First the bad news: about 2,000,000 personal bankruptcies each year are caused by unexpected medical expenses. Of all those people, 1,500,000 have (or had) health insurance before they ran into difficult financial straights.
But wait a minute. Isn't the whole idea behind health insurance - security? The financial security that comes from knowing that you're covered if something goes wrong with your body? You say you're covered, but what if your medical "situation" exceeds your policy limits? Then what?
No one wants that to happen, so the question is: are there other options? For instance, is there a way to "insure" against getting sick in the first place? Most people assume that's not possible, but personally, I disagree.
Several years ago my wife Sandy and I stumbled onto a very unusual health product. We both had our own experiences with it and have seen it work miracles for others.
But before going there, I'd like to explain something. To me, health insurance should be about staying healthy. In China, for instance, doctors used to be paid only if they kept you healthy. That's what I call real health insurance. And although the U.S. has some of the best-trained, dedicated physicians in the world, heart disease, cancer, strokes, and autoimmune diseases are all on the rise.
Clearly, our health isn't being protected - at least not to an appreciable extent. The medical paradigm in the U.S. is mostly about treating symptoms, not fostering health. And while we're all very grateful to doctors for all their efforts, symptom treatment is intrinsically short-sighted.
If symptom treatment was effective in restoring health, people would be getting well and staying well. But that's not what usually happens.
There's a growing movement of people who've recognized the shortcomings of the traditional medical/pharmaceutical "health" model. They're not stupid. For instance: 106,000 annual deaths from properly prescribed prescription drugs sure got my attention when I heard the news. Check it out on the net. It's a fact.
OK. So everyone knows there's a problem. Again, the question is: are there options out there and if so, what are they?
As I was saying earlier, there is an option. I can say that because I have personal proof. Four years ago, I was diagnosed with a heart condition called atrial fibrillation. It wasn't painful per se, but the irregular, spasmodic poundings inside my chest were very disconcerting.
My wife Sandy and I were in Maui when a friend of ours told us about something called glyconutrition. Now, I'm a fairly open-minded kind of a guy and I've been interested in health supplements for a long time, so I decided to try it. (By the way, nothing I was taking before then was helping my heart condition). After a few months, the condition went away. It hasn't returned since.
Sandy also had a positive health reversal. She was in a lot of pain from neck surgery she'd had seven years earlier. She also decided to try the glyconutrients. It took a little longer for her, but her pain subsided and surgery was avoided. My point in telling you these two stories is that we saved a ton of money and who knows how much pain and suffering by not having to undergo surgery. I don't know if my atrial fibrillation would have led to a worsening condition requiring surgery, but I do know that Sandy was considering a second neck surgery before we heard about glyconutrients.
Since then, we've learned a lot more about the science behind glyconutrients and why this new category of nutrient is turning around so many health conditions for so many people.
Even highly trained medical doctors and surgeons are taking notice. Case in point: Dr. Ben Carson is the department head of pediatric neurosurgery at Johns Hopkins Medical Center. A severe form of prostate cancer led him to discover glyconutrients. Long story short: he attributes to them his complete recovery. He now recommends glyconutrients to all his patients, to his staff and others as well.
Without going into a lot of complicated detail, science now has a pretty good idea about why glyconutrients seem to be helping so many different kinds of health conditions. The bottom line is this: enhanced cell-to-cell communication.
Glyconutrients provide the body with highly specialized building blocks that the body transforms into communication molecules that all cells use. Without an adequate supply of these molecules, communication starts to break down and illness starts to creep in.
The reason glyconutritional supplements are so effective is this: our diets suck. Let me explain. If we got all the nutrients we needed in our diet, we'd rarely get ill. By the way, the scientific evidence to support that statement is huge.
But because 90 percent of the food we eat is processed (devoid of essential, health-promoting nutrients) and for a number of other reasons, we're not getting the nutritional build blocks our bodies need in order to stay disease-free.
Bottom line: understand the powerful relativity between the nutrients we consume and the state of our health.
So to reiterate - there are options for warding off illness and medically related bankruptcy. Just don't look for them in the current medical - pharmaceutical - health insurance paradigm. Look for them in the emerging science of glycobiology - the same science that's starting to describe the cellular mechanisms behind the major health recoveries that thousands of glyconutrient users are now reporting.
http://www.poorcreditgenie.com/bkmedical.html
Saturday, August 18, 2007
Student Loans Can’t Be Swept Away Through Bankruptcy
Bankruptcy is in the news these days, as Congress has finally overhauled the Federal bankruptcy law after years of talking about it. The credit card companies, rightly or wrongly, have been pressuring members of Congress to tighten the bankruptcy statutes, saying that too many people were willfully spending money they couldn’t repay with the intention of avoiding paying the money back by filing for bankruptcy. That will soon change, and those with student loans may pay a heavy price.
Most everyone knows that consumers with problem debt who are unable to pay their debts may file for bankruptcy under Chapter 7 of the Federal bankruptcy code. This allows for the court to basically wipe away all of the debtor’s bills and allows them to start over. It’s not entirely free; the bankruptcy filing stays on the debtor’s credit report for the next ten years and may affect their ability to buy a home, borrow money or obtain employment. What many people fail to realize is that while installment loan debt or credit card debt can be wiped out through filing for bankruptcy, most student loans cannot. In fact, thanks to legislation enacted several years ago, most any loans acquired for education, including those issued by for-profit agencies, may not be eliminated through filing for bankruptcy.
What this means for those with student loans is that they will need to be repaid. If bankruptcy is inevitable, those with outstanding student loans should contact their lenders and see if they can’t negotiate a repayment plan. Those with Federally funded student loans should contact their lender soon, as rates for student loans will go up on July 1, 2005. Now would be a good time to consolidate student loans, as the rates can be locked in for the long term. If these options are not viable, then holders of student loans should simply be aware that their lenders and their lenders’ loan collectors will be keeping in touch with them for the foreseeable future. Those with student loans and other financial problems should also be aware that Federal bankruptcy law will change in October, 2005, making it harder to file for bankruptcy. If you have problem debt, now would be a good time to consider meeting with a credit counselor.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and StructuredSettlementHelp.com, a site devoted to information regarding structured settlements.
http://www.poorcreditgenie.com/bkstloans.html
Most everyone knows that consumers with problem debt who are unable to pay their debts may file for bankruptcy under Chapter 7 of the Federal bankruptcy code. This allows for the court to basically wipe away all of the debtor’s bills and allows them to start over. It’s not entirely free; the bankruptcy filing stays on the debtor’s credit report for the next ten years and may affect their ability to buy a home, borrow money or obtain employment. What many people fail to realize is that while installment loan debt or credit card debt can be wiped out through filing for bankruptcy, most student loans cannot. In fact, thanks to legislation enacted several years ago, most any loans acquired for education, including those issued by for-profit agencies, may not be eliminated through filing for bankruptcy.
