After filing bankruptcy, is it difficult to qualify for credit and loans?
While much will depend on your specific situation (credit score, income, age of bankruptcy, etc.), it doesn't have to be as difficult as some people make it.
In After Bankruptcy Credit Solutions, I detail a three step process readers can use after filing bankruptcy to increase their chances of credit approval.
There's not nearly enough room to cover each one in detail here, so I'll summarize each step:
1) Increase your credit score
If you plan on applying for credit after filing bankruptcy, increasing your credit score is critical. Why? First, it can mean the difference between being approved or declined for a loan. Second, if you can increase your credit score enough after filing bankruptcy, you may be able to get a lower interest rate on any loans you qualify for – which could save you up to $100s or even $1,000s in interest.
What steps can be taken that could help increase your credit score after filing bankruptcy? There are a number of them. One step is to have any inaccurate negative information on your credit reports corrected. You also want to make sure any obsolete negative information is removed from your credit reports. As for other steps that could help increase your credit score after filing bankruptcy, I'll save those for another article.
2) Know How the Credit Approval Process Works
Knowing how the credit approval process works is very important when applying for loan after filing bankruptcy. For example, what are the lender’s criteria? Do they have a minimum credit score criteria? What about income? How much of an impact will your bankruptcy have?
After filing bankruptcy, you want to know the answer to these questions before you apply for credit. Knowing the answers in advance can help you find the lenders that will consider your application. There are other questions you can ask, but this at least gives you a starting point.
3) Know How to Apply for Credit and Loans
There are specific strategies you can use when applying for credit and loans after filing bankruptcy. For example, if you plan on financing a car, there are strategies you can use to increase your chances of being approved for the loan – and possibly save money on interest charges, and even on the car itself.
Here’s another example: What if you want to buy a home after filing bankruptcy? Again, there are a number of strategies you can use to increase your chances of being approved – and potentially reducing the interest rate you pay. I go into detail on each one in After Bankruptcy Credit Solutions.
Qualifying for credit and loans after filing bankruptcy does not have to be as difficult as some people make it. In this article we looked at three steps you can take the next time you apply for credit and loans after bankruptcy to increase your chances of credit approval, and potentially reduce the interest rate you end up paying in the process.
.
The company and product/service names referenced in this article are the trademarks, registered trademarks or service marks of their respective owners. None of the owners have sponsored or endorsed this article.
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting, or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
About author:
R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after filing bankruptcy.
Wednesday, August 22, 2007
Discharged Bankruptcy? These Steps Could Help
If you have a discharged bankruptcy, here are three steps that could help increase your chances of qualifying for credit and loans:
1. Order copies of your credit reports
You will want to order copies of your credit reports from the major credit reporting agencies (Experian, Equifax, and Trans Union) after your discharged bankruptcy. You can order your reports by mail, telephone, or online.
You may even be entitled to a free copy of your credit report - check with each of the major credit reporting agencies. In After Bankruptcy Credit Solutions I cover five ways to get a free copy of your credit report. But free or not, ordering copies of your credit reports after your discharged bankruptcy is important if you are planning to apply for any credit or loans.
2. Clean up your credit reports
Once you have copies of your credit reports, you will want to review each one carefully. You will want to make a note of any inaccurate or obsolete negative information that needs to corrected or removed. You will also want to make sure that your discharged bankruptcy is being reported correctly on each credit report.
While there is not enough room here to go into detail on how to correct or remove any inaccurate or obsolete negatvie information on your credit reports, I explain how in After Bankruptcy Solutions - and also what to look for when cleaning up your credit reports after a discharged bankruptcy.
3. Focus on increasing your credit score
Cleaning up your credit reports after a discharged bankruptcy is one way that could help increase your credit score. There are a number of other ways as well including: Establishing some new accounts and paying them in a timely manner over time, maintaining low balances on your credit card accounts, and even adding years of positive credit history to your credit reports.
In this article we looked at three steps that could help increase your chances of qualifying for credit and loans after a discharged bankruptcy. There are a number of other strategies you can use – but I will save those for future articles dealing with credit and loans after a discharged bankruptcy.
The company and product/service names referenced in this article are the trademarks, registered trademarks or service marks of their respective owners. None of the owners have sponsored or endorsed this article.
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
About the Author:R. Lawrence Anderson is the author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after a discharged bankruptcy.
1. Order copies of your credit reports
You will want to order copies of your credit reports from the major credit reporting agencies (Experian, Equifax, and Trans Union) after your discharged bankruptcy. You can order your reports by mail, telephone, or online.
You may even be entitled to a free copy of your credit report - check with each of the major credit reporting agencies. In After Bankruptcy Credit Solutions I cover five ways to get a free copy of your credit report. But free or not, ordering copies of your credit reports after your discharged bankruptcy is important if you are planning to apply for any credit or loans.
2. Clean up your credit reports
Once you have copies of your credit reports, you will want to review each one carefully. You will want to make a note of any inaccurate or obsolete negative information that needs to corrected or removed. You will also want to make sure that your discharged bankruptcy is being reported correctly on each credit report.
While there is not enough room here to go into detail on how to correct or remove any inaccurate or obsolete negatvie information on your credit reports, I explain how in After Bankruptcy Solutions - and also what to look for when cleaning up your credit reports after a discharged bankruptcy.
3. Focus on increasing your credit score
Cleaning up your credit reports after a discharged bankruptcy is one way that could help increase your credit score. There are a number of other ways as well including: Establishing some new accounts and paying them in a timely manner over time, maintaining low balances on your credit card accounts, and even adding years of positive credit history to your credit reports.
In this article we looked at three steps that could help increase your chances of qualifying for credit and loans after a discharged bankruptcy. There are a number of other strategies you can use – but I will save those for future articles dealing with credit and loans after a discharged bankruptcy.
The company and product/service names referenced in this article are the trademarks, registered trademarks or service marks of their respective owners. None of the owners have sponsored or endorsed this article.
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
About the Author:R. Lawrence Anderson is the author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after a discharged bankruptcy.
Article Source: http://EzineArticles.com/?expert=R._Lawrence_Anderson
Buying a Car After Bankruptcy? These Suggestions Could Help
If you are buying a car after bankruptcy, here are a few suggestions that could help:
First, you want to make sure you've done everything you can to increase your credit score. Once you've done that you're ready to start shopping for your car!
Here's a question for you: Is it better to get outside financing or get financing through the dealership when you are buying a car after bankruptcy. The answer is... drum roll please... it depends!
It's worthwhile to apply for outside financing when buying a car after bankruptcy. But make sure you do it through the right lender. If you don't, you could end up paying $100s or $1,000s more in extra interest. If you even get approved at all.
Now let's assume you've done your homework. You found the car you like, you know how much that make and model sells for, and you know how much your trade in is worth. It's time to visit the dealership...
Let's say you find the specific car you want to buy. Now you're going to need to negotiate the price.
If you lined up outside financing, then you're in a good position from a negotiating standpoint. But what if you could not get outside financing for a car after bankruptcy? What if you need to depend on the dealership to get you financed when buying the car after bankruptcy?
Many people think that since they had a bankruptcy they are at the mercy of the car dealership in this situation. THIS SIMPLY IS NOT TRUE!
