The reasons for this have not been completely clarified, but the trend is unmistakable and as such people should create a financial buffer to prevent them falling victim to the myriad of factors that combine to create a situation where a person has no option but to declare bankruptcy. There is little research so far that provides similar trends for IVA's, possibly because a lot of people are unaware of the frequency with which this alternative to bankruptcy is embraced.

There is also no indication of the number of people who have used bankruptcy mortgages to put themselves onto a sound financial footing in the aftermath of their declaration of bankruptcy. The bankruptcy mortgage can often get you out of financial problems and onto a sound footing if the money received from the mortgage is used wisely. If a person makes use of a bankruptcy mortgage in time, they may be able to prevent themselves having to declare bankruptcy at all. This can help people to enjoy a life of financial stability after the have eradicated the financial problems that were threatening to overwhelm them previously.

National Guarantee is reputable financial institution that is authorised and regulated by the Financial Services Authority. They specialise in Bankruptcy Mortgages, Remortgages, CCJ Remortgages as well as Adverse Credit and Self Cert Mortgages and Homeowner Loans. For further information visit: http://www.nationalguarantee.co.uk/

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The Myths and Facts about Personal Bankruptcy

Personal bankruptcy is a very undesirable situation. Often caused by sudden changes in your financial situation due to medical emergencies, unemployment, excessive debt or divorce, filing for personal bankruptcy should be considered as a responsible step towards regaining financial freedom. If you are considering filing for personal bankruptcy, here are some of the myths and facts about it.

Myth #1: You can not file for Personal Bankruptcy.

Contrary to this myth, changes made by the US Congress in 2005 allow any debtor to file for personal bankruptcy. Bankruptcy is also governed by state laws. If you file bankruptcy in Arizona, Arizona bankruptcy lawyers and Phoenix bankruptcy lawyers can help you determine whether you qualify for a Chapter 7 (liquidation of assets) or Chapter 13 (re-organization) bankruptcy.

Myth#2: Filing for Personal Bankruptcy is embarrassing.

If you do not file for bankruptcy, it will actually be even more embarrassing to be hounded by your creditors. Taking charge of your financial situation and owing up to your responsibilities is actually admirable and should be something to be proud of.

Myth#3: You will always have a bad credit score.

If you must know, the completion of personal bankruptcy proceedings will clear all previous credit record allowing you to begin with a new and clean slate. Many Phoenix bankruptcy lawyers and Arizona bankruptcy lawyers can guarantee this based on their extensive experience.

Myth#4: You can only file for personal bankruptcy once in your lifetime.

If you filed for a Chapter 7 bankruptcy, you will need to wait a period of 8 years before you can file for the next Chapter 7 bankruptcy. On the other hand, you can file for a Chapter 13 bankruptcy as often as your situation requires.

Myth#5: Personal bankruptcy means losing everything you have.

On the contrary, bankruptcy is designed to protect a debtor from losing all assets and at the same time find a way for all the debt to be settled. Phoenix bankruptcy lawyers and Arizona bankruptcy lawyers can provide you with the right information so that you will not end up losing any of your precious belongings.

Myth#6: Filing for personal bankruptcy is hard and impossible.

Anyone can file a personal bankruptcy. You will have no difficulties at all. If you want, you can hire Phoenix bankruptcy lawyers and Arizona bankruptcy lawyers to help you every step of the way.

Personal bankruptcy is a serious but effective solution to your financial problems. Before you file for one, make sure that you have explored all available bankruptcy alternatives.

Natalie Aranda writes about laws and family. Personal bankruptcy is a very undesirable situation. Often caused by sudden changes in your financial situation due to medical emergencies, unemployment, excessive debt or divorce.Bankruptcy is also governed by state laws. If you file bankruptcy in Arizona, Arizona bankruptcy lawyers and Phoenix bankruptcy lawyers can help you determine whether you qualify for a Chapter 7 (liquidation of assets) or Chapter 13 (re-organization) bankruptcy. Looking into local yellow page, you'll have a long list of Phoenix bankruptcy lawyers to choose from.

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Bankruptcy Advice: To Find Out All About Filing Bankruptcy!

Perhaps you have reached the point where you have built up so much debt that you just cannot see a way to pay it all off. You do not know how to cope without some help and advice. All you can think about right now is finding a way to get those creditors off your back, but you just do not know where to start.

Why do people get into debt?

At first glance, the reasons for getting into insurmountable debt may seem obvious: if you spend more money than your earnings, you will have insufficient funds to meet your bills. If you continue this trend for a long time, the debts-and the interest you must pay on them-will increase.