What this means for those with student loans is that they will need to be repaid. If bankruptcy is inevitable, those with outstanding student loans should contact their lenders and see if they can’t negotiate a repayment plan. Those with Federally funded student loans should contact their lender soon, as rates for student loans will go up on July 1, 2005. Now would be a good time to consolidate student loans, as the rates can be locked in for the long term. If these options are not viable, then holders of student loans should simply be aware that their lenders and their lenders’ loan collectors will be keeping in touch with them for the foreseeable future. Those with student loans and other financial problems should also be aware that Federal bankruptcy law will change in October, 2005, making it harder to file for bankruptcy. If you have problem debt, now would be a good time to consider meeting with a credit counselor.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and StructuredSettlementHelp.com, a site devoted to information regarding structured settlements.
http://www.poorcreditgenie.com/bkstloans.html
Bankruptcy - Bankruptcy Myths
Bankruptcy has long been a big question mark in the eyes of the consumer. After all they don’t teach us about bankruptcy in school. More often than not, a person’s view of bankruptcy is largely developed by either their parents or close relatives personal views or dealings with bankruptcy, or a persons view is based on what they see as far as ads etc. regarding bankruptcy. Too often these ads are simply put together by bankruptcy attorneys that want your business. Bankruptcy is big business. With 1,597,462 personal bankruptcy filings being made during the calendar year in 2004 you can see that there is a lot of money to be made by bankruptcy attorneys. While not all bankruptcy attorneys are in it for the money it is apparent by the plethora of advertisements online or on TV that make claims such as you’ll be on your way to good credit it no time, or claims that it’s easy to file that there are bankruptcy attorneys with their own personal gains at the top of their mind.
Here is a list of myths or untrue statements that I have come across when researching bankruptcy that I wanted to share with you, the consumer.
All Debts are Erased When you File for Chapter 7 Bankruptcy Protection.
This is simply untrue. Don’t believe anyone who says this to you. You will find out quickly that there are certain debts that can’t be erased. These debts include and child support or alimony, student loans, or any fraudulent debt. Although some legal settlements may be removed it’s not guaranteed.
Filing for Bankruptcy Protection Will Improve Your Credit Rating.
No it will not. This is used in several unscrupulous bankruptcy attorneys’ advertisements. Be wary of anyone telling you this. The fact is bankruptcy is by far the worst and most damaging mark you credit report can receive. Other negative factors may stay on your credit report for 7 years; bankruptcy can be there for up to 10 years.
Bankruptcy is an Easy and Pain Free Process.
Some bankruptcy attorneys use this in their advertising as well. This is a statement that is false as it is not an easy choice for most consumers. Bankruptcy is one of the harder choices a consumer will make and the aftermath that may develop after a bankruptcy can create long lasting personal problems. Relationship problems, trouble getting a job that requires a clean credit history, or even dealing with the personal stigma attached to bankruptcy can make it difficult for a long time. If someone tells you this is an easy choice they are not looking to help you but rather to profit from your hardships.
While bankruptcy may be unavoidable for some individuals due to hardships that they may be experiencing, bankruptcy is not for everyone. Bankruptcy attorneys should try to find other solutions for you before recommending their own help. Review your options before making your decision, as this may have a long term impact and not provide the quick fix some look for when choosing bankruptcy protection.
http://www.poorcreditgenie.com/bkmyths.html
Here is a list of myths or untrue statements that I have come across when researching bankruptcy that I wanted to share with you, the consumer.
All Debts are Erased When you File for Chapter 7 Bankruptcy Protection.
This is simply untrue. Don’t believe anyone who says this to you. You will find out quickly that there are certain debts that can’t be erased. These debts include and child support or alimony, student loans, or any fraudulent debt. Although some legal settlements may be removed it’s not guaranteed.
Filing for Bankruptcy Protection Will Improve Your Credit Rating.
No it will not. This is used in several unscrupulous bankruptcy attorneys’ advertisements. Be wary of anyone telling you this. The fact is bankruptcy is by far the worst and most damaging mark you credit report can receive. Other negative factors may stay on your credit report for 7 years; bankruptcy can be there for up to 10 years.
Bankruptcy is an Easy and Pain Free Process.
Some bankruptcy attorneys use this in their advertising as well. This is a statement that is false as it is not an easy choice for most consumers. Bankruptcy is one of the harder choices a consumer will make and the aftermath that may develop after a bankruptcy can create long lasting personal problems. Relationship problems, trouble getting a job that requires a clean credit history, or even dealing with the personal stigma attached to bankruptcy can make it difficult for a long time. If someone tells you this is an easy choice they are not looking to help you but rather to profit from your hardships.
While bankruptcy may be unavoidable for some individuals due to hardships that they may be experiencing, bankruptcy is not for everyone. Bankruptcy attorneys should try to find other solutions for you before recommending their own help. Review your options before making your decision, as this may have a long term impact and not provide the quick fix some look for when choosing bankruptcy protection.
http://www.poorcreditgenie.com/bkmyths.html
Top Ten Reasons People File for Bankruptcy
1. Eliminate the legal obligation to pay many of your debts.
This process of wiping the slate clean is called a discharge of debts. The goal of a discharge is to reduce debt to give you a fresh start. Whether it is through straight bankruptcy (Chapter 7 Bankruptcy) or through reorganization (Chapter 13 Bankruptcy), most or all of your debts can be cleared.
2. Stop foreclosure on you house and allow you to effectively make payments to catch up on missed payments of your mortgage.
If your home is in foreclosure, Chapter 13 Bankruptcy will stop the foreclosure any time prior to the sale. Bankruptcy does not eliminate mortgages on your property without payment. Rather, bankruptcy will structure a plan in order to repay your mortgage arrears (the amount that you are behind).
3. Prevent your car or other property from being repossessed.
Even if the creditor has repossessed your car, filing bankruptcy can effectively force them to return your car or other personal property (if the bankruptcy is filed quickly enough). The past payments you have missed will be consolidated into your Chapter 13 Bankruptcy plan. After this you will no longer pay the finance company, rather you will make monthly payments to the trustee of your Chapter 13 Bankruptcy who will then pay the finance company.
4. Reduce or even eliminate high medical bills.
Sometimes an unfortunate accident or major recently discovered illness can completely ruin a family. Many families have to make choices on allocation of bills. Often, bills that were once important become insignificant to the large medical bills acquired by a loved one. Filing Chapter 7 Bankruptcy can greatly reduce the amount of medical bills.