Let me share a little secret with you: If the dealership has run your credit report and they start negotiating with you, then they're pretty sure they can finance you. After all, do you really think they would waste their time negotiating a price with someone they did not think they could finance? Of course not!
Here's where things get interesting. How many times a year does the dealership negotiate with buyers? Probably hundreds of times a year at a decent sized dealership. Now what about you - how many times do you negotiate for a car? If you are like most people, it's probably once every so many years.
Most people will thoroughly research the price of the car they want to buy. If it's new they'll take time to find out the dealership's cost and, if they have one, the value of their trade in.
...and they'll go back and forth with the dealership for two or three hours until everyone agrees on the numbers and a sale takes place.
Chances are the buyer still may have left a pile of money on the table - and didn't even know it. The reason the buyer probably left money on the table is that they more than likely made two critical mistakes without even being aware of it. One mistake was that they didn't negotiate all five parts of the sale separately. The price of the car is just one part.
On that note, another step you will want to take is to improve your car buying skills. How? Visit websites that provide car buying tips. Another way is to pick up a good book on how to buy a car - you can find quite a few of them out there. Unfortunately, I have not run across any that provide specific information on buying a car after bankruptcy. However, After Bankruptcy Credit Solutions does cover this topic in detail - so the information is out there.
Other than a home, buying a car is one of the bigger purchases you're going to make. You need to AVOID any mistakes that can cost you up to $100s or $1,000s of dollars in extra interest. In other words, you simply can't afford not to get things right when you're buying a car after bankruptcy.
This article covered some steps you can take which could help when buying a car after bankruptcy. Put them to use and they could save you from making some expensive mistakes!
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
About the Author: R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy - it also covers the topic of buying a car after bankruptcy.
First, you want to make sure you've done everything you can to increase your credit score. Once you've done that you're ready to start shopping for your car!
Here's a question for you: Is it better to get outside financing or get financing through the dealership when you are buying a car after bankruptcy. The answer is... drum roll please... it depends!
It's worthwhile to apply for outside financing when buying a car after bankruptcy. But make sure you do it through the right lender. If you don't, you could end up paying $100s or $1,000s more in extra interest. If you even get approved at all.
Now let's assume you've done your homework. You found the car you like, you know how much that make and model sells for, and you know how much your trade in is worth. It's time to visit the dealership...
Let's say you find the specific car you want to buy. Now you're going to need to negotiate the price.
If you lined up outside financing, then you're in a good position from a negotiating standpoint. But what if you could not get outside financing for a car after bankruptcy? What if you need to depend on the dealership to get you financed when buying the car after bankruptcy?
Many people think that since they had a bankruptcy they are at the mercy of the car dealership in this situation. THIS SIMPLY IS NOT TRUE!
Let me share a little secret with you: If the dealership has run your credit report and they start negotiating with you, then they're pretty sure they can finance you. After all, do you really think they would waste their time negotiating a price with someone they did not think they could finance? Of course not!
Here's where things get interesting. How many times a year does the dealership negotiate with buyers? Probably hundreds of times a year at a decent sized dealership. Now what about you - how many times do you negotiate for a car? If you are like most people, it's probably once every so many years.
Most people will thoroughly research the price of the car they want to buy. If it's new they'll take time to find out the dealership's cost and, if they have one, the value of their trade in.
...and they'll go back and forth with the dealership for two or three hours until everyone agrees on the numbers and a sale takes place.
Chances are the buyer still may have left a pile of money on the table - and didn't even know it. The reason the buyer probably left money on the table is that they more than likely made two critical mistakes without even being aware of it. One mistake was that they didn't negotiate all five parts of the sale separately. The price of the car is just one part.
On that note, another step you will want to take is to improve your car buying skills. How? Visit websites that provide car buying tips. Another way is to pick up a good book on how to buy a car - you can find quite a few of them out there. Unfortunately, I have not run across any that provide specific information on buying a car after bankruptcy. However, After Bankruptcy Credit Solutions does cover this topic in detail - so the information is out there.
Other than a home, buying a car is one of the bigger purchases you're going to make. You need to AVOID any mistakes that can cost you up to $100s or $1,000s of dollars in extra interest. In other words, you simply can't afford not to get things right when you're buying a car after bankruptcy.
This article covered some steps you can take which could help when buying a car after bankruptcy. Put them to use and they could save you from making some expensive mistakes!
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
About the Author: R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy - it also covers the topic of buying a car after bankruptcy.
Article Source: http://EzineArticles.com/?expert=R._Lawrence_Anderson
Car Loan After Bankruptcy: Qualifying & Saving Money
If you are planning to apply for a car loan after bankruptcy, there are two key items you need to focus on:
1) Increasing your chances of qualifying for a car loan after bankruptcy
2) Reducing the interest rate on the car loan after bankruptcy
Let's look at each item in more detail:
1) Increasing your chances of qualifying for a car loan after bankruptcy
One way to increase your chances of qualifying for a car loan after bankruptcy is to increase your credit score.
How do you increase your credit score? One way is to update your credit reports. This means removing any inaccurate or obsolete negative information from your credit reports. This will take an investment of time on your part - but if it means the difference between qualifying (or not) for a car loan after bankruptcy it can be worth the effort.
Another way to increase your credit score is to add positive items to your credit report - but few people know about this technique. There's not enough room to go into it here, so I'll save that for another article.
In After Bankruptcy Credit Solutions I go into detail on a number of ways you can increase your credit score. While there isn't enough room to cover all of them here, or any of them in detail, hopefully this gives you an idea of some of the steps you can take.
Another way to increase your chance of qualifying for a car loan after bankruptcy is to increase the amount of your down payment, or look at a lower price car.
For example, let's assume you have $1,600 for a down payment on a car and you're looking at a $16,000 car - that's a 10% down payment. But what if the lender won't approve the loan because the down payment isn't large enough? See what they can do if you consider an $8,000 car. Now your $1,600 represents a 20% down payment. In addition, everyting else being equal, the payment on your car loan after bankruptcy would be lower if you finance it for the same period of time.
Next, let's discuss some ways you can reduce the interest rate on a car loan after bankruptcy...
2) Reduce the interest rate on the car loan after bankruptcy
Here's where increasing your credit score pays off again! Why? if you are able to increase your credit score enough to reduce the interest rate you pay on a car loan after bankruptcy, you could save $100s or even $1,000s of dollars.
For example, let's use a $15,000 car loan after bankruptcy as an example. Let's say you increase your credit score enough so that you receive an interest rate of 11% instead of 14%. Over the life of the loan you will end up saving about $1,067 in interest - that's money that stays in your pocket!
There are other ways to lower the interest rate on a car loan after bankruptcy - increasing your credit score is just one of them. For example, there's another technique you can use to reduce the interest rate you pay on a car loan after bankruptcy - and it can save you up to $100s of dollars (or more). There's not enough room to cover it here, but it's a powerful technique if you don't have time to increase your credit score, and need to finance a car immediately. I go into detail on it in After Bankruptcy Credit Solutions.
Now you know some specific techniques you can use to increase your chances of qualifying for a car loan after bankruptcy, as well as potentially reducing the interest rate you pay in the process!