Whatever caused your debts filing for bankruptcy can offer a way of paying off your debts without harassment; or it can offer a way of completely eradicating many, if not all of your financial headaches. Take comfort from knowing that many people have come out of bankruptcy and built their finances up again, with great success.

To make the most of bankruptcy filing, you need to be positive and make changes in your financial habits. We help you on how to improve your credit so that you can shrug off the effects of bankruptcy as quickly as possible.

Recent studies show that bankruptcies are not the result of excessive consumer spending or credit card abuse. Instead, most bankruptcies are triggered by the following:

-Losing a job

-a serious health problem, medical costs to be incurred

-Divorce or separation

Filing for bankruptcy:

Usually, filing for bankruptcy involves a petition with the court. A petition is a written request, or appeal, to an authority which calls for some action. A bankruptcy is a request made to discharge all debts.

Bankruptcy is usually seen as a “last-resort method” people should always think twice before making such tough decisions; because once you file for bankruptcy, all your financial life will be seriously affected. You need the best legal advice possible. Choosing the wrong attorney could cost you your home, vehicles, or other possessions.

Credit repair can help all those borrowers who have opted for online bankruptcy!

It helps you build up a good record again. They give you a small amount at first and as you repay your debt on time, they grant you higher loans, proportional to the growth of your business on a solid base. However, the lenders will need an assurance on how you plan to work and correct your previous misdoings, so that they don’t feel they are throwing away their money down the drain.

Online Bankruptcy loan can provide you with an opportunity to own a home or car, set up a small business or deal with your various financial obligations even after you have declared bankruptcy. But make sure you opt for filing bankruptcy with a best legal advice from a bankruptcy attorney.

Get a true bankruptcy alternative: Bankruptcy alternative-IVA

Get Free Bankruptcy Information and Advice: free bankruptcy advice and information

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Chapter 13 Refinance Bankruptcy Code

Many people who have filed bankruptcy know little about the process. Often times debtors are unaware of their options in a chapter 13 because they rely on their attorney; their attorney has a fiduciary relationship with the debtor. A bankruptcy attorney's job is to know bankruptcy law, not the mortgage business or their guidelines. When a debtor files a BK 13 their main concern is having an automatic stay placed on a mortgage, collection, etc. To save their home from foreclosure. When entering into a plan the debtor, usually has no exit plan other than paying the 5 or 3 year plan (contingent upon median income). The debtor can refinance after 36 months (all unsecured claims become dischargeable debt) and discharge the bankruptcy immediately. This saves the borrower 2 years on their credit report. After refinancing, the BK 6 months out/discharged fannie mae will issue approvals. A bankrupt borrower can easily be transformed to an AA+ 680-720 FICO borrower yielding rates in the range of 6.25-7.00 after doing a loan to discharge the bankruptcy.

In a dismissed bankruptcy a foreclosure bailout out loan can be arranged. This topic was discussed in a previous article I published in ezinearticles.com When a debtor is dismissed from his/her bankruptcy the mortgage ALONE can be refinanced and a Chapter 7 can be employed. When filing a Chapter 7 the mortgage must be refinanced first. I arrange foreclosure bailouts for people more frequently than previous years. When trustee or mortgage payments are missed the bank will make a motion to lift the automatic stay. This leaves the borrower exposed to foreclosure until the mortgage is refinanced. If the borrower meets the means test the non mortgage/secured debts can be discharged under a Chapter 7 Bankruptcy. The "means test" is when the court determines a debtors filing to be abuse of the system. Abuse is presumed if the aggregate current monthly income over 5 years, net of certain statutorily allowed expenses is more than $10K or is 25% of the debtors unsecured debts, as long as the amount is $6,000. The debtor can rebut this guideline with mitigating circumstances. A dismissal from a bankruptcy has been viewed by the court as mitigating circumstances.

When the payments to your trustee are not perfect you can still get out of your bankruptcy. If the debtor has filed multiple Bankruptcies it is important for debtor to know what claims are listed in schedule D & F (secured and unsecured claims) Often times when multiple liens are present the attorney will file an avoidance on a lien. This means the borrower is not required to pay the lien back. However, all too often title searches find liens that were never discussed or filed. Liens that maybe very old. An unscheduled debt most of the time will not be discharged with a BK payoff because the claim was omitted or an avoidance was never filed. This is a common omission/oversight that can (depending on the amount of the claim) present a problem for a borrower who may not have enough equity to cover the lien.This is where having a through attorney pays off, you most likely wont have to deal with this predicament. Often times I can negotiate these debts down if they are addressed ahead of time.

