Attorney Donald L. Lader, Jr. has joined the National Bankruptcy Forum. Attorney Lader operates under Lader Legal Services PLLC and on the web at NHLaw.com. He provides Chapter 7 and Chapter 13 bankruptcy services and Foreclosure Defense for the entire state of New Hampshire.
Many homebuyers, especially first time buyers, make the mistake of searching for the house they want first before applying for a mortgage loan. Although this approach works in several occasions, it is always best to have a mortgage loan preapproved before you start searching for the dream house to purchase. In fact, getting preapproved for a mortgage is actually easier than you think.
Search for the best mortgage deals just like you normally would. You can use various online resources to find available options and compare them to spot the most beneficial mortgage deal available. Since you are in no rush, you can take more time and have a better chance is getting the most affordable loan possible. To find out how much you should borrow based on your personal financial state, you can use the available mortgage calculators to help you determine the monthly repayment amount of each offer.
You can continue by applying for the mortgage as usual. You will be asked to fill out a simple application form; you may also need to supply supporting documents so that your application can be verified quickly. Read more…
Bankruptcy Credit Report information is essential before filing for Chapter 13 which should be your last resort. The essential action you do BEFORE filing for Bankruptcy is to get a Credit Report on your financial situation. From here there are many debt reduction strategies you can enact well before you hit the fatal Chapter 13 button, however if you do have to file for bankruptcy then be sure to know the best way to go about it.
Bankruptcy Credit Report – Get and Review your Credit Report.
The three main sources of obtain your Credit Report from are Experian (formally TRW), then Equifax, and Trans Union. They will provide information on your Credit including all loans, such as House and Car loans. They will also have information on your Credit Credit debts and any other smaller loans. If you don’t ask for you Credit Score you can obtain these Credit Reports for Free.
Debt Reduction Bankruptcy Credit Report
There are so many avenues you can pressure to find out ways around filing for Bankruptcy. Remember that If you file for Bankruptcy then your record will stay on public records for up to ten years, It will stay on Credit reports for around seven. Read more…
Until just a few years ago, filing for bankruptcy was fairly easy. Not anymore. When Congress changed the nation’s bankruptcy laws in 2005, many debtors found the new “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,” to be more hindrance than help in overcoming past mistakes and starting anew.
The new law is stricter, featuring more requirements than ever before. It is important for anyone considering filing bankruptcy to understand the following:
Credit Counseling:
It doesn’t matter whether you file for Chapter 7 bankruptcy that discharges your debt or Chapter 13 bankruptcy which enters you into a repayment plan with creditors, anyone filing bankruptcy is required by law to attend credit counseling by a court-approved counseling service.
Chapter 7 Filings:
Under the new law, it is no longer your right to be allowed to file Chapter 7 bankruptcy. If, after proving your income the court determines that you make more than the medium income within your state, you may be required to file Chapter 13 bankruptcy instead and enter into a repayment schedule to pay back all (or most) of your creditors. Read more…
Life after bankruptcy can have a great impact on your financial life. For some, bankruptcy provides a fresh start and debtors receive numerous loan and credit offers before their debts are even fully discharged. For others, bankruptcy prevents them from getting a decent interest rate on a house or other major purchase. It is always important to consider all of the ramifications and other options before making the final decision to file bankruptcy.
One of the biggest complaints that people have about bankruptcy for the sake of a new start is that it does not change a person’s habits. Oftentimes, people get deep in debt because of bad spending habits or because of letting their credit cards and consumer debts get out of control. The actions you take after bankruptcy are vital to keeping the management of your finances under control.
This is one reason that bankruptcy does not actually help people. Without behavior change, the majority of filers fall back into the same destructive spending habits that they had before their debts were discharged. Therefore, recognizing that you have a spending problem is vital before considering bankruptcy. Read more…
As home foreclosures continue to rise, more homeowners are taking drastic action to hang on to their homes. One of the things many are turning to is bankruptcy. According to the CNN Money article, “Bankruptcies Spike 33%”, The total number of bankruptcies filed in the third quarter surged 33% in 2009 and is at the highest level since 2005.
The article goes on to note that the surge in filings can be attributed to the weak economy. Drawing a direct line, the weak economy has caused unemployment — currently at 10 percent — to be at its highest in 26 years. And, this has led to a lot of foreclosures.
Now that it’s understood why so many are driven to bankruptcy, let’s answer the question “Will filing bankruptcy prevent foreclosure?”
There answer is yes . . . and no. Why/how? In order to gain a clearer understanding, let’s examine what happens when a homeowner files bankruptcy in hopes of preventing foreclosure.
There are two types that most file: Chapter 7 and Chapter 13.
Which type you file will depend on a host of factors like your debt load, assets, your ability to repay or not, your jurisdiction, etc. Read more…