5. Recent loss of employment.
Studies show that loss of work is one of the most common reasons people file for bankruptcy. This is very easy to see. A family can get comfortable on two maybe even one salary. They can take on regular amount of debts, join clubs, and pay normal bills with relative ease. All of a sudden one or both spouses lose a job and a family must go from two salaries to one. Losing a job is closely tied to high medical bills. Losing a job means this family may be left without the protection of insurance that was once provided by their employer. Often times these two factors combined create an almost impossible mountain to climb without the help of bankruptcy.
6. Stop harassing behavior from creditors.
Some creditors do not always take the right course of action when attempting to collect a debt. Often, creditors will persistently call the home of a particular debtor with demeaning and abusive behavior. Not only is this unethical it can rise to the level of unlawful. In essence, bankruptcy will put on hold the demands of many creditors and stop the harassing phone calls and other inappropriate behavior all together.
7. Restore or prevent your utilities from being shut off.
As you have probably seen many of these reasons overlap. Some lead to another. If your home is in risk of foreclosure then your utility bill may also be in risk of being terminated. Filing bankruptcy can prevent the utility company from leaving you in the dark.
8. Provide help for large amounts of student loan debt.
While it is true that your student loans will not be eliminated like several other types of unsecured debt, bankruptcy can consolidate your student loan debt. This consolidation will allow a debtor to make monthly payments through Chapter 13 Bankruptcy that are within the financial ability of the debtor.v
9. End wage garnishments.
Chapter 7 Bankruptcy will stop wage garnishment. Wage garnishment basically takes away your weekly earnings often times leaving you without necessities. Chapter 7 Bankruptcy allows you to purchase necessities for you and your family. Chapter 13 Bankruptcy will also help in this regard.
10. Challenge certain claims of fraudulent creditors.
Bankruptcy will allow you to challenge these claims from creditors who are trying to collect more money from you than you really owe. An attorney can provide the support and the backing you will need to step up to these creditors. Attorneys often even the playing field between a big creditor and a single debtor. Filing bankruptcy with an attorney can stop fraudulent reporting by a creditor.
Original content from http://www.bankruptcyhome.com
You can also view more related articles at http://www.bankruptcyhome.com/articles.htm
http://www.poorcreditgenie.com/bkreasons.html
This process of wiping the slate clean is called a discharge of debts. The goal of a discharge is to reduce debt to give you a fresh start. Whether it is through straight bankruptcy (Chapter 7 Bankruptcy) or through reorganization (Chapter 13 Bankruptcy), most or all of your debts can be cleared.
2. Stop foreclosure on you house and allow you to effectively make payments to catch up on missed payments of your mortgage.
If your home is in foreclosure, Chapter 13 Bankruptcy will stop the foreclosure any time prior to the sale. Bankruptcy does not eliminate mortgages on your property without payment. Rather, bankruptcy will structure a plan in order to repay your mortgage arrears (the amount that you are behind).
3. Prevent your car or other property from being repossessed.
Even if the creditor has repossessed your car, filing bankruptcy can effectively force them to return your car or other personal property (if the bankruptcy is filed quickly enough). The past payments you have missed will be consolidated into your Chapter 13 Bankruptcy plan. After this you will no longer pay the finance company, rather you will make monthly payments to the trustee of your Chapter 13 Bankruptcy who will then pay the finance company.
4. Reduce or even eliminate high medical bills.
Sometimes an unfortunate accident or major recently discovered illness can completely ruin a family. Many families have to make choices on allocation of bills. Often, bills that were once important become insignificant to the large medical bills acquired by a loved one. Filing Chapter 7 Bankruptcy can greatly reduce the amount of medical bills.
5. Recent loss of employment.
Studies show that loss of work is one of the most common reasons people file for bankruptcy. This is very easy to see. A family can get comfortable on two maybe even one salary. They can take on regular amount of debts, join clubs, and pay normal bills with relative ease. All of a sudden one or both spouses lose a job and a family must go from two salaries to one. Losing a job is closely tied to high medical bills. Losing a job means this family may be left without the protection of insurance that was once provided by their employer. Often times these two factors combined create an almost impossible mountain to climb without the help of bankruptcy.
6. Stop harassing behavior from creditors.
Some creditors do not always take the right course of action when attempting to collect a debt. Often, creditors will persistently call the home of a particular debtor with demeaning and abusive behavior. Not only is this unethical it can rise to the level of unlawful. In essence, bankruptcy will put on hold the demands of many creditors and stop the harassing phone calls and other inappropriate behavior all together.
7. Restore or prevent your utilities from being shut off.
As you have probably seen many of these reasons overlap. Some lead to another. If your home is in risk of foreclosure then your utility bill may also be in risk of being terminated. Filing bankruptcy can prevent the utility company from leaving you in the dark.
8. Provide help for large amounts of student loan debt.
While it is true that your student loans will not be eliminated like several other types of unsecured debt, bankruptcy can consolidate your student loan debt. This consolidation will allow a debtor to make monthly payments through Chapter 13 Bankruptcy that are within the financial ability of the debtor.v
9. End wage garnishments.
Chapter 7 Bankruptcy will stop wage garnishment. Wage garnishment basically takes away your weekly earnings often times leaving you without necessities. Chapter 7 Bankruptcy allows you to purchase necessities for you and your family. Chapter 13 Bankruptcy will also help in this regard.
10. Challenge certain claims of fraudulent creditors.
Bankruptcy will allow you to challenge these claims from creditors who are trying to collect more money from you than you really owe. An attorney can provide the support and the backing you will need to step up to these creditors. Attorneys often even the playing field between a big creditor and a single debtor. Filing bankruptcy with an attorney can stop fraudulent reporting by a creditor.
Original content from http://www.bankruptcyhome.com
You can also view more related articles at http://www.bankruptcyhome.com/articles.htm
http://www.poorcreditgenie.com/bkreasons.html
Bankruptcy: What the New Law Means to You
On April 20 of this year, President Bush signed a bankruptcy reform law. When this law goes into effect in October of this year, it will be much more difficult for Americans to use Chapter 7 bankruptcy to get a fresh start on their financial lives.
Under current law, you can choose to file either a Chapter 7 or Chapter 13 Bankruptcy. In a Chapter 7 proceeding, you are allowed to keep your exempt property, such as much of the equity in your home. Most of your other debts, such as money owed on credit cards, are discharged.
In comparison, a Chapter 13 Bankruptcy is a reorganization bankruptcy. In this type of proceeding you agree to pay off your debts over a period of three to five years.
The result of the new law is that fewer people will be able to file for Chapter 7 Bankruptcies and will be forced to file for Chapter 13 Bankruptcies, instead.