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
About the Author:R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: http://www.bankruptcy-credit-solutions.com
1) Increasing your chances of qualifying for a car loan after bankruptcy
2) Reducing the interest rate on the car loan after bankruptcy
Let's look at each item in more detail:
1) Increasing your chances of qualifying for a car loan after bankruptcy
One way to increase your chances of qualifying for a car loan after bankruptcy is to increase your credit score.
How do you increase your credit score? One way is to update your credit reports. This means removing any inaccurate or obsolete negative information from your credit reports. This will take an investment of time on your part - but if it means the difference between qualifying (or not) for a car loan after bankruptcy it can be worth the effort.
Another way to increase your credit score is to add positive items to your credit report - but few people know about this technique. There's not enough room to go into it here, so I'll save that for another article.
In After Bankruptcy Credit Solutions I go into detail on a number of ways you can increase your credit score. While there isn't enough room to cover all of them here, or any of them in detail, hopefully this gives you an idea of some of the steps you can take.
Another way to increase your chance of qualifying for a car loan after bankruptcy is to increase the amount of your down payment, or look at a lower price car.
For example, let's assume you have $1,600 for a down payment on a car and you're looking at a $16,000 car - that's a 10% down payment. But what if the lender won't approve the loan because the down payment isn't large enough? See what they can do if you consider an $8,000 car. Now your $1,600 represents a 20% down payment. In addition, everyting else being equal, the payment on your car loan after bankruptcy would be lower if you finance it for the same period of time.
Next, let's discuss some ways you can reduce the interest rate on a car loan after bankruptcy...
2) Reduce the interest rate on the car loan after bankruptcy
Here's where increasing your credit score pays off again! Why? if you are able to increase your credit score enough to reduce the interest rate you pay on a car loan after bankruptcy, you could save $100s or even $1,000s of dollars.
For example, let's use a $15,000 car loan after bankruptcy as an example. Let's say you increase your credit score enough so that you receive an interest rate of 11% instead of 14%. Over the life of the loan you will end up saving about $1,067 in interest - that's money that stays in your pocket!
There are other ways to lower the interest rate on a car loan after bankruptcy - increasing your credit score is just one of them. For example, there's another technique you can use to reduce the interest rate you pay on a car loan after bankruptcy - and it can save you up to $100s of dollars (or more). There's not enough room to cover it here, but it's a powerful technique if you don't have time to increase your credit score, and need to finance a car immediately. I go into detail on it in After Bankruptcy Credit Solutions.
Now you know some specific techniques you can use to increase your chances of qualifying for a car loan after bankruptcy, as well as potentially reducing the interest rate you pay in the process!
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
About the Author:R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: http://www.bankruptcy-credit-solutions.com
Article Source: http://EzineArticles.com/?expert=R._Lawrence_Anderson
Credit Repair After Bankruptcy: Your Options
When it comes to credit repair after bankruptcy you have essentially three options:
1) Hire a credit repair company
2) Buy credit repair software
3) Do it yourself (free!)
Before we go further, for the purpose of this article "credit repair" means the removal of any inaccurate or obsolete negative information from your credit report - not the removal of accurate non-obsolete negative information from your credit report.
Okay, now that we've defined "credit repair", let's look at each of the three credit repair options in more detail:
1) Hire a credit repair agency.
You can hire a credit repair company, which usually costs a few hundred dollars or more. The advantage here is it saves you some time.
The downside to hiring a credit repair company is that it can be expensive as mentioned above, costing a few hundred dollars or more.
If you do decide to hire a credit repair company, choose one very carefully. Stay away from credit repair companies promising to delete accurate non-obsolete negative items from your credit report.
Why? Because even if the credit repair company gets lucky and does manage to remove any accurate non-obsolete negative items from your credit report it may only be temporary - the credit reporting agencies update their files on a regular basis, so any accurate non-obsolete negative item that was removed from your credit report can re-appear again in the future.
While we're on the topic of "non-obsolete" versus "obsolete" negative information on your credit report, let's look at how long negative information can remain on your credit report: Most negative items can remain on your credit report for up to seven years from the date they were included in your bankruptcy. A Chapter 7 bankruptcy can remain on your credit report for ten years from the date it was filed, while a Chapter 13 can remain on your report for seven years from the date it was filed.
2) Buy credit repair software
There are a number of credit repair software programs on the market today. This option is typically less expensive than a credit repair company because you are doing the work. It also saves you time from having to compose your own letters.
Here’s how most credit repair software works: You load it onto your computer, fill in the blanks with your information, and then print out the customized dispute letters the software creates.
The risk you run here is that the credit reporting agency may not investigate the dispute and respond by saying they believe your dispute is “frivolous and irrelevant”. Why? Because when they see any sort of form letter they may think you are using a credit repair company.
3) Do it yourself
This is usually your best option, and it’s free. You just need to know exactly what to do when it comes to credit repair. You can start by visiting each major credit reporting agency's website and reading their instructions on how to dispute any inaccurate or obsolete negative information on your credit report. The three major credit reporting agencies are: Experian, Equifax, and Trans Union.
In addition, you can also pick up a book on credit repair. One word of warning though: Some books and courses encourage you to do illegal things: For example, creating a “new” identity. Stay away from these! Others are excellent resources when it comes to showing you how to remove inaccurate or obsolete negative items from your credit report.
If you have discharged or dismissed bankruptcy and want to repair your credit, there are some specific steps you need to take. I have seen very few credit repair books that even mention them. In After Bankruptcy Credit Solutions, I go into detail on each one.
For example, if you are applying for a home loan after bankruptcy, any inaccurate or obsolete negative information on your credit report can cost you thousands or tens of thousands of dollars in extra interest – if it doesn’t prevent you from qualifying for a loan. There is a way that you can get these negative items on your credit report removed or updated in as little as 48 hours!
So now you know what options you have when it comes to credit repair. Bottom line: Doing it yourself is usually the best, and most inexpensive, option when it comes to credit repair after bankruptcy. It just takes an investment of time on your part – but it can be well worth the effort.
Remember, if you have a discharged or dismissed bankruptcy on your credit report there are some specific steps you need to take when it comes to credit repair. Keep this in mind if you choose the “do it yourself” option and plan to shop for a book on credit repair.
The company and product/service names referenced in this article are the trademarks, registered trademarks or service marks of their respective owners. None of the owners have sponsored or endorsed this article.
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
About the Author:R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: http://www.bankruptcy-credit-solutions.com
1) Hire a credit repair company
2) Buy credit repair software
3) Do it yourself (free!)
Before we go further, for the purpose of this article "credit repair" means the removal of any inaccurate or obsolete negative information from your credit report - not the removal of accurate non-obsolete negative information from your credit report.
Okay, now that we've defined "credit repair", let's look at each of the three credit repair options in more detail:
1) Hire a credit repair agency.
You can hire a credit repair company, which usually costs a few hundred dollars or more. The advantage here is it saves you some time.
The downside to hiring a credit repair company is that it can be expensive as mentioned above, costing a few hundred dollars or more.