About the Author

Shawn Peck is top performing loan officer writing business exclusive to Bankruptcy and Foreclosure. Mr. Peck is a nationally recognized voice in the mortgage industry giving seminars and masterclasses pertaing to chapter 13 law, compliance, and how this relates to the mortgage industry. Mr. Peck is an active loan officer and educator. Mr. Peck is a member of the PAMB (Pennsylvania Association Of Mortgage Brokers) and is sworn to uphold their code of ethics. Mr. Peck is a Rowan University Alumni and an active philanthropist.

You may contact the author:
Shawn M Peck
Chapter 13/Foreclosure Specialist
Brink Mortgage LLC
856-858-1176 Ext 108 (PH)
856-858-3077 (F)
speck@mybrink.com (EM)
http://www.mybrink.com

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The Hidden Cost of Bankruptcy

Bankruptcy is a contentious word for a whole number of reasons. Firstly it relates to a situation whereby a Debtor not being able to satisfy or compound to his Creditors a suitable amount has to turn to the Courts for protection and at the end of the day everyone loses out.

Let me repeat this last fact lest it passes some by. In a Bankruptcy situation no one wins. It is a “lose-lose” scenario. The Debtors by and large lose almost everything he or she owns (unless they are very carefully advised) and the Creditors by and large lose their money because when the Courts, Bankruptcy Trustees etc take their cut there is usually only a dividend of mere pence in the pound at the end of the day.

I hope all petitioning solicitors and lawyers read this with care as they are the ones who are advising all of their clients to sue people for bankruptcy. It is a bit like loading up pistols left right and centre for a “Russian Roulette Fest” it gets nobody anywhere.

In fact having read the last paragraph in more detail I take back my comment about Bankruptcy being a lose-lose situation it’s not, the Lawyers and Accountants make a fortune out of their fees, no one else does.

But there is a hidden cost to all of this that no one is prepared to acknowledge and this includes the knock on cost of ill health brought about by the stress of Bankruptcy. It is the “sleeping elephant” (for want of a more suitable metaphor) in the corner of the room that no one wants to acknowledge but it is certainly there all the same.

Let us analyse part of that “ill health” that we referred to above and that is the area of High Blood Pressure. It is one of the few natural growth phenomena of the late 20th and 21st Centuries and now is assuming almost epidemic proportions. The stress and elevated blood pressure brought about by the comings and goings of bankruptcy and all of the shenanigans that ensue can be lethal and in some cases lead to fatal consequences.

Our Society is so powered by the worship of all things financial that in the “heated blood lust of debt recovery” we seldom stop to consider the hidden human cost to all of this. I have client who as well as his business career being well and truly finished (boy was he badly advised earlier on but that is another issue) but his health, or should I say ill-health, is such now that any job prospects he might have had are now well and truly finished.

Now let us consider who well and truly gains by any of this? The answer? No one and if I can make just one final point it is a plea to any Solicitors and Lawyers who may, just may be reading this article. When you advise clients to pursue matters to Bankruptcy, get your background research carried out properly, do your due diligence well and get it right because at the end of the day as well as well and truly losing the majority of your clients money (which statistics point out is most certainly the case) you also damage the health of the person at the end of the writ.

Do you know the sad thing abut the whole side of this? I bet there is not a Solicitor or Layer who really cares, as long as they get their bonus and their fees, who gives a damn about anybody else?

Stephen Morgan writes about Financial and Health Matters for a number of web sites and more information on the above can be found at Cost of Filing Bankruptcy and also at http://www.livingwithhighbloodpressure.net/cause-of-high-blood-pressure.html

Article Source: http://EzineArticles.com/?expert=Stephen_Morgan

Simple Steps for Filing Bankruptcy and Getting Fast Debt Relief

If you recently experienced major financial problems, it might be a good idea to consider filing for bankruptcy. If you are seriously considering filing for personal bankruptcy, then you should at least know what the steps are for filing personal bankruptcy and getting fast relief from your financial troubles.

The first thing you have to do is to organize all your personal financial information. They would include all your secured and unsecured debts, deeds to your real estate properties, tax returns, car titles and other documents that might be relevant to your finances. For more convenience, you can get your full credit report.

