Blog

Chapter 7 Bankruptcy If you or a loved one is living under the stress of being in debt, this takes a real toll on your health and your well-being. The bright side of the situation is that qualifying consumers can file for bankruptcy protection to help them reorganize their finances and get back on their feet again. Here are some things you may not have known about filing bankruptcy:

 
Reduce Monthly Payments

A Chapter 13 bankruptcy filing allows consumers to keep many of their assets and cut their monthly payments by reorganizing their debt.

Chapter 13 bankruptcyChapter 13 Bankruptcy &  Chapter 7 Bankruptcy

If you are in debt, dealing with collection calls and threats of wage or property garnishments, you understand the stress and anxiety such a situation can cause. Your indebtedness may be through no fault of your own as you may have lost your job or incurred significant medical bills. Bankruptcy is an option available that can help give you a fresh start, eliminate those collection proceedings and get you back on your feet again. However, before filing for bankruptcy, there are some important things that you need to know, such as what is Chapter 7 bankruptcy or what is Chapter 13 bankruptcy. Learn more about the different types of bankruptcy.


What Is Bankruptcy?

Bankruptcy is not something to be taken lightly. It is a federal court process that is designed to help you eliminate debts and, if possible, repay them under the protection of the bankruptcy court.

Bankruptcy How Your Property Can be Affected by Bankruptcy

Bankruptcy is a tool used by debtors to eliminate debt. However, bankruptcy poses a great danger to your property and credit score. You are probably wondering is there any way how to raise my credit score after a bankruptcy case. The following paper seeks to cover the different ways of filing for bankruptcy, the effect of bankruptcy on your property and "how to fix my credit score."

 

Types of Bankruptcy

Under the Bankruptcy Code of the U.S., you can either file a chapter 7 or a chapter 13 bankruptcy.

Bankruptcy AttorneyFinding the Right Bankruptcy Attorney for You

Filing for bankruptcy is never easy. Not only does it take a financial toll on you, but it can affect you emotionally as well. During this stressful time, you need the help of a skilled bankruptcy attorney.

An experienced bankruptcy attorney can represent you throughout the process, and they can help you after the discharge. They can provide you with information about how to rebuild your credit after the bankruptcy.

Liquidation in Debt Relief Understanding Liquidation in Debt Relief

When you are burdened with debts which seem too heavy to repay, any kind of relief that works towards the reduction of the debt amount is always welcome. Debt relief is therefore defined as the rearrangement of a debt in any way or form to offer the indebted person a partial of full relief. This can either be through waiver of penalties, lowering of the interest rates or reducing the principal amount all together. Liquidation refers to the method in which a company is dissolved and its assets given out to cater for its liabilities to creditors and shareholders. Debt relief is mostly sought when a company is going through liquidation or a person is running bankrupt and its main aim is to reduce the amount in terms of liability so as to settle all the claims by the creditors. It is also sought in circumstances when there is an imminent danger of dissolution due to the debt load, and a relief will help ease the debt burden.

Debt Consolidation If your bills exceed your income and you are having trouble making your monthly payments, then you should take the time to learn about all the various debt relief options that may be available to you and your family. Although bankruptcy protection is an option that many consider, there many ways to avoid bankruptcy, foreclosure and repossession. 

Rebuild Credit

 

How to Rebuild your Credit
Getting into credit trouble is a lot easier than getting out of it. If you have mismanaged your credit and wound up with a low credit score, you may be wondering how to rebuild credit. There are some proven ways to rebuild your credit, and here are a few of the best ones.

 

Chapter 7 Bankruptcy, Chapter 13 Bankruptcy During tough, unexpected times, related to perhaps a sudden illness or loss of a job or spouse, you may find yourself overwhelmed with too many debts and financial responsibilities and not enough income and/or assets to cover them. Though it may seem challenging to accept, for some people declaring bankruptcy is one of the ways they are able to manage these liabilities.

Credit ScoreMortgage Loans for Those with Bad Credit

Unfortunately, the fear of being denied has caused some potential homebuyers to not even bother going through the mortgage application process. The truth is that the vast majority of home lenders have some strict approval criteria, especially after the financial collapse that took place in the middle of the last decade. However, there are programs that are available to aspiring homebuyers with less than stellar credit. Most of these programs still require validation of income, and in many cases, an explanation of the cause for their low credit score, but they do provide a viable alternative to traditional mortgages.

Debt Consolidation Choosing Between Debt Consolidation And Bankruptcy

There are many people who are facing overwhelming debt. They are desperately seeking the best possible debt management strategy to handle their situation. Learning what is consolidation, as well as bankruptcy, are both options. Each has benefits that could work well with different situations. 

 
Debt Consolidation
This happens when a person obtains a new loan and uses the money to pay off a number of old debts. This loan works best if it is at a lower interest rate than the old debts. Knowing what is consolidation could help a borrower save money on finance charges.