If you do decide to hire a credit repair company, choose one very carefully. Stay away from credit repair companies promising to delete accurate non-obsolete negative items from your credit report.
Why? Because even if the credit repair company gets lucky and does manage to remove any accurate non-obsolete negative items from your credit report it may only be temporary - the credit reporting agencies update their files on a regular basis, so any accurate non-obsolete negative item that was removed from your credit report can re-appear again in the future.
While we're on the topic of "non-obsolete" versus "obsolete" negative information on your credit report, let's look at how long negative information can remain on your credit report: Most negative items can remain on your credit report for up to seven years from the date they were included in your bankruptcy. A Chapter 7 bankruptcy can remain on your credit report for ten years from the date it was filed, while a Chapter 13 can remain on your report for seven years from the date it was filed.
2) Buy credit repair software
There are a number of credit repair software programs on the market today. This option is typically less expensive than a credit repair company because you are doing the work. It also saves you time from having to compose your own letters.
Here’s how most credit repair software works: You load it onto your computer, fill in the blanks with your information, and then print out the customized dispute letters the software creates.
The risk you run here is that the credit reporting agency may not investigate the dispute and respond by saying they believe your dispute is “frivolous and irrelevant”. Why? Because when they see any sort of form letter they may think you are using a credit repair company.
3) Do it yourself
This is usually your best option, and it’s free. You just need to know exactly what to do when it comes to credit repair. You can start by visiting each major credit reporting agency's website and reading their instructions on how to dispute any inaccurate or obsolete negative information on your credit report. The three major credit reporting agencies are: Experian, Equifax, and Trans Union.
In addition, you can also pick up a book on credit repair. One word of warning though: Some books and courses encourage you to do illegal things: For example, creating a “new” identity. Stay away from these! Others are excellent resources when it comes to showing you how to remove inaccurate or obsolete negative items from your credit report.
If you have discharged or dismissed bankruptcy and want to repair your credit, there are some specific steps you need to take. I have seen very few credit repair books that even mention them. In After Bankruptcy Credit Solutions, I go into detail on each one.
For example, if you are applying for a home loan after bankruptcy, any inaccurate or obsolete negative information on your credit report can cost you thousands or tens of thousands of dollars in extra interest – if it doesn’t prevent you from qualifying for a loan. There is a way that you can get these negative items on your credit report removed or updated in as little as 48 hours!
So now you know what options you have when it comes to credit repair. Bottom line: Doing it yourself is usually the best, and most inexpensive, option when it comes to credit repair after bankruptcy. It just takes an investment of time on your part – but it can be well worth the effort.
Remember, if you have a discharged or dismissed bankruptcy on your credit report there are some specific steps you need to take when it comes to credit repair. Keep this in mind if you choose the “do it yourself” option and plan to shop for a book on credit repair.
The company and product/service names referenced in this article are the trademarks, registered trademarks or service marks of their respective owners. None of the owners have sponsored or endorsed this article.
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
About the Author:R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: http://www.bankruptcy-credit-solutions.com
Article Source: http://EzineArticles.com/?expert=R._Lawrence_Anderson
Building Credit After Bankruptcy: Three Strategies
Here are three "Building Credit After Bankruptcy" strategies you can use to increase your chances of being approved for auto loans, credit cards, and home loans if you have a bankruptcy on your credit report:
Building Credit After Bankruptcy Strategy #1
Apply for credit where you have a high probability of getting approved, and make the payments on time. Sounds simple, but most people go about applying for credit the WRONG way and make it more difficult than it needs to be.
By the way, don’t go overboard when applying for credit. The whole purpose of getting a credit card or loan is to rebuild your credit history after bankruptcy - not to get in to debt up to your ears!
Be careful about the inquiries. When it comes to some types of inquiries, too many can hurt your credit score. Other types don’t matter.
Building Credit After Bankruptcy Strategy #2
Another way to rebuild your credit after bankruptcy (one my favorite) is to add years of positive credit history to account. You can literally add a number of new positive items to credit your report. It’s 100% legal but the technique is not widely known. When it comes to building credit after bankruptcy, this is a strategy you will want to consider. I don't have enough room to go into detail on it here, so I'll save it for another article.
Building Credit After Bankruptcy Strategy #3
Of course, cleaning up inaccurate and obsolete negative information on your credit reports is critical when building credit after a bankruptcy. And you don’t need to use a credit repair company to do it. You can do it yourself and save a few hundred dollars. Just remember that you need to know exactly what to do.
For example, there are three ways to dispute information on your credit report. If you want to correct errors on your report FAST then there’s a certain way you need to request your reports.
Here’s another example: There may be some collection accounts or charge offs on your credit report that don't belong there. You need to know what to look for to determine if that's the case or not - and how to dispute such an item if it is. Most people would look at these items and not even realize they don’t belong there.
Remember: When it comes to building credit after bankruptcy you don't want any inaccurate or obsolete information on your credit report!
I can keep going but I think you get the idea. There are a number of pieces you need to pull together when you are rebuilding your credit after bankruptcy.
But it’s worth it. After all, if you can increase your credit score, and building credit after bankruptcy plays a key role, then you could literally save up to hundreds or even thousands of dollars in extra interest and other finance charges when it comes to future loans and lines of credit.
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
About the Author: R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: http://www.bankruptcy-credit-solutions.com
Building Credit After Bankruptcy Strategy #1
Apply for credit where you have a high probability of getting approved, and make the payments on time. Sounds simple, but most people go about applying for credit the WRONG way and make it more difficult than it needs to be.
By the way, don’t go overboard when applying for credit. The whole purpose of getting a credit card or loan is to rebuild your credit history after bankruptcy - not to get in to debt up to your ears!
Be careful about the inquiries. When it comes to some types of inquiries, too many can hurt your credit score. Other types don’t matter.
Building Credit After Bankruptcy Strategy #2
Another way to rebuild your credit after bankruptcy (one my favorite) is to add years of positive credit history to account. You can literally add a number of new positive items to credit your report. It’s 100% legal but the technique is not widely known. When it comes to building credit after bankruptcy, this is a strategy you will want to consider. I don't have enough room to go into detail on it here, so I'll save it for another article.
Building Credit After Bankruptcy Strategy #3
Of course, cleaning up inaccurate and obsolete negative information on your credit reports is critical when building credit after a bankruptcy. And you don’t need to use a credit repair company to do it. You can do it yourself and save a few hundred dollars. Just remember that you need to know exactly what to do.
For example, there are three ways to dispute information on your credit report. If you want to correct errors on your report FAST then there’s a certain way you need to request your reports.
Here’s another example: There may be some collection accounts or charge offs on your credit report that don't belong there. You need to know what to look for to determine if that's the case or not - and how to dispute such an item if it is. Most people would look at these items and not even realize they don’t belong there.
Remember: When it comes to building credit after bankruptcy you don't want any inaccurate or obsolete information on your credit report!
I can keep going but I think you get the idea. There are a number of pieces you need to pull together when you are rebuilding your credit after bankruptcy.
But it’s worth it. After all, if you can increase your credit score, and building credit after bankruptcy plays a key role, then you could literally save up to hundreds or even thousands of dollars in extra interest and other finance charges when it comes to future loans and lines of credit.