After making sure you have all the important financial documents with you, you will have to complete personal bankruptcy forms. The forms will actually describe your present financial situation and most recent transactions. At this point, you can hire Arizona bankruptcy lawyers or Phoenix bankruptcy lawyers to make sure you answered each question on the form correctly and decide on which type of personal bankruptcy to file, a Chapter 7 bankruptcy or Chapter 13 bankruptcy.

A Chapter 7 bankruptcy will leave you with no assets but all your debt will be wiped out. On the other hand, if you file for a Chapter 13 bankruptcy, you get to keep all your exempted assets and pay your creditors within a period of 3 to 5 years under the supervision of the bankruptcy court.

If you want to file for a Chapter 13 bankruptcy, you will have to submit a repayment plan proposal together with your petition. You will have to pay a filing fee: $200 for a Chapter 7 bankruptcy and $185 for a Chapter 13 bankruptcy. Once the personal bankruptcy petition is filed, all your creditors are prohibited from contacting you and staking claims to your assets. One month after, you and your Arizona bankruptcy lawyers or Phoenix bankruptcy lawyers will be summoned for a meeting with your creditors to negotiate and answer questions. A compromise should be reached and if not, the bankruptcy judge will likely to mediate. If an agreement is reached, you should expect a notice from the bankruptcy court after four to six months, discharging the personal bankruptcy.

Completion of a personal bankruptcy will give you a chance to begin with a clean slate. You can start re-building your life, making sure that you have learned from such an experience.

Natalie Aranda writes about family, monet and finance. If you are seriously considering filing for personal bankruptcy, then you should at least know what the steps are for filing personal bankruptcy and getting fast relief from your financial troubles. Arizona residents can hire Phoenix Arizona bankruptcy lawyers to make sure you answered each question on the form correctly and decide on which type of personal bankruptcy to file, a Chapter 7 bankruptcy or Chapter 13 bankruptcy.

Article Source: http://EzineArticles.com/?expert=Natalie_Aranda

Car Loans After Bankruptcy

Planning in advance is capital. Make a detailed budget that contains your income, your expenses and what monthly installments you can afford to pay. This will give you a clear idea of what the best payment program would be for you, when you start asking for quotes from lenders.

Contingencies

There is a great difference between what you would like and real fact. Be prepared to face reality and opt for a smaller loan or a longer repay period if you notice that you’ll be a little too tight. Remember that you have just gone through a period of mistakes or maybe unforeseen happenings and you don’t want to repeat them.

Credit Report

In this question of being prepared, you don’t want to forget to check your credit report. Every citizen is entitled to one free credit report per year. Use it to check out unforeseen errors. Should you spot any, contact the Bureau immediately and have it corrected. They’ll tell you what you need to do.

Double Benefit

After bankruptcy, your credit needs to be repaired fast. So, this car loan you are looking for can be secured with the car itself as collateral. It will be “pinned” until you finish paying for it, but at least you get the loan.

Besides, credit improvement states how you pay and how much the loan is for, but they don’t mention collaterals, so it would be just the same as paying back an unsecured loan.

Car Loan Brokers

Remember to see car loan brokers, because they will be able to get you a better deal when establishing the make, model and price of your car. Apart from this important fact, they are also used to dealing with customers with poor, bad or no credit at all, as well as post-bankruptcy situations.

Applying On-Line

This is a good way to go about things, because you can use the on-line application form without leaving your home and won’t have to do any paperwork until the loan is effectively approved. This kind of agency has a lower fixed cost, so their rates are generally lower.

Sail the net and search for suitable lenders. Ask for quotes and don’t be afraid of filling an on-line form in order to get information. You haven’t signed any paper yet.

One Last Touch

After a certain time, your credit will improve. Again ask for a credit report, even at a certain cost, see how your condition has gotten better and go straight for a refinance. You will be granted the possibility to do this, with the obvious convenience for you, regarding a shorter term with less interest.

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Mary Wise, a professional consultant at Badcreditloanservices.com with twenty years in the financial field, prevents consumers from falling into the hands of fraudulent lenders. You will find more useful tips and interesting articles by clicking Here

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Credit Repair After Bankruptcy

A lot of people think that bankruptcy is an end to their credit life, but the fact of the matter is credit repair after bankruptcy is possible. Time and patience will be absolute virtues along the way, however.