On April 20 of this year, President Bush signed a bankruptcy reform law. When this law goes into effect in October of this year, it will be much more difficult for Americans to use Chapter 7 bankruptcy to get a fresh start on their financial lives.
Under current law, you can choose to file either a Chapter 7 or Chapter 13 Bankruptcy. In a Chapter 7 proceeding, you are allowed to keep your exempt property, such as much of the equity in your home. Most of your other debts, such as money owed on credit cards, are discharged.
In comparison, a Chapter 13 Bankruptcy is a reorganization bankruptcy. In this type of proceeding you agree to pay off your debts over a period of three to five years.
The result of the new law is that fewer people will be able to file for Chapter 7 Bankruptcies and will be forced to file for Chapter 13 Bankruptcies, instead.
Major Changes
Possibly the biggest change to bankruptcy law is that there will now be a qualifying test. Under this two-part test, you will first be required to apply a formula that exempts certain expenses such as food, rent, etc., to see if you can afford to pay 25 percent of your “non-priority unsecured debt” (credit cards, medical bills and the like). Second, your income will be compared to your state’s median income.
If your income is above your state’s median income, and if you can afford to pay 25 percent of your unsecured debt, you will not be allowed to file for a Chapter 7 Bankruptcy.
You may be able to file for a Chapter 7 Bankruptcy if your income falls below your state’s median income but you can pay 25 percent of your unsecured debt. However, if the court believes you would be abusing the system by filing a Chapter 7, you can be required to file for a Chapter 13 Bankruptcy, instead.
More differences
If you file a Chapter 7 Bankruptcy today, the court will determine what you can afford to pay based on what you and the court determines are reasonable and necessary living expenses.
Under the new law, the court is required to apply living standards that are derived by the Internal Revenue Service to determine what is reasonable to pay for rent, food, etc., and how much you should then have left over to pay your debts. The IRS regulations are more stringent and if you want to contest them, you will need to ask for a hearing in front of the bankruptcy judge. This can easily mean more time and expense.
Tougher exemptions
When you declare bankruptcy today, your state may allow you to keep all or much of the equity you have in your home. However, the new law places tougher restrictions on this exemption. So before you file, be sure to discuss this with a knowledgeable bankruptcy attorney so that you will know exactly how much of your home’s equity you can expect to protect.
Credit counseling
Here’s another tough restriction. Under the new bankruptcy law, you must meet with a credit counselor in the six months before you apply for bankruptcy. You must also attend money management courses – at your expense – before your debts are discharged.
Since the new law makes it so much tougher to declare a Chapter 7 Bankruptcy, you might think about filing now, before it goes into effect. Before you do anything, make sure you talk to a good bankruptcy attorney. Also, be sure to keep in mind that it takes a couple of weeks to file for bankruptcy. This means that if you want to take advantage of the current law, you should plan on filing at least by the beginning of September of this year.
For FREE help with debt and credit, subscribe today to Douglas Hanna's free email newsletter “8 Simple Steps to Debt Relief” at http://www.all-in-one-info.com
Possibly the biggest change to bankruptcy law is that there will now be a qualifying test. Under this two-part test, you will first be required to apply a formula that exempts certain expenses such as food, rent, etc., to see if you can afford to pay 25 percent of your “non-priority unsecured debt” (credit cards, medical bills and the like). Second, your income will be compared to your state’s median income.
If your income is above your state’s median income, and if you can afford to pay 25 percent of your unsecured debt, you will not be allowed to file for a Chapter 7 Bankruptcy.
You may be able to file for a Chapter 7 Bankruptcy if your income falls below your state’s median income but you can pay 25 percent of your unsecured debt. However, if the court believes you would be abusing the system by filing a Chapter 7, you can be required to file for a Chapter 13 Bankruptcy, instead.
More differences
If you file a Chapter 7 Bankruptcy today, the court will determine what you can afford to pay based on what you and the court determines are reasonable and necessary living expenses.
Under the new law, the court is required to apply living standards that are derived by the Internal Revenue Service to determine what is reasonable to pay for rent, food, etc., and how much you should then have left over to pay your debts. The IRS regulations are more stringent and if you want to contest them, you will need to ask for a hearing in front of the bankruptcy judge. This can easily mean more time and expense.
Tougher exemptions
When you declare bankruptcy today, your state may allow you to keep all or much of the equity you have in your home. However, the new law places tougher restrictions on this exemption. So before you file, be sure to discuss this with a knowledgeable bankruptcy attorney so that you will know exactly how much of your home’s equity you can expect to protect.
Credit counseling
Here’s another tough restriction. Under the new bankruptcy law, you must meet with a credit counselor in the six months before you apply for bankruptcy. You must also attend money management courses – at your expense – before your debts are discharged.
Since the new law makes it so much tougher to declare a Chapter 7 Bankruptcy, you might think about filing now, before it goes into effect. Before you do anything, make sure you talk to a good bankruptcy attorney. Also, be sure to keep in mind that it takes a couple of weeks to file for bankruptcy. This means that if you want to take advantage of the current law, you should plan on filing at least by the beginning of September of this year.
For FREE help with debt and credit, subscribe today to Douglas Hanna's free email newsletter “8 Simple Steps to Debt Relief” at http://www.all-in-one-info.com
http://www.poorcreditgenie.com/bkwhatitmeans.html
Under current law, you can choose to file either a Chapter 7 or Chapter 13 Bankruptcy. In a Chapter 7 proceeding, you are allowed to keep your exempt property, such as much of the equity in your home. Most of your other debts, such as money owed on credit cards, are discharged.
In comparison, a Chapter 13 Bankruptcy is a reorganization bankruptcy. In this type of proceeding you agree to pay off your debts over a period of three to five years.
The result of the new law is that fewer people will be able to file for Chapter 7 Bankruptcies and will be forced to file for Chapter 13 Bankruptcies, instead.
On April 20 of this year, President Bush signed a bankruptcy reform law. When this law goes into effect in October of this year, it will be much more difficult for Americans to use Chapter 7 bankruptcy to get a fresh start on their financial lives.
Under current law, you can choose to file either a Chapter 7 or Chapter 13 Bankruptcy. In a Chapter 7 proceeding, you are allowed to keep your exempt property, such as much of the equity in your home. Most of your other debts, such as money owed on credit cards, are discharged.
In comparison, a Chapter 13 Bankruptcy is a reorganization bankruptcy. In this type of proceeding you agree to pay off your debts over a period of three to five years.
The result of the new law is that fewer people will be able to file for Chapter 7 Bankruptcies and will be forced to file for Chapter 13 Bankruptcies, instead.