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
About the Author: R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: http://www.bankruptcy-credit-solutions.com
Article Source: http://EzineArticles.com/?expert=R._Lawrence_Anderson
Best Credit Card After Bankruptcy - How to Find One
Finding the best credit card after bankruptcy is not that difficult, if you know where to look and what to look for.
Let’s start by talking about secured and unsecured credit cards. When it comes to applying for a credit card after bankruptcy one question that a lot of people seem to have is: Should I apply for a secured credit card or unsecured credit card?
In case you don’t know the difference, a secured credit card is “secured” by a special savings account you establish with the credit card issuer which acts as collateral for your credit limit.
For example, you deposit $500 in a special savings account and then have a $500 credit limit. If you default, the credit card issuer simply takes the money in your special savings account.
Unsecured credit cards are just that – unsecured. Meaning the person fills out a credit application and, based on their credit report, income, etc. are approved for a certain credit limit. Of course, they could also be declined depending on the credit card issuer’s guidelines.
So which is best? It depends on your credit history. However, if you apply for a secured credit card you have a higher chance of getting approved versus an unsecured credit card.
But be careful. Not all secured cards are created equal. And to make matters worse, there are tons of banks out there pushing secured credit cards!
So how do you find the best credit card after bankruptcy? Come up with a list of criteria that the secured card needs to meet in order for you to consider it. When I’m researching secured cards, I apply eight criteria. Not many meet these criteria so I’m able to narrow down the choices quickly.
What are the some of the eight criteria? For example, a low interest rate is important. While researching some secured credit cards I ran across one with an interest rate of 23.99% and another with an interest rate of only 9.25%.
This is just one of the criteria I use to find the best credit card after bankruptcy – and look at the potential savings! Over several years you could save hundreds or even thousands of dollars in interest depending on the balance you maintain.
Okay, here’s another criteria: application fees. Again, I found some secured credit cards that have no application fees and one that had a… are you ready for this… $120 application fee! Sadly, people have paid it!
Let me give you one more criteria you can use to find the best credit card after bankruptcy: You want to make sure the secured card issuer reports to all three credit bureaus. But you also want to make sure they report it a certain way.
I don’t have room here for all eight criteria, but hopefully this gives you an idea of some of the things you need to look at when it comes to finding the best credit card after bankruptcy.
By the way, don’t apply for too many credit cards at once. If you do, it can hurt your credit score. That’s why if you’re uncertain as to whether or not you’d be approved for an unsecured credit card it may be better to apply for a secured credit card.
Now you know some steps you can take toward finding the best credit card after bankruptcy!
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
About the Author:R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: http://www.bankruptcy-credit-solutions.com
Let’s start by talking about secured and unsecured credit cards. When it comes to applying for a credit card after bankruptcy one question that a lot of people seem to have is: Should I apply for a secured credit card or unsecured credit card?
In case you don’t know the difference, a secured credit card is “secured” by a special savings account you establish with the credit card issuer which acts as collateral for your credit limit.
For example, you deposit $500 in a special savings account and then have a $500 credit limit. If you default, the credit card issuer simply takes the money in your special savings account.
Unsecured credit cards are just that – unsecured. Meaning the person fills out a credit application and, based on their credit report, income, etc. are approved for a certain credit limit. Of course, they could also be declined depending on the credit card issuer’s guidelines.
So which is best? It depends on your credit history. However, if you apply for a secured credit card you have a higher chance of getting approved versus an unsecured credit card.
But be careful. Not all secured cards are created equal. And to make matters worse, there are tons of banks out there pushing secured credit cards!
So how do you find the best credit card after bankruptcy? Come up with a list of criteria that the secured card needs to meet in order for you to consider it. When I’m researching secured cards, I apply eight criteria. Not many meet these criteria so I’m able to narrow down the choices quickly.
What are the some of the eight criteria? For example, a low interest rate is important. While researching some secured credit cards I ran across one with an interest rate of 23.99% and another with an interest rate of only 9.25%.
This is just one of the criteria I use to find the best credit card after bankruptcy – and look at the potential savings! Over several years you could save hundreds or even thousands of dollars in interest depending on the balance you maintain.
Okay, here’s another criteria: application fees. Again, I found some secured credit cards that have no application fees and one that had a… are you ready for this… $120 application fee! Sadly, people have paid it!
Let me give you one more criteria you can use to find the best credit card after bankruptcy: You want to make sure the secured card issuer reports to all three credit bureaus. But you also want to make sure they report it a certain way.
I don’t have room here for all eight criteria, but hopefully this gives you an idea of some of the things you need to look at when it comes to finding the best credit card after bankruptcy.
By the way, don’t apply for too many credit cards at once. If you do, it can hurt your credit score. That’s why if you’re uncertain as to whether or not you’d be approved for an unsecured credit card it may be better to apply for a secured credit card.
Now you know some steps you can take toward finding the best credit card after bankruptcy!
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
About the Author:R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: http://www.bankruptcy-credit-solutions.com
Article Source: http://EzineArticles.com/?expert=R._Lawrence_Anderson
Personal Loan After Bankruptcy: Can You Qualify?
If you want to qualify for a personal loan after bankruptcy there are four key areas that will determine how successful you are:
1) Your credit score
2) Collateral
3) Existing debt
4) Time
Let’s look at each factor in more detail and how they can help you increase your chances of qualifying for a personal loan after bankruptcy:
1) Credit score: In order to qualify for a personal loan after bankruptcy you will need to meet the lender’s minimum credit score criteria, provided the lender extends loans to individuals with a recent bankruptcy. You’ll want to find out before applying for a loan: Simply ask the lender if they consider applicants with a bankruptcy on their credit report.
Let’s suppose the lender does. How can you increase your credit score enough to qualify for a personal loan after bankruptcy?
The first step is to order copies of your credit reports from the three major credit reporting agencies (Experian, Equifax, and Trans Union). Next, make sure any inaccurate or obsolete negative information on your credit reports is removed or updated. I go into detail on this in After Bankruptcy Credit Solutions. I also explain how to legally add positive lines of credit to your credit reports, which is a very powerful way to increase your credit score – but I’ll save that for another article.
2) Collateral: Another major factor in obtaining a personal loan after bankruptcy is how much collateral you have. Why? Because if a lender has collateral that they can go after (i.e., equity in your home) should you default on the loan, that reduces their risk dramatically. So if you can provide collateral to the lender, it can increase your chances of qualifying for a personal loan after bankruptcy.
3) Existing debt: You don’t want to have too much debt when you apply for a personal loan after bankruptcy. If you do, the lender may feel you don’t have the capacity (enough income) to cover the loan payment, because you have too many other monthly expenses to pay (i.e., credit cards, auto payment, etc.) – as a result you could get turned for a personal loan after bankruptcy.
On that note, find out if the lender has a minimum income requirement, or debt-to-income ratio you need to meet. If they do, make sure you meet their minimum requirement before you apply for the loan.
4) Time: It’s been said that “time heals all wounds” – well, when it comes to obtaining a personal loan after bankruptcy this can certainly be true if you’ve developed a positive payment history since your bankruptcy.