Anyone who thinks credit repair after bankruptcy will be easy is fooling themselves. Once a bankruptcy is cleared, everything that goes into a credit report from that moment forward will be scrutinized even greater than it might have been in the past. Do not expect credit repair after bankruptcy to be a fast process. With this in mind, it’s important to follow a few basic rules to proceed successfully with credit repair after bankruptcy. These include:

Hold on to accounts you have

Some people find that credit repair after bankruptcy is a little easier if the accounts they didn’t close out in the process are kept open and are handled like they are breakable china. Take care to pay these accounts on time, all the time. Do ensure that some credit is used, however, but take it easy. Whether it’s your mortgage, a car loan or a credit card that was retained or a combination of them, these accounts will help you with credit repair after bankruptcy.

Slowly apply for new loans

Just because your obligations have been wiped clean doesn’t mean it’s time to go crazy. Take care in getting new loans or credit cards. If you go slow and pay well, credit repair after bankruptcy will be much easier. The most important thing to do is to pay on time all the time. If you do this, credit repair after bankruptcy will go much smoother. Do expect to have higher interest rates than you may have before. The truth is as you work on credit repair after bankruptcy, the process might be slow and you will be considered a big risk along the way. If you do your job at this point, you can appreciate good credit down the road.

Strike a balance

As you get back into the world of credit, it’s important to strike a balance with loans. This means credit repair after bankruptcy is generally more effective if a combination of credit cards and installment loans is included in the process. Do take care not to go overboard as you strike this balance. Overextending after a major incident can create more problems.

Protecting your financial well being is very important in mastering the road to credit repair after bankruptcy. Take your time, select credit extensions wisely, and do expect to pay a little more during the process of credit repair after bankruptcy. If you are smart in the process, the mark on your credit could turn into a cloud with a silver lining.

Milos Pesic is an expert in the field of Credit Repair and runs a highly popular and comprehensive Credit Repair web site.

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Eliminate Debt without Bankruptcy

Times are tough and people across the country are endlessly struggling to make ends meet. The Midwest has lost thousands of manufacturing jobs and can expect to lose thousands more. It’s no wonder that individuals are carrying more credit card debt than ever before; many are likely using credit cards to simply purchase the basic necessities.

Unfortunately, using credit cards comes with a hefty price – mounds of debt and high monthly bills. If you’ve recently discovered that your credit card bills are out of control, and you’re barely getting by each month, there are options available that can enable you to eliminate your credit card debt and avoid a bankruptcy filing.

You see, creditors would rather accept a portion of the amount you owe them, rather than nothing at all. Because of this, you can negotiate with your creditors through debt settlement.

Debt settlement (debt negotiation) is a process whereby you negotiate with your creditors so that they will agree to accept less than the full balance (normally 50% or less) of what is actually owed. Debt settlement is an excellent solution for individuals who can no longer afford their monthly bills, and simply want to put their debt behind them, with no further monthly payments.

Obviously, there are certain criteria that you must meet in order to qualify for a debt settlement program; and just like most things, the process of debt settlement can at times be frustrating. You can eliminate some of your concerns regarding debt settlement by educating yourself and learning all that you can prior to commencing a dialogue with your creditors in an effort to negotiate lower balances on your accounts. There are also many firms that can represent you during the process of debt settlement. If you should choose to hire a debt settlement company to negotiate with your creditors on your behalf, be certain that the firm you hire is one that you trust and with whom you feel comfortable. Unfortunately, there are some debt settlement companies who are more interested in taking your money than legitimately assisting you with your financial difficulties. On the other hand, there are also many firms who will do an excellent job negotiating with your creditors and successfully eliminating your debt. A great deal of these firms will work on a contingency basis, and not accept any fees until they produce satisfactory results.

Marie Megge is a consultant in the credit services industry. Over the past several years she has assisted many individuals in resolving their debt-related matters.

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Nevada Bankruptcy, Following the Rules

Before filing for Nevada bankruptcy, people must find out what bankruptcy means and what consequences there will be.

The Nevada bankruptcy system has the following definition for bankruptcy: it is a business or person’s legally declared inability to pay off their debts. Although the Nevada bankruptcy court may be considered as a last legal resort, sometimes it is necessary and can also mean the only way out for a person or business. This means that by filing for Nevada bankruptcy, someone can continue living his financial life whenever there’s a financial setback of any kind.

Facing your life after filing for Nevada bankruptcy is not an easy task. It always gets a lot harder before getting any easier. We, as a professional bankruptcy counseling company, always suggest people think twice before making this final decision.

Angela Anderson, former client of Personal Bankruptcy Avoidance, had to file for Nevada bankruptcy 4 years ago. We went through the bankruptcy process with her and also gave her advice on how to recover after the process ended.

Angela Anderson: How does Nevada bankruptcy work?