Major Changes
Possibly the biggest change to bankruptcy law is that there will now be a qualifying test. Under this two-part test, you will first be required to apply a formula that exempts certain expenses such as food, rent, etc., to see if you can afford to pay 25 percent of your “non-priority unsecured debt” (credit cards, medical bills and the like). Second, your income will be compared to your state’s median income.
If your income is above your state’s median income, and if you can afford to pay 25 percent of your unsecured debt, you will not be allowed to file for a Chapter 7 Bankruptcy.
You may be able to file for a Chapter 7 Bankruptcy if your income falls below your state’s median income but you can pay 25 percent of your unsecured debt. However, if the court believes you would be abusing the system by filing a Chapter 7, you can be required to file for a Chapter 13 Bankruptcy, instead.
More differences
If you file a Chapter 7 Bankruptcy today, the court will determine what you can afford to pay based on what you and the court determines are reasonable and necessary living expenses.
Under the new law, the court is required to apply living standards that are derived by the Internal Revenue Service to determine what is reasonable to pay for rent, food, etc., and how much you should then have left over to pay your debts. The IRS regulations are more stringent and if you want to contest them, you will need to ask for a hearing in front of the bankruptcy judge. This can easily mean more time and expense.
Tougher exemptions
When you declare bankruptcy today, your state may allow you to keep all or much of the equity you have in your home. However, the new law places tougher restrictions on this exemption. So before you file, be sure to discuss this with a knowledgeable bankruptcy attorney so that you will know exactly how much of your home’s equity you can expect to protect.
Credit counseling
Here’s another tough restriction. Under the new bankruptcy law, you must meet with a credit counselor in the six months before you apply for bankruptcy. You must also attend money management courses – at your expense – before your debts are discharged.
Since the new law makes it so much tougher to declare a Chapter 7 Bankruptcy, you might think about filing now, before it goes into effect. Before you do anything, make sure you talk to a good bankruptcy attorney. Also, be sure to keep in mind that it takes a couple of weeks to file for bankruptcy. This means that if you want to take advantage of the current law, you should plan on filing at least by the beginning of September of this year.
For FREE help with debt and credit, subscribe today to Douglas Hanna's free email newsletter “8 Simple Steps to Debt Relief” at http://www.all-in-one-info.com
Possibly the biggest change to bankruptcy law is that there will now be a qualifying test. Under this two-part test, you will first be required to apply a formula that exempts certain expenses such as food, rent, etc., to see if you can afford to pay 25 percent of your “non-priority unsecured debt” (credit cards, medical bills and the like). Second, your income will be compared to your state’s median income.
If your income is above your state’s median income, and if you can afford to pay 25 percent of your unsecured debt, you will not be allowed to file for a Chapter 7 Bankruptcy.
You may be able to file for a Chapter 7 Bankruptcy if your income falls below your state’s median income but you can pay 25 percent of your unsecured debt. However, if the court believes you would be abusing the system by filing a Chapter 7, you can be required to file for a Chapter 13 Bankruptcy, instead.
More differences
If you file a Chapter 7 Bankruptcy today, the court will determine what you can afford to pay based on what you and the court determines are reasonable and necessary living expenses.
Under the new law, the court is required to apply living standards that are derived by the Internal Revenue Service to determine what is reasonable to pay for rent, food, etc., and how much you should then have left over to pay your debts. The IRS regulations are more stringent and if you want to contest them, you will need to ask for a hearing in front of the bankruptcy judge. This can easily mean more time and expense.
Tougher exemptions
When you declare bankruptcy today, your state may allow you to keep all or much of the equity you have in your home. However, the new law places tougher restrictions on this exemption. So before you file, be sure to discuss this with a knowledgeable bankruptcy attorney so that you will know exactly how much of your home’s equity you can expect to protect.
Credit counseling
Here’s another tough restriction. Under the new bankruptcy law, you must meet with a credit counselor in the six months before you apply for bankruptcy. You must also attend money management courses – at your expense – before your debts are discharged.
Since the new law makes it so much tougher to declare a Chapter 7 Bankruptcy, you might think about filing now, before it goes into effect. Before you do anything, make sure you talk to a good bankruptcy attorney. Also, be sure to keep in mind that it takes a couple of weeks to file for bankruptcy. This means that if you want to take advantage of the current law, you should plan on filing at least by the beginning of September of this year.
For FREE help with debt and credit, subscribe today to Douglas Hanna's free email newsletter “8 Simple Steps to Debt Relief” at http://www.all-in-one-info.com
http://www.poorcreditgenie.com/bkwhatitmeans.html
Faxless payday loans
There is alot of talk in the news lately about payday loans - most of it, negative. The fact is payday loans, as with any service has it's good points and bad points. To put it bluntly, you need to watch out for yourself.
Payday loans offer a unique service that is unmatched by any conventional banker. You can get a faxless payday loan in as fast at 1 hour. No bank will give you a loan for up to $1,500 without extensive paperwork, needless to say give it to you, in as fast a timeframe as 1 hour.
If you find yourself in an emergency and need a payday loan, you can use lenders, who specializes in faxless payday loans. Faxless payday loans require no hardcopy paperwork. Everthing is done online. These lenders can get you up to $1,500 in 1 hour.
Once you have the loan, stick to these principles:
1. You should only borrow as much as you can pay back with your next paycheck - never more than this amount. Remember the advantage of taking a payday loan, is that, you get to meet your obligations without having to wait for your paycheck. If your upcoming paycheck is $1,000 then your payday loan amount should be no more than $750. This allows you to pay off your loan and also leaves you enough money to meet other month-end obligations.
2. Refrain from carrying over the balance of the payday loan to a future week. Let's take the example of Ms. Jones, who borrows $1000 at a fee of $40, so she writes a check to the payday loan lender for $1040. If she pays the loan in full after she gets her paycheck. All is well. She is happy, the lender is happy. If she rolls over the balance, meaning she decides to extend the pay back period of her loan, her happiness level starts a downward spiral. Now she needs to give the payday loan lender another $40 to keep the $1,000 loan. The danger here is that, if she rolls over the loan 4 or 5 times, she is now paying $200 in the span of 2 to 3 months on a $1,000 loan.
In short, if you need a loan and you do not have family members or friends that you can rely on - take the loan. Remember, remember, remember that you should not make this a habit! Pay back the loan immediately after you get your paycheck.
Access the list of lenders, who specialize in faxless payday loans and reviews on each lender.
http://www.poorcreditgenie.com/faxlesspaydayloans.html
Payday loans offer a unique service that is unmatched by any conventional banker. You can get a faxless payday loan in as fast at 1 hour. No bank will give you a loan for up to $1,500 without extensive paperwork, needless to say give it to you, in as fast a timeframe as 1 hour.
