A Mortgage Loan after Bankruptcy: Deal or No Deal

Many people believe that having a bankruptcy on your credit report will completely destroy any chance of getting a mortgage loan. While it is true that it certainly does not help your credit, you should know that bankruptcy does not mean you will never again be able to obtain a mortgage loan.

Bankruptcy Defined

Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested by creditors in an effort to recoup a portion of what they are owed.

It’s Official; We Are Now A Bankrupt Society?

OK perhaps a slightly OTT title and introduction but the core message put out recently by the UK Governments Insolvency Service was that a record number of people in the UK were made officially “insolvent” between July and September 2006.

How Long Does it Take to Recover From Personal Bankruptcy

The more time you have after your bankruptcy is discharged the more opportunities you'll have to get credit.

How Do Bankruptcy Loans' Requirements Work?

Bankruptcy Loans have certain requirements that affect all the loan terms in diverse ways. However, certain loan requirements affect particular loan terms significantly more than others. Knowing this will help you understand which type of loan you can request and what loans you have more chances of getting approved for...

The Chapters of Bankruptcy

An article addressing the various chapters and aspects of filing for bankruptcy. It explains the differences between chapters 7, 13, 11, and 12 and the common misconceptions associated with bankruptcy.

Chapter 7 vs. Chapter 13 Bankruptcy

Chapter 13 bankruptcy is for individuals in the United States who would like to undergo a financial reconstruction supervised by a federal bankruptcy court. This chapter allows income receiving debtors a debtor rehabilitation, provided they fulfill a court-approved plan. Chapter 7 governs the process of liquidation under the bankruptcy laws of the United States. A Chapter 7 filing means that the business intends to sell all its assets, distribute the proceeds to its creditors and cease all operations. If the debtor lacks sufficient disposable income, then it is viable to fund a Chapter 13 plan.

Pros And Cons Of Filing Chapter 7

Chapter 7 is the most common type of bankruptcy in the United States. When an individual or an unsuccessful business is deeply in debt and not capable of servicing that debt or can't pay back its creditors, it may file or be forced by its creditors to file for bankruptcy in a federal court under Chapter 7. This refers to liquidation. A Chapter 7 filing means that the business intends to sell all its assets, distribute the earnings to its creditors, and then close down operations. One of the major purposes of Bankruptcy Law is to give a person or business, who is completely burdened with debt a fresh start by wiping out debts. Filing for bankruptcy under Chapter 7 has a number of pros and cons. As such, adequate care should be taken before filing.

Bad Credit Loans After Bankruptcy

Borrowers who have been filed for bankruptcy can avail themselves of bad credit loans. A lower monthly payment is one of the main benefits of bad credit loans. Bankruptcy is a legal process in which a person who is unable to pay his creditors is exempted from immediate payments. Generally, a period of six months is given to borrowers to refinance mortgages after bankruptcy.

Bankruptcy Myths Dismissed

There are tons of myths about bankruptcy that you yourself may have given into. Here's where we dismiss these myths for you.

Smart Debt Recovery With Alternatives To Bankruptcy

Alternatives to bankruptcy works better. Bankruptcy has long-term ramifications such as being unable to access credit, be in certain types of business or open a bank current account. Read on to find out the ways of getting debt free.

Bankruptcy Petition Drafting Tip 14

Training in drafting bankruptcy petitions for bankruptcy legal professionals. There are TWO things you should find out from the attorney (or ask the debtor in the client intake interview) before you start drafting a bankruptcy petition. These two questions are:

UK Bankruptcy Myths Exploded

There are so many myths about bankruptcy in the Uk and yet even the truth comes as a surprise to most people. Here the UK bankruptcy myths are exploded.