Martin Rogers: Nevada bankruptcy as a federal court process has 2 different kinds of proceedings: liquidation known as number 7 or by reorganization known as numbers 11, 12 and 13. The first one, number 7, is the most recognized Nevada bankruptcy proceeding. This process is used to get rid of all or part of an accumulated debt and to give the person a relief from financial breakdown. A professional counselor will guide you through the process and will help you explore other options before filing for bankruptcy because sometimes debt relief programs can make a difference.

Angela Anderson: If I file for Nevada bankruptcy, can I save my house?

Martin Rogers: While Nevada bankruptcy is designed for specific purposes such as withdrawing from the program at any time during the collection process and stopping all harassment activity from letters to collection calls almost immediately; you can save your house by following some basic rules. First, a debtor has to receive 180 days of counseling from a non-profit credit counseling company before filing Nevada bankruptcy. Even though collection companies may have stopped contacting the client, they can still continue the collection process and can even serve the debtor with foreclosure papers. Meaning that you could end up losing your house even if you follow the procedure and hire your own lawyer. The Nevada bankruptcy trick lies in the timing of filing for bankruptcy be very careful and plan your filing.

Angela Anderson: Is there a legal way to avoid Nevada bankruptcy?

Martin Rogers: Of course. On my previous articles, I have stated the importance of thinking filing Nevada bankruptcy or any other bankruptcy system through. People need to see beyond all this and start looking for new debt relief options.

In conclusion, it is up to the debtors or the future clients to educate and brace themselves for worse-case scenarios. The Nevada bankruptcy system may be easy to grasp, but it is important to keep the consequences in mind. Applying in the Personal Bankruptcy Avoidance program is an excellent way of facing your debt problems once and for all. The program can also be used as training ground to avoid similar situations in the future. It surely will teach homeowners how to protect themselves under the new bankruptcy law. Most Americans do not have health or disability insurance and are vulnerable to work layoffs because of a stagnant economy.

We have different articles of interesting topics and current and former clients’ experiences with our programs. Take a look at the different situations on debt related topics such as the Nevada bankruptcy process and learn how to keep yourself a debt free person.

Avoid Nevada bankruptcy and become debt free once more. If at the end of this process you do not feel filing for bankruptcy is inevitable, remember to seek professional counseling.

Martin Rogers is a contributing writer to http://www.personal-bankruptcy-avoidance.com and is currently writing some special articles to guide business on how to manage debt and avoid bankruptcy. For Free information on the Nevada Bankruptcy Information, call toll-free 1-877-850-3328

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About Bankruptcy

What is bankruptcy?

Bankruptcy is one way of dealing with debts you cannot pay. The bankruptcy proceedings Can free you from overwhelming debts so you can make a fresh start, subject to some restrictions and make sure your assets are shared out fairly among your creditors. Anyone can go bankrupt, including individual members of a partnership. There are different insolvency procedures for dealing with companies and for partnerships themselves. Separate leaflets about these insolvency procedures are available.

A court makes a bankruptcy order only after a bankruptcy petition has been presented. It is usually presented either:

by yourself (debtor’s petition); or

by one or more creditors who are owed at least £750 by you and that amount is unsecured (creditor’s petition).

A bankruptcy order can still be made even if you refuse to acknowledge the proceedings or refuse to agree to them. You should therefore co-operate fully once the bankruptcy proceedings have begun. If you dispute the creditor’s claim, you should try and reach a settlement before the bankruptcy petition is due to be heard. Trying to do so after the bankruptcy order has been made is both difficult and expensive.

Bankruptcy petitions are usually presented at the High Court in London or at a county court near to where you trade or live. A petition can be presented against you even if you are not present in England or Wales at that time. This can happen when: you normally live in, or within the previous 3 years have had residential or business connections with, England or Wales.

Sometimes government departments start bankruptcy proceedings in the High Court in London or in one of the District Registries. If you did not trade or do not live in the London area, your case will usually be transferred to the appropriate local county court and, if a bankruptcy order is made, it will be dealt with by the local Official Receiver.

Once the bankruptcy order has been made, it is advertised in “The London Gazette” (an official publication which contains legal notices) and in a local or national newspaper (or both). In addition the Official Receiver will give written notice of the order to a number of organisations.

There are alternatives to going bankrupt, to find out more information please see the see the link on this page, and call an experienced Advisor.

Advanced Finance have many years dealing with clients with a bad credit history, and know of many ways of avoiding bankruptcy, however if bankruptcy is something that a client wants to do then Advanced Finance can help.