If you find yourself in an emergency and need a payday loan, you can use lenders, who specializes in faxless payday loans. Faxless payday loans require no hardcopy paperwork. Everthing is done online. These lenders can get you up to $1,500 in 1 hour.
Once you have the loan, stick to these principles:
1. You should only borrow as much as you can pay back with your next paycheck - never more than this amount. Remember the advantage of taking a payday loan, is that, you get to meet your obligations without having to wait for your paycheck. If your upcoming paycheck is $1,000 then your payday loan amount should be no more than $750. This allows you to pay off your loan and also leaves you enough money to meet other month-end obligations.
2. Refrain from carrying over the balance of the payday loan to a future week. Let's take the example of Ms. Jones, who borrows $1000 at a fee of $40, so she writes a check to the payday loan lender for $1040. If she pays the loan in full after she gets her paycheck. All is well. She is happy, the lender is happy. If she rolls over the balance, meaning she decides to extend the pay back period of her loan, her happiness level starts a downward spiral. Now she needs to give the payday loan lender another $40 to keep the $1,000 loan. The danger here is that, if she rolls over the loan 4 or 5 times, she is now paying $200 in the span of 2 to 3 months on a $1,000 loan.
In short, if you need a loan and you do not have family members or friends that you can rely on - take the loan. Remember, remember, remember that you should not make this a habit! Pay back the loan immediately after you get your paycheck.
Access the list of lenders, who specialize in faxless payday loans and reviews on each lender.
http://www.poorcreditgenie.com/faxlesspaydayloans.html
Provisions for Hurricane Katrina Victims Under New Bankruptcy Law
You’ve heard of the new bankruptcy law, whether you plan to file for bankruptcy or not. The law referred to as The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, took effect on October 17, 2005. The law imposes restrictions on who can file for bankruptcy under chapter 7.
Following Hurricanes Katrina and Rita, the United States Trustee’s office announced special guidelines intended to lessen the impact of the new law on victims of natural disaster. Many victims of the hurricane not only lost their homes but have no way of meeting the stringent load of paperwork required to file for bankruptcy.
Some of the exemptions made for victims of natural disaster include the following:
# Mandatory Credit Counseling – The requirement to undergo compulsory credit counseling is waived.
# Paperwork Load – Filers who cannot provide the paperwork needed to file for bankruptcy will not be penalized.
# Passing the “Means Test” – Filers have a lot more leeway, when it comes to passing the means test because lost income and other negative financial effects of the disaster are considered as “special circumstances” that may allow a debtor, who otherwise wouldn’t pass the “means test” to file for bankruptcy under chapter 7.
Access the summary list of changes per the new bankruptcy law and how potential filers will be affected.
http://www.poorcreditgenie.com/bkvictims.html
Following Hurricanes Katrina and Rita, the United States Trustee’s office announced special guidelines intended to lessen the impact of the new law on victims of natural disaster. Many victims of the hurricane not only lost their homes but have no way of meeting the stringent load of paperwork required to file for bankruptcy.
Some of the exemptions made for victims of natural disaster include the following:
# Mandatory Credit Counseling – The requirement to undergo compulsory credit counseling is waived.
# Paperwork Load – Filers who cannot provide the paperwork needed to file for bankruptcy will not be penalized.
# Passing the “Means Test” – Filers have a lot more leeway, when it comes to passing the means test because lost income and other negative financial effects of the disaster are considered as “special circumstances” that may allow a debtor, who otherwise wouldn’t pass the “means test” to file for bankruptcy under chapter 7.
Access the summary list of changes per the new bankruptcy law and how potential filers will be affected.
http://www.poorcreditgenie.com/bkvictims.html
The "Means Test" and The New Bankruptcy Law?
Effective October 17, 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, aka the “new bankruptcy law” became effective. The law imposes certain restrictions, when it comes to filing for bankruptcy. One of the new requirements mandates that bankruptcy filers pass a “means test”.
The “means test” is a calculation that determines whether a bankruptcy filer has enough disposable income to file under chapter 7 or chapter 13. Chapter 7 allows bankruptcy filers to walk away from their debts after giving up most of their secured assets. If you are fail the “means test,” chapter 13 may be an option. Chapter 13 requires filers to pay back their secured debt and as much of their unsecured debt as possible.
The “means test” will be triggered, if a filer’s monthly income is greater than their state of residence’s median household income after adjustments inflation and size of family. To determine if a bankruptcy filer passes the “means test” a filer’s attorney must do the following:
# Take your monthly income and subtract certain allowed expenses in the amounts determined by the IRS. These expenses don’t include things such as food, gas, clothing Note: Under the new law, your monthly income is calculated as your average income over the past 6 months. So, if you lost your job 3 months ago and currently have no income, your monthly income would be determined not as what you truly earn at the moment but your average over the past 6 months.
# Subtract payments on secured debts such as mortgage, rent payments and car loans
# Subtract payments on priority debts such as child support, alimony, tax debts, wages to employees and $1500 in school tuition
If, what is left over is less than $100, then you pass the “means test”. If what’s left over is more than $166.66 then you fail the “means test” and are not eligible for chapter 7.
If, what is left is between $100 and $166.66 then the attorney has to determine, if you can repay 25% of your unsecured debts (credit card bills, medical bills, student loans, etc) over 5 years. If you can repay the debts, then you fail the “means test”. If you cannot repay the debts, then chapter 7 is still an option for you.
Get the summary of changes per the new bankruptcy law.
http://www.poorcreditgenie.com/bkmeans.html
The “means test” is a calculation that determines whether a bankruptcy filer has enough disposable income to file under chapter 7 or chapter 13. Chapter 7 allows bankruptcy filers to walk away from their debts after giving up most of their secured assets. If you are fail the “means test,” chapter 13 may be an option. Chapter 13 requires filers to pay back their secured debt and as much of their unsecured debt as possible.
The “means test” will be triggered, if a filer’s monthly income is greater than their state of residence’s median household income after adjustments inflation and size of family. To determine if a bankruptcy filer passes the “means test” a filer’s attorney must do the following:
# Take your monthly income and subtract certain allowed expenses in the amounts determined by the IRS. These expenses don’t include things such as food, gas, clothing Note: Under the new law, your monthly income is calculated as your average income over the past 6 months. So, if you lost your job 3 months ago and currently have no income, your monthly income would be determined not as what you truly earn at the moment but your average over the past 6 months.
# Subtract payments on secured debts such as mortgage, rent payments and car loans
# Subtract payments on priority debts such as child support, alimony, tax debts, wages to employees and $1500 in school tuition
If, what is left over is less than $100, then you pass the “means test”. If what’s left over is more than $166.66 then you fail the “means test” and are not eligible for chapter 7.
