If you want to buy a house, car or any other major item, you probably need a good credit score. Unfortunately, though, if you have too much credit card debt, your credit rating may be in the basement. While credit bureaus use a complicated and somewhat secretive...
Year: 2020
Texans can still buy a home even after bankruptcy
Bankruptcy can create some setbacks. However, those setbacks don't mean people can't pursue specific financial goals. For many, one of those goals is becoming a homeowner. Some lenders may be skeptical of those with a bankruptcy on their credit score. However,...
What is a secured credit card?
Bankruptcy can be a useful tool for individuals to get out from under overwhelming amounts of debt. The issue that most people have with bankruptcy is that it does affect their credit score. A person can rebuild, credit, however. most people do rebuild it following a...
Can you rebuild your credit after Chapter 7 bankruptcy?
Chapter 7 bankruptcy is a debt relief tool that many Americans turn to, particularly when medical and credit card debt becomes too overwhelming. Once you have been through bankruptcy, your credit score does take a hit. Credit scores do change, however. You can rebuild...
What are some considerations to make before filing Chapter 13?
Chapter 13 bankruptcy is unique because it allows you a chance to repay your debts and avoid losing your assets to liquidation. However, this option is not for everyone because there are a few requirements you must meet. According to The Street, the most important...
Will I lose my home if I file bankruptcy?
Declaring bankruptcy can be a very stressful time. It is likely that you have multiple financial concerns weighing on you, and you may be afraid of losing your assets during the bankruptcy process. However, whether or not you will lose your home if you file bankruptcy...
How do you plan on keeping your debt under control?
While you accepted that filing for bankruptcy is the most favorable option for your finances and future, that does not mean you addressed the circumstances that led you to file in the first place. Without changing your relationship with money, you may file for...
Signs that you could benefit from bankruptcy
While bankruptcy has a negative reputation, filing can actually be a positive step for someone struggling to repay debt. By doing so, you can stop the creditor calls and begin rebuilding your finances. These five signs indicate that you could potentially benefit...
What is reaffirmation?
When filing a Chapter 7 bankruptcy, you run the risk of losing assets, especially those you do not currently outright own. It is common for someone filing bankruptcy to have a car loan, for example. If you have a car loan but you wish to keep the vehicle, then you may...
What is the automatic stay?
When you file bankruptcy, you get automatic protection under the law from creditors taking further actions against you. According to Cornell Law School, the automatic stay is a court order that prevents your creditors from continuing to take collection actions. It is...