For more information then please visit http://www.advanced-finance.co.uk

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Refinancing After Bankruptcy

Refinancing after a bankruptcy can seem like an especially difficult challenge, but it doesn’t have to be. Six months after your bankruptcy has been finalized, you can find lenders willing to refinance your mortgage. In fact, refinancing your mortgage can help rebuild your credit to good standing in two year’s time. The following steps will help you find the best refinance lender while helping your rebuild your credit record.

Preparing For Refinancing

Right after bankruptcy, you have six months to prepare to refinance your mortgage. Begin by establishing good payment history by regularly paying your bills and current mortgage. This is also a good time to open a credit card account to start establishing good credit history.

If possible, also start building up a savings account. The more cash assets you have, the better your application will look. Consider having a garage sale or taking a second job to raise funds.

Researching Lenders

Once you are ready to refinance, research mortgage lenders and their rates. Online mortgage websites allow easy comparison shopping. Look at both interest rates and fees of refinancing quotes. Usually a slightly higher rate with low fees is the best deal.

With bankruptcy on your credit report, you will typically need to work with a sub prime lender. You can expect to pay a few percentage points above a traditional mortgage, which you can find through online mortgage companies.

Choosing Your Refinancing Package

You may be offered a chance to cash out part of your home’s equity when refinancing your mortgage. If you need to make home improvements or buy a car, this may be a good option. However, if you keep your home’s equity in place, you are improving your credit.

Once you have decided on your terms, you can finish your loan application online or through the mail. Quotes are not guaranteed, so rates may vary slightly once your application has been approved. Before the loan is finalized though you have the opportunity to review the loan again.

After Refinancing

With your refinancing completed, you can plan to lower your interest rates through refinancing in two years by building up your credit score. Continue to make regular payments and add to your cash reserves. Before you apply to refinance again, review your credit report to be sure your bankruptcy closed all past accounts on your record. With a solid credit history behind you, you can apply to traditional mortgage lenders.

Carrie Reeder is the owner ABC Loan Guide, an informational website about various types of loans.

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Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy

If you have a recent bankruptcy on your credit and are looking to get financing for a home, there is hope. Buying a home with bad credit will just put more emphasis on the other two factors needed to get a mortgage loan, which are; income verification and a down payment.

After bankruptcy most lenders want you to wait at least 2 years from the time of the bankruptcy discharge before they will consider you for a mortgage loan. After the two year waiting period is over, you should be able to get financing easily. You should also be able to get 100% financing as well. You can usually achieve this as long as at least most of your payments have been reported to the credit bureau as having been paid on time since the discharge of your bankruptcy.

If you are looking to get a mortgage loan after bankruptcy sooner than the 2 years from the time of discharge, you will need to have almost flawless payment history since your bankruptcy discharge. Also, you may need to have a down payment. If you have even 3-5% to use as a down payment, that may be enough to help you get approved.

There are ways to get a down payment for your mortgage besides having the money saved in the bank. Here are some ideas of ways to do that:

1. Borrow or ask for a gift from relatives. After you have financed the house, you can usually go and take out a 2nd or 3rd mortgage up to the full value of your house, and then you could repay the relatives. Keep in mind that if you intend the money to be as a loan only from the relatives, you would need to disclose that to the lender before you close. Lenders usually have regulations about where the down payment is coming from and if you are not honest, it could be considered defrauding a lender.

2. There are down payment assistance programs like Neighborhood Gold or the Nehemiah program. These programs basically aid the seller in helping you with a down payment. Receiving a down payment from the seller of the property is illegal, but through these programs, it is legal. There are also other down payment assistance programs which are grants and do not need to be repaid or paid for by anyone. To find out about these, do a search on “down payment assistance” with your favorite search engine.

3. You could cash out a 401K or another investment and like in the first example, repay yourself with a 2nd or 3rd mortgage after the loan has closed.

Mortgage loans after bankruptcy are getting to be much easier to obtain these days. If you would like to see a list of our preferred bad credit mortgage lenders.

Carrie Reeder is the owner of ABC Loan Guide. ABC Loan Guide is an informational loan website with informative articles and helpful lists of recommended lenders for bad credit mortgage loans.

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New Bankruptcy Law Makes it Harder to Stop Foreclosure

On October 17, 2005 President Bush’s sweeping bankruptcy reform law goes into effect forever changing the rules of debt collection in this natiion. Consumer advocates and the public appear to be completely unaware of the total and complete victory of the creditors under the new legislation. This article opens the door to the Trogan Horse so that consumers can prepare themselves for the worse.