When a lender is deciding whether or not to extend you a personal loan after bankruptcy, your credit report will play a major role. Generally speaking, if your credit report reflects a positive payment history for at least two years since your bankruptcy, it will certainly help.
We have looked at the four major factors that will determine whether or not you qualify for a personal loan after bankruptcy: Your credit score, collateral, existing debt, and time. To the extent you can strengthen each one of these you increase your chances of being approved for a personal loan after bankruptcy.
Even if you can’t qualify for a personal loan after bankruptcy immediately, don’t be discouraged! Remember, time can heal all wounds when it comes to qualifying for a personal loan after bankruptcy. Just make sure to focus on increasing your credit score, pay your existing bills on time, don’t take on too much debt, and build up your net worth.
The company and product/service names referenced in this article are the trademarks, registered trademarks or service marks of their respective owners. None of the owners have sponsored or endorsed this article.
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: http://www.bankruptcy-credit-solutions.com
Article Source: http://EzineArticles.com/?expert=R._Lawrence_Anderson
Survive Chapter 7 Bankruptcy - Ten Simple Steps to Prepare for Your Section 341 Meeting of Creditors
The slim envelope arrived in your mailbox days after you filed your Chapter 7 bankruptcy petition. Your attorney had mentioned that you had to go to Court to finalize your bankruptcy, but the thought made your stomach queasy and you tried to forget. Now there it is, in your hands, the date and time when you are required to attend your Section 341 Meeting of Creditors!
First you had to spill your financial guts on paper. Now you are required to meet with a pack of money-hungry bankers that just found out they won’t receive any more cash from your empty pocketbook. First thought, call and cancel. “Not a chance,” your attorney states. However, before you pack up the car and make a run for the border, take a deep breath and read on.
The term “Meeting of Creditors” is a misnomer. Creditors rarely, if at all, appear at the Section 341 Meeting. And if one does attend, usually the reason for the creditor’s appearance is benign. For example, the creditor may simply want your signature on a reaffirmation agreement. On the other hand, if you are surrendering an asset, such as an automobile, the creditor may inquire about the location and condition of the vehicle.
“If creditors are not an issue, then why do I even have to go to this thing?” you may find yourself saying. Well, there is someone that needs to talk to you, and that person is the Chapter 7 bankruptcy trustee assigned to your case.
Your testimony to the trustee will be under oath and will be recorded. He or she will verify your identity (social security number and picture identification), will confirm that you read the Bankruptcy Information Sheet, and will ask for your verbal confirmation that the information in your petition, statement of financial affairs, and schedules filed with the Court is accurate and complete.
The questioning may end here, or the trustee may delve further into your financial details, asking for clarification or additional documentation to be provided within a specified period of time. In a Chapter 7 bankruptcy, the trustee also has a duty to liquidate any nonexempt assets of value. During the Section 341 Meeting, the trustee may request the turnover of these items.
Okay, now you know what to expect. Take a deep breath. Do you feel a little better? If you still can’t get rid of that lump at the back of your throat or the butterflies in your stomach, there are a few things that you can (and should!) do to prepare and ensure that your Section 341 Meeting of Creditors will run smoothly.
1. Take a good look at the notice of the meeting provided by the Court. It has a lot of valuable information. What’s the date and time of your meeting? Write it in big letters on your calendar. Make arrangements with your employer to take off during that time. Also, call your attorney and verify that he or she received the notice and has it on the calendar.
2. Take another good look at the notice. Where will the meeting be held? Do you know how to get there? Do you know where to park? Make sure you find out and plan to arrive early. There are lots of obstacles that can slow you down – road construction and detours, lack of available parking spaces, weather, even nerves. Your best bet is to arrive with time to spare. If you arrive late, you risk the chance that your case will be dismissed (or at best, the meeting rescheduled).
3. Take one more look at the notice. Who is the trustee assigned to the case? Is the name of the trustee or his or her law firm familiar? If they represented you (or represented another party’s interest against you), there likely is a conflict of interest, and the trustee will need to decline the case. If you suspect a conflict of interest, contact your attorney. If the case is assigned to a different trustee, your 341 meeting will likely be rescheduled to a different date or time.
4. Verify that all required documents have been filed with the Court. If you receive a notice or order from the Court and suspect that a required document was not filed, get on the phone to your attorney.
5. Make sure you have valid picture identification, such as a state-issued identification card or driver’s license.
6. Make sure you have a valid notice of social security number. If your social security card is missing in action, the trustee may also accept a current W-2 form or health insurance card.
7. Read the Bankruptcy Information Sheet. Your attorney should have previously supplied you with this short document. If not, ask him or her to provide you with a copy.
8. Review you bankruptcy documents once more. Are they accurate and complete? If you notice any changes that need to be made, discuss them with your attorney and make a note to discuss these issues with the trustee at the 341 meeting.
9. Take a small notebook to the meeting. You can use this to jot down any requests that the trustee (or your creditors) make, so that you can remember what you need to do after you leave the meeting.
10. Relax! If you get too nervous and need a couple moments to compose yourself during the questioning process, let the trustee know. As long as you are completely honest and truthful, you really have no reason to worry.
Dawn Hall is a freelance writer who worked as an assistant to a Chapter 7 bankruptcy trustee. She is currently developing a free online Chapter 7 bankruptcy resource guide, including a detailed article about the Chapter 7 bankruptcy process.
Article Source: http://EzineArticles.com/?expert=Dawn_Hall
First you had to spill your financial guts on paper. Now you are required to meet with a pack of money-hungry bankers that just found out they won’t receive any more cash from your empty pocketbook. First thought, call and cancel. “Not a chance,” your attorney states. However, before you pack up the car and make a run for the border, take a deep breath and read on.
The term “Meeting of Creditors” is a misnomer. Creditors rarely, if at all, appear at the Section 341 Meeting. And if one does attend, usually the reason for the creditor’s appearance is benign. For example, the creditor may simply want your signature on a reaffirmation agreement. On the other hand, if you are surrendering an asset, such as an automobile, the creditor may inquire about the location and condition of the vehicle.
“If creditors are not an issue, then why do I even have to go to this thing?” you may find yourself saying. Well, there is someone that needs to talk to you, and that person is the Chapter 7 bankruptcy trustee assigned to your case.
Your testimony to the trustee will be under oath and will be recorded. He or she will verify your identity (social security number and picture identification), will confirm that you read the Bankruptcy Information Sheet, and will ask for your verbal confirmation that the information in your petition, statement of financial affairs, and schedules filed with the Court is accurate and complete.
The questioning may end here, or the trustee may delve further into your financial details, asking for clarification or additional documentation to be provided within a specified period of time. In a Chapter 7 bankruptcy, the trustee also has a duty to liquidate any nonexempt assets of value. During the Section 341 Meeting, the trustee may request the turnover of these items.
Okay, now you know what to expect. Take a deep breath. Do you feel a little better? If you still can’t get rid of that lump at the back of your throat or the butterflies in your stomach, there are a few things that you can (and should!) do to prepare and ensure that your Section 341 Meeting of Creditors will run smoothly.