If, what is left is between $100 and $166.66 then the attorney has to determine, if you can repay 25% of your unsecured debts (credit card bills, medical bills, student loans, etc) over 5 years. If you can repay the debts, then you fail the “means test”. If you cannot repay the debts, then chapter 7 is still an option for you.
Get the summary of changes per the new bankruptcy law.
http://www.poorcreditgenie.com/bkmeans.html
New Bankruptcy Law – A Summary of Changes
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, aka the “new bankruptcy law”, became effective October 17, 2005. The law introduces several changes to the existing bankruptcy rules. Some of these changes include the fact that potential bankruptcy filers must meet a “means test”. The test determines, whether you are eligible to file for bankruptcy or not.
The term “Creditor” refers to those organizations owed money. “Debtor” refers to the consumer who owes money. “Filer” refers to the consumer filing for bankruptcy.
Here is a summary of the major changes:
“Means Test” for Chapter 7 A creditor may file a motion to dismiss a bankruptcy case, if the debtor’s income is greater than the median state income and the debtor can afford to pay $100 per month over a period of five years towards paying down your debts. In this case, a debtor has to file for Chapter 13 instead of Chapter 7. Go to our "Means Test" page for more calculation information.
Mandatory Credit Counseling Potential bankruptcy filers must undergo credit counseling via an “approved nonprofit budget and credit counseling agency”, prior to filing for bankruptcy. Here is the list of government approved consumer credit counseling agencies.
Mandatory Debtor Education Chapter 13 filers must complete a course in “personal financial management” prior to filing for bankruptcy.
Discharge of Debts Certain debts cannot be discharged. Debts to a single creditor of more than $500 for luxury goods that were incurred 90 days before filing cannot be discharged. In addition, cash advances of $750 within 70 days are also non-dischargeable.
Proof of Income and Tax Return Filings Filers must show proof that they paid taxes from the last year. This also provides verification of income. If a filer has not paid taxes for the previous year, they must pay before they can continue the bankruptcy process.
Time between Discharge If you are filing for Chapter 7 and you have a previous discharge within the last 8 years – you cannot receive another discharge. This time period used to be 6 years.
Fewer "Automatic Stay" Protections Filers will no longer enjoy some of the legal protections they used to have such as stopping or delaying evictions, driver's license suspensions or child support proceedings.
Attorney Verification Required Attorneys are responsible for verifying that information contained in petitions and schedules are “well grounded in fact.” Attorneys are required to sign petitions to acknowledge this fact.
Eviction Proceedings Filing for bankruptcy will not stop an eviction proceeding.
Priority For Unpaid Child Support and Alimony The repayment of unpaid child support and alimony take priority over any other creditor.
Retirement and college savings gain protection Funds in retirement accounts such as 401K, 403b and IRAs are deemed as assets that are not available to creditors as part of the bankruptcy. Debtors can continue to contribute to these accounts, if they can. Additional accounts that are exempt are college savings funds for children.
http://www.poorcreditgenie.com/bankruptcy.html
The term “Creditor” refers to those organizations owed money. “Debtor” refers to the consumer who owes money. “Filer” refers to the consumer filing for bankruptcy.
Here is a summary of the major changes:
“Means Test” for Chapter 7 A creditor may file a motion to dismiss a bankruptcy case, if the debtor’s income is greater than the median state income and the debtor can afford to pay $100 per month over a period of five years towards paying down your debts. In this case, a debtor has to file for Chapter 13 instead of Chapter 7. Go to our "Means Test" page for more calculation information.
Mandatory Credit Counseling Potential bankruptcy filers must undergo credit counseling via an “approved nonprofit budget and credit counseling agency”, prior to filing for bankruptcy. Here is the list of government approved consumer credit counseling agencies.
Mandatory Debtor Education Chapter 13 filers must complete a course in “personal financial management” prior to filing for bankruptcy.
Discharge of Debts Certain debts cannot be discharged. Debts to a single creditor of more than $500 for luxury goods that were incurred 90 days before filing cannot be discharged. In addition, cash advances of $750 within 70 days are also non-dischargeable.
Proof of Income and Tax Return Filings Filers must show proof that they paid taxes from the last year. This also provides verification of income. If a filer has not paid taxes for the previous year, they must pay before they can continue the bankruptcy process.
Time between Discharge If you are filing for Chapter 7 and you have a previous discharge within the last 8 years – you cannot receive another discharge. This time period used to be 6 years.
Fewer "Automatic Stay" Protections Filers will no longer enjoy some of the legal protections they used to have such as stopping or delaying evictions, driver's license suspensions or child support proceedings.
Attorney Verification Required Attorneys are responsible for verifying that information contained in petitions and schedules are “well grounded in fact.” Attorneys are required to sign petitions to acknowledge this fact.
Eviction Proceedings Filing for bankruptcy will not stop an eviction proceeding.
Priority For Unpaid Child Support and Alimony The repayment of unpaid child support and alimony take priority over any other creditor.
Retirement and college savings gain protection Funds in retirement accounts such as 401K, 403b and IRAs are deemed as assets that are not available to creditors as part of the bankruptcy. Debtors can continue to contribute to these accounts, if they can. Additional accounts that are exempt are college savings funds for children.
http://www.poorcreditgenie.com/bankruptcy.html
After Bankruptcy Personal Loans
Finding Personal Loans After Chapter 7 or Chapter 13 Bankruptcy
If you filed for Chapter 7 or Chapter 13 bankruptcy recently, you may be excited at the prospect of starting over debt-free. You may also be concerned about how to rebuild your credit so that you can get access to financial resources as such mortgage loans, refinance loans, auto loans, etc.
The fact of the matter is that, creditors are not eager to give a person with a bad credit history a loan. When a creditor looks at your credit report, the only thing they see is that number - your FICO score. If your credit score is below 600 (be it 450, 460, 480, 485, 550, 575, 580, etc), you are deemed a credit risk.
If you do not have a home, you will need a bad credit unsecured personal loan lender. Try any of the companies listed below, who offer cash advance loans of up to $1500 in 1 hour or 24 hours with no credit checks, no faxing and no documentation. You can use multiple lenders to get up to $5000.
# Cash Central. $500 in 24 hours.
# We Give Cash in 1 Hour. $1500 in 1 hour.
# Paychecktoday . $1000 in 24 hours.
# Cash Station. $500 in 24 hours.
# Pay Day City. $500 in 24 hours.
If you own a home - you can tap into your home equity. The following companies provide bad credit refinance mortgage loans. They are popular because they have staff specifically trained to assist "credit-issues" customers:
# Pioneer Lenders
# America’s Lending Partners
http://www.poorcreditgenie.com/bkpersloan.html
If you filed for Chapter 7 or Chapter 13 bankruptcy recently, you may be excited at the prospect of starting over debt-free. You may also be concerned about how to rebuild your credit so that you can get access to financial resources as such mortgage loans, refinance loans, auto loans, etc.