The most important aspect of the bankruptcy code was the “automatic stay” provision. This allowed consumers to file for bankruptcy at anytime during the creditor’s collection process putting an immediate stop to all contact and collection activities from the creditor. The new law requires that a debtor receive credit counseling from an approved non-profit credit counseling agency for 180 days prior to filing Chapter 7 or Chapter 13 bankruptcy.

While this may sound benevolent, a much closer look at the practical effect of this provision reveals the crafty peeling of the debtor’s rights. The 180 day requirement is to provide the credit counseling agency the opportunity to work out payment plans with creditors. However, during this same period of time the creditor is not restrained from collection efforts. For example, Margaret is a homeowner in Jacksonville, Florida and is six months behind on her mortgage. As a rule, credit counseling agencies only work with credit card companies and have little or no training with dealing with mortgage companies.

After receiving foreclosure papers, Margaret goes to see her attorney to file for bankruptcy and is told that she must first seek credit counseling before filing for bankruptcy protection. Meanwhile, the foreclosure proceeds on schedule and a sale date is set 120 days later. However, Margaret still has not completed her 180 day requirement. What will happen to Margaret’s home? That’s right! The home will be sold and she cannot stop the sale by filing bankruptcy.

This is the most sweeping shift in debt collection in the past 50 years. Margaret’s only hope will be to work out a repayment plan or a loan restructure with her mortgage company. This is a process called loss mitigation and is explained in great detail to consumers in our new book, How to Save Your Home, ISBN#09753754-0-7, $19.95, SYH University, LLC, 2005 which is sold at Amazon.com.

Loss Mitigation works because lenders lose an average of $28,000 to $50,000 per foreclosure nationwide. It is a myth that the lender wants your home and makes a profit off of foreclosure. A lender has to pay attorney fees, court and collection costs, maintain fire insurance, hire a real estate professional, repair structural and other damage to the home, and pay property taxes. The homeowner can work out an agreement with the lender in over 90% of cases. Our company has provided housing counseling service to thousands of homeowners and loss mitigation absolutely works.

In conclusion, it is up to the consumer to educate and prepare themselves for worse case scenarios. How to Save Your Home is an excellent training tool and will teach homeowners how to protect themselves under the new bankruptcy law. Most Americans do not have health or disability insurance and are vulnerable to job layoffs because of a stagnant economy. Who amongst us is immune to heart attacks, business failure, strokes, law suits, tax liens or other challenges that life sometimes presents. One pay check is literally what separates many families from home security and despair and the new bankruptcy law will severly punish those who slip behind on their mortgage payments.

Herbert Addison, JD, CHC is a Certified Housing Counselor and a member of the Virginia Association of Housing Counselors. Mr. Addison is co-author of the new book, How to Save Your Home, and has helped thousands of families to save their homes from foreclosure sales.

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Car Loans After Bankruptcy - Tips to Getting Approved

A car loans after a bankruptcy is one way to help build back your credit history. In fact, once your bankruptcy closes, you can apply for a car loan the next day. To get approved with the best rates for your car loan, follow these tips.

Review Your Credit Report

Before you start applying for a car loan, check out your credit report and make sure all your accounts are in order. It is not uncommon after a bankruptcy to see open accounts that should be closed, which hurt your credit rating.

While looking at your credit report, consider adding a page explaining the situation that resulted in your bankruptcy. If there were extenuating circumstances, lenders may approve you for a better rate than under normal conditions.

Plan Your Car Purchase

Before purchasing a vehicle, decide what you can afford in a monthly car loan payment. This will help you decide which financing package is best for you. Both the loan amount and length of payments will determine your monthly payments, so there is flexibility in determining which vehicle you can afford to purchase.

Use A Car Loan Lender

Car loan lenders make their money by finding you a loan. Car loan lenders work with several financing partners to back loans with all types of credit risk, including bankruptcies.

Online car loan lenders deal with thousands of loans, and can usually find you a better deal than your local car dealerships. Online car loan lenders will send you a check when you are approved, basically making you a pre-approved car loan buyer.

Explain Your Situation

Car loan applications will ask if you have ever declared bankruptcy and why. This is your chance to explain what led up to the situation and what steps you have taken to resolve your credit situation. Be sure to include improvements in your financial history too.

Consider Refinancing

Once you are approved for a car loan, keep your eye on future refinancing. By making regular payments on all your bills, in a year’s time you could qualify for significantly lower interest rates. In three years, you can build your credit score to near excellent and qualify for even lower rates.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

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