1. Take a good look at the notice of the meeting provided by the Court. It has a lot of valuable information. What’s the date and time of your meeting? Write it in big letters on your calendar. Make arrangements with your employer to take off during that time. Also, call your attorney and verify that he or she received the notice and has it on the calendar.
2. Take another good look at the notice. Where will the meeting be held? Do you know how to get there? Do you know where to park? Make sure you find out and plan to arrive early. There are lots of obstacles that can slow you down – road construction and detours, lack of available parking spaces, weather, even nerves. Your best bet is to arrive with time to spare. If you arrive late, you risk the chance that your case will be dismissed (or at best, the meeting rescheduled).
3. Take one more look at the notice. Who is the trustee assigned to the case? Is the name of the trustee or his or her law firm familiar? If they represented you (or represented another party’s interest against you), there likely is a conflict of interest, and the trustee will need to decline the case. If you suspect a conflict of interest, contact your attorney. If the case is assigned to a different trustee, your 341 meeting will likely be rescheduled to a different date or time.
4. Verify that all required documents have been filed with the Court. If you receive a notice or order from the Court and suspect that a required document was not filed, get on the phone to your attorney.
5. Make sure you have valid picture identification, such as a state-issued identification card or driver’s license.
6. Make sure you have a valid notice of social security number. If your social security card is missing in action, the trustee may also accept a current W-2 form or health insurance card.
7. Read the Bankruptcy Information Sheet. Your attorney should have previously supplied you with this short document. If not, ask him or her to provide you with a copy.
8. Review you bankruptcy documents once more. Are they accurate and complete? If you notice any changes that need to be made, discuss them with your attorney and make a note to discuss these issues with the trustee at the 341 meeting.
9. Take a small notebook to the meeting. You can use this to jot down any requests that the trustee (or your creditors) make, so that you can remember what you need to do after you leave the meeting.
10. Relax! If you get too nervous and need a couple moments to compose yourself during the questioning process, let the trustee know. As long as you are completely honest and truthful, you really have no reason to worry.
Dawn Hall is a freelance writer who worked as an assistant to a Chapter 7 bankruptcy trustee. She is currently developing a free online Chapter 7 bankruptcy resource guide, including a detailed article about the Chapter 7 bankruptcy process.
Article Source: http://EzineArticles.com/?expert=Dawn_Hall
How To Recover From Bankruptcy In Half The Time
If you should pose the above-mentioned question to a bankruptcy law expert or attorney bankruptcy law professional, the answers might surprise you. Mostly those who have not been successful to fend off, stave or avoid bankruptcy, are looking for quick fixes. Once they realize that the blemish will be affecting their credit rating, ability to access financing, loans and other financial necessities like a check-book, savings account, bank loans, car loans, mortgages etc. they are more motivated than ever to turn a new leave, recover from this blemish in half the time, making every moment of bankruptcy recovery count, matter and making a difference, having positive impact.
Credit counseling services and debt consolidators all tote and advocate doing everything in your power to boost your credit rating, live some good habits, avoid errors and ills from before, returning to your spending and lending, financial administration, regardless of the personal bankruptcy, chapter 7 bankruptcy or business bankruptcy filing.
Bankruptcy attorney California practitioner shingles, business cards and adverts, online websites and even mega-sites, all tote and advocate very comprehensive bankruptcy services for those in desperate search of answers. Many focus on what to do every step of the way, planning, preparing, filing and even optimizing recovery strategies, phases and solutions.
Advice and input on and for home equity loan bankruptcy type instruments, remedies and hopes. Tips for securing a bankruptcy loan, filling out an application, amendment, appendices for the required bankruptcy form and documentation, for formally and legally filing bankruptcy, effectively starting the process (that could sometimes take as long as a year to wrap up) all get attention as does what to do and what not to do after filing, discharge etc. as the bankrupt regain their footing and try to claim and re-establish some freedoms, rights and privileges of lending, borrowing, access, rates etc.
Florida bankruptcy experts and markets have expanded in recent downturns in the real estate market, with increased in foreclosures. Many a Florida bankruptcy lawyer and even bankruptcy Los Angeles practitioners alike, are seeing more and more after bankruptcy challenges and recovery issues, with all this market-driven and sparked activity.
Securing a bankruptcy car loan or getting your hands on the required cash or choice, market-competitive after bankruptcy car loan rate, terms and stipulations, might prove a little more than challenging. It is hard to find those institutions willing to deal and do business with what most would consider to be a credit risk. Even something as standard as a car loan after bankruptcy, can prove to be almost impossible to get, unless you do some creative financing or are willing to pay higher rates.
The more you read this enticing title, (phrased purposely as a how to type question), invitation to the masses, suffering in the aftermath of their bankruptcy filing and recovery stages, the more you hope that there is really a way to actually do what it says!
Putting it into practice unearths numerous ways that this could be more like just a sounds-like-it-might-be-possible type teaser or hyped promise that no-one could really successfully live up to ore deliver on. Yet, there is some light at the end of the tunnel and some hope!
Bankruptcy recovery in half the time, sounds too good to be true, almost. Mockingly hollow, just empty words, not feasible, possible, realistic or legal (?). What are your thoughts? Do you think it possible? How would you go about it? Are there ways to do it effectively?
Well, it is fair to respond to this controversial statement and claim, depending on how you read and interpret it of course, with a lot of skepticism, questions and doubts. Take a closer look at what we are dealing with here, though. There are mandatory aspects of the process to take into consideration. Certain aspects of the process simply take as long as it takes. The credit reports will have this entry as part of the public records, as per law and court ruling for period of 7-10 years for example.
Recovery, how to RECOVER from bankruptcy – what do you understand that term to mean?
What is bankruptcy exactly ? What is the nature, different types of filings, implications and durations of each? How are they similar? How do they differ? How do you deal with each of them in order to facilitate and expedite the recovery phase and time-frame?
How long does it take normally or typically for credit consolidation, repair, bankruptcy recovery?
Half the time means what exactly? What is the typical recovery time frame for these types of filings (both Chapter 7 and Chapter 13, personal, business etc.)
What is your measure of creditworthiness and how can you improve it?
These are the real questions and eventually even answers that can be inferred and turned into a set of practical tips and how to’s. The secret here is to ask the right type of questions. Educate and empower yourself about how credit reporting systems work for example and how to make them count in your favor, despite a recorded bankruptcy filing entry.
Records of timely repayment will also reflect well on you – you can increase your credit score after bankruptcy – opening a checking and savings account at the local bank
Most will tell you 7-10 years that you will have to wait and live with the one mistake and aftermath of bad judgment, worsening debt/credit and declared bankruptcy on your credit reports and negatively impacted financial standing, reputation, with little or no recourse of action or retribution other than letting time pass and keeping your nose clean. That simply is not entirely the whole picture or the only truth, path and remedy.
The encouraging words from any knowledgeable bankruptcy attorney are that you can finally do something pro-active about improving your credit scores, if you will and want to.
Utilizing bankruptcy recovery and credit repair strategies that work, can save you precious time and standing, in record and no time flat! Taking the first step sooner rather than later, with immediacy and urgency is extremely important. It shows that you are proactive and serious about your finances and getting your credit back, despite for example having a chapter 7 or 13 bankruptcy on your record.