The fact of the matter is that, creditors are not eager to give a person with a bad credit history a loan. When a creditor looks at your credit report, the only thing they see is that number - your FICO score. If your credit score is below 600 (be it 450, 460, 480, 485, 550, 575, 580, etc), you are deemed a credit risk.
If you do not have a home, you will need a bad credit unsecured personal loan lender. Try any of the companies listed below, who offer cash advance loans of up to $1500 in 1 hour or 24 hours with no credit checks, no faxing and no documentation. You can use multiple lenders to get up to $5000.
# Cash Central. $500 in 24 hours.
# We Give Cash in 1 Hour. $1500 in 1 hour.
# Paychecktoday . $1000 in 24 hours.
# Cash Station. $500 in 24 hours.
# Pay Day City. $500 in 24 hours.
If you own a home - you can tap into your home equity. The following companies provide bad credit refinance mortgage loans. They are popular because they have staff specifically trained to assist "credit-issues" customers:
# Pioneer Lenders
# America’s Lending Partners
http://www.poorcreditgenie.com/bkpersloan.html
Bankruptcy Auto Loan
How To Find A Car Loan After Bankruptcy
It's almost impossible to get by without a car these days. Even if, you live in a city such as New York city, there are times when you need to go out of town for various reasons. Public transporation is great but it's not convenient nor is it exactly peaceful.
If you are one of the 33 million Americans struggling with bad credit - one of your new year's resolution may be to improve your credit score. To do this, you will need a good dose of discipline and money. To make money, you need a job and most jobs require some kind of reliable transportation, in order to be flexible with your employer.
If you have a low FICO score, chances are you are worried about how to get an auto loan with your bad credit history.
The fact is that about 15 years ago, getting an auto loan after bankruptcy was difficult, if not impossible. Things have changed and you have the internet to thank for this.
The internet has made the auto loan industry a very competitive field thus lenders are more willing to accept bad credit consumers. Some of these lenders have entire divisions and staff dedicated to serving the "credit-issues" customer base. Lenders such as the following offer bad credit auto loans with little hassle. You complete a simple form, which usually takes minutes and they work with you to find a suitable loan. These companies are particularly popular because they have a low paperwork threshold and so, if you are self-employed or have a sporadic paycheck schedule, you can still get a loan.
http://www.poorcreditgenie.com/bkautoloan.html
It's almost impossible to get by without a car these days. Even if, you live in a city such as New York city, there are times when you need to go out of town for various reasons. Public transporation is great but it's not convenient nor is it exactly peaceful.
If you are one of the 33 million Americans struggling with bad credit - one of your new year's resolution may be to improve your credit score. To do this, you will need a good dose of discipline and money. To make money, you need a job and most jobs require some kind of reliable transportation, in order to be flexible with your employer.
If you have a low FICO score, chances are you are worried about how to get an auto loan with your bad credit history.
The fact is that about 15 years ago, getting an auto loan after bankruptcy was difficult, if not impossible. Things have changed and you have the internet to thank for this.
The internet has made the auto loan industry a very competitive field thus lenders are more willing to accept bad credit consumers. Some of these lenders have entire divisions and staff dedicated to serving the "credit-issues" customer base. Lenders such as the following offer bad credit auto loans with little hassle. You complete a simple form, which usually takes minutes and they work with you to find a suitable loan. These companies are particularly popular because they have a low paperwork threshold and so, if you are self-employed or have a sporadic paycheck schedule, you can still get a loan.
http://www.poorcreditgenie.com/bkautoloan.html
Getting a Home Mortgage Loan After Bankruptcy
Tips on getting a mortgage loan after filing Chapter 7 or Chapter 13 Bankruptcy
Life after bankruptcy can present uncertainties, especially, if you find yourself needing financial products such as mortgage loans, refinance loans or credit cards. The fact is that no one thinks it will happen to them until the nightmare becomes reality.
Following the passage of the tough new bankruptcy laws on 2005, filing for bankruptcy is a luxury for some Americans. They simple do not meet the qualifications to file.
If you are one of the "lucky" ones, who managed to file before the deadline last year, you are probably in the process of repairing your credit. As with everything, fixing your credit takes time. This is why financial gurus usually advise consumers who have recently filed for bankruptcy to wait at least two years before they attempt to apply for loans. The two year period allows you to rebuild your credit. It also proves to future creditors that you can manage your finances.
If for whatever reason, you are not able to wait for the two year period to apply for a mortgage loan, you can still get a loan, but beware that you will have a pay higher interest rate. You can mitigate a higher interest rate by also putting down a bigger down payment.
In any case, if you are committed to repairing your credit, a higher interest rate should not be a showstopper. You can refinance your mortgage loan once your credit score is above the 700 mark.
The following lender(s) provide mortgage loans to consumers with all types of credit histories.
LoanAtlas - This company has a wide network of lenders, who compete for your business. You get up to four mortgage quotes after completing a fast and easy home mortgage loan application.
http://www.poorcreditgenie.com/mortafterbank.html
Life after bankruptcy can present uncertainties, especially, if you find yourself needing financial products such as mortgage loans, refinance loans or credit cards. The fact is that no one thinks it will happen to them until the nightmare becomes reality.
Following the passage of the tough new bankruptcy laws on 2005, filing for bankruptcy is a luxury for some Americans. They simple do not meet the qualifications to file.
If you are one of the "lucky" ones, who managed to file before the deadline last year, you are probably in the process of repairing your credit. As with everything, fixing your credit takes time. This is why financial gurus usually advise consumers who have recently filed for bankruptcy to wait at least two years before they attempt to apply for loans. The two year period allows you to rebuild your credit. It also proves to future creditors that you can manage your finances.
If for whatever reason, you are not able to wait for the two year period to apply for a mortgage loan, you can still get a loan, but beware that you will have a pay higher interest rate. You can mitigate a higher interest rate by also putting down a bigger down payment.
In any case, if you are committed to repairing your credit, a higher interest rate should not be a showstopper. You can refinance your mortgage loan once your credit score is above the 700 mark.
The following lender(s) provide mortgage loans to consumers with all types of credit histories.
LoanAtlas - This company has a wide network of lenders, who compete for your business. You get up to four mortgage quotes after completing a fast and easy home mortgage loan application.
http://www.poorcreditgenie.com/mortafterbank.html
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