Bankruptcy does not have to be a doomsday, inevitability type death sentence. It all depends on what you understand that recovery to mean specifically. If you are trying to get your credit and standing back like what you had prior to your filing, yes, that will take time, effort and some creative doing. BUT, if you are working towards merely again getting approved for loans, having credit and credit cards at your disposal, despite declaring personal bankruptcy, then you are ready to do so quickly, even in under eight to ten months if you set your mind to it.
Negotiating for better interest rates and terms, even for non-filers of bankruptcy, can be quite possible, with a little know how, insider information, processes, protocol and maybe even some representation, where you cannot do it yourself.
Getting a strategy together quickly and in the works, to embrace life after bankruptcy for all its has to offer, is what the real key and secret is.
A bankruptcy lawyer can take you through some of the legal implications and issues pertaining to your filing, recovery, rights and freedoms. If you have failed before to avoid bankruptcy, it is not an unforgivable sin, disarming you from all responsible financial decision-making and fiscal transactions.
You can still get credit, buy a car, home, get a loan, despite what you might think and look at when faced with the realities and intricacies, dynamics and implications of the on-file declaration of bankruptcy (regardless of type, how long it has been etc.). THERE IS HOPE!
Visit the site for more information if you are serious about getting out of debt and recover from bankruptcy: Avoid Bankruptcy
Article Source: http://EzineArticles.com/?expert=Alexander_Wennstrom
Credit counseling services and debt consolidators all tote and advocate doing everything in your power to boost your credit rating, live some good habits, avoid errors and ills from before, returning to your spending and lending, financial administration, regardless of the personal bankruptcy, chapter 7 bankruptcy or business bankruptcy filing.
Bankruptcy attorney California practitioner shingles, business cards and adverts, online websites and even mega-sites, all tote and advocate very comprehensive bankruptcy services for those in desperate search of answers. Many focus on what to do every step of the way, planning, preparing, filing and even optimizing recovery strategies, phases and solutions.
Advice and input on and for home equity loan bankruptcy type instruments, remedies and hopes. Tips for securing a bankruptcy loan, filling out an application, amendment, appendices for the required bankruptcy form and documentation, for formally and legally filing bankruptcy, effectively starting the process (that could sometimes take as long as a year to wrap up) all get attention as does what to do and what not to do after filing, discharge etc. as the bankrupt regain their footing and try to claim and re-establish some freedoms, rights and privileges of lending, borrowing, access, rates etc.
Florida bankruptcy experts and markets have expanded in recent downturns in the real estate market, with increased in foreclosures. Many a Florida bankruptcy lawyer and even bankruptcy Los Angeles practitioners alike, are seeing more and more after bankruptcy challenges and recovery issues, with all this market-driven and sparked activity.
Securing a bankruptcy car loan or getting your hands on the required cash or choice, market-competitive after bankruptcy car loan rate, terms and stipulations, might prove a little more than challenging. It is hard to find those institutions willing to deal and do business with what most would consider to be a credit risk. Even something as standard as a car loan after bankruptcy, can prove to be almost impossible to get, unless you do some creative financing or are willing to pay higher rates.
The more you read this enticing title, (phrased purposely as a how to type question), invitation to the masses, suffering in the aftermath of their bankruptcy filing and recovery stages, the more you hope that there is really a way to actually do what it says!
Putting it into practice unearths numerous ways that this could be more like just a sounds-like-it-might-be-possible type teaser or hyped promise that no-one could really successfully live up to ore deliver on. Yet, there is some light at the end of the tunnel and some hope!
Bankruptcy recovery in half the time, sounds too good to be true, almost. Mockingly hollow, just empty words, not feasible, possible, realistic or legal (?). What are your thoughts? Do you think it possible? How would you go about it? Are there ways to do it effectively?
Well, it is fair to respond to this controversial statement and claim, depending on how you read and interpret it of course, with a lot of skepticism, questions and doubts. Take a closer look at what we are dealing with here, though. There are mandatory aspects of the process to take into consideration. Certain aspects of the process simply take as long as it takes. The credit reports will have this entry as part of the public records, as per law and court ruling for period of 7-10 years for example.
Recovery, how to RECOVER from bankruptcy – what do you understand that term to mean?
What is bankruptcy exactly ? What is the nature, different types of filings, implications and durations of each? How are they similar? How do they differ? How do you deal with each of them in order to facilitate and expedite the recovery phase and time-frame?
How long does it take normally or typically for credit consolidation, repair, bankruptcy recovery?
Half the time means what exactly? What is the typical recovery time frame for these types of filings (both Chapter 7 and Chapter 13, personal, business etc.)
What is your measure of creditworthiness and how can you improve it?
These are the real questions and eventually even answers that can be inferred and turned into a set of practical tips and how to’s. The secret here is to ask the right type of questions. Educate and empower yourself about how credit reporting systems work for example and how to make them count in your favor, despite a recorded bankruptcy filing entry.
Records of timely repayment will also reflect well on you – you can increase your credit score after bankruptcy – opening a checking and savings account at the local bank
Most will tell you 7-10 years that you will have to wait and live with the one mistake and aftermath of bad judgment, worsening debt/credit and declared bankruptcy on your credit reports and negatively impacted financial standing, reputation, with little or no recourse of action or retribution other than letting time pass and keeping your nose clean. That simply is not entirely the whole picture or the only truth, path and remedy.
The encouraging words from any knowledgeable bankruptcy attorney are that you can finally do something pro-active about improving your credit scores, if you will and want to.
Utilizing bankruptcy recovery and credit repair strategies that work, can save you precious time and standing, in record and no time flat! Taking the first step sooner rather than later, with immediacy and urgency is extremely important. It shows that you are proactive and serious about your finances and getting your credit back, despite for example having a chapter 7 or 13 bankruptcy on your record.
Bankruptcy does not have to be a doomsday, inevitability type death sentence. It all depends on what you understand that recovery to mean specifically. If you are trying to get your credit and standing back like what you had prior to your filing, yes, that will take time, effort and some creative doing. BUT, if you are working towards merely again getting approved for loans, having credit and credit cards at your disposal, despite declaring personal bankruptcy, then you are ready to do so quickly, even in under eight to ten months if you set your mind to it.
Negotiating for better interest rates and terms, even for non-filers of bankruptcy, can be quite possible, with a little know how, insider information, processes, protocol and maybe even some representation, where you cannot do it yourself.
Getting a strategy together quickly and in the works, to embrace life after bankruptcy for all its has to offer, is what the real key and secret is.
A bankruptcy lawyer can take you through some of the legal implications and issues pertaining to your filing, recovery, rights and freedoms. If you have failed before to avoid bankruptcy, it is not an unforgivable sin, disarming you from all responsible financial decision-making and fiscal transactions.
You can still get credit, buy a car, home, get a loan, despite what you might think and look at when faced with the realities and intricacies, dynamics and implications of the on-file declaration of bankruptcy (regardless of type, how long it has been etc.). THERE IS HOPE!
Visit the site for more information if you are serious about getting out of debt and recover from bankruptcy: Avoid Bankruptcy
Article Source: http://EzineArticles.com/?expert=Alexander_Wennstrom
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