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A Washington State Chapter 13 bankruptcy is type of “payment plan” bankruptcy. If you qualify for and file a Chapter 13 bankruptcy, you are required to make monthly payments to a trustee for a period of 36 to 60 months. The length of your plan depends on several variables. If utilized and crafted properly, a Chapter 13 should enable you to catch up on your unsecured debt through a no-interest consumer debt repayment plan.

The primary goal of a Chapter 13 bankruptcy is to consolidate your debts and set up a manageable monthly payment. The plan is developed by undertaking an in-depth analysis of your current income, your current monthly expenditures, and your current debts. Chapter 13 bankruptcies are also often referred to as a “debt consolidation”, or the “wage earners… Continue reading

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Every time the Bank of England’s (BoE’s) base rate goes down, the price of some existing loans and mortgages - known as ‘tracker’ loans and mortgages - will change immediately. After all, they’re called tracker loans and mortgages because they track the base rate.

Lenders may also drop the cost of their new loans and mortgages - and of their existing SVR (Standard Variable Rate) loans and mortgages - but they don’t have to. The base rate isn’t the only factor in lenders’ calculations. When they’re figuring out how much to charge for credit (from fixed-rate mortgages to debt consolidation loans), they also look at the state of the economy, the availability of credit from the BoE and from other lenders, the probability of other lenders going bust…

Basically, when banks are… Continue reading

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The bankruptcy abuse and protection act was passed in April of 2005 with the initial goal of making it harder for consumers to get released from their debt under Chapter 7 and making people qualify under Chapter 13. With the intent of the 2005 act to make it harder for consumers to file bankruptcy, the actual result has not been much different. Many consumers are still able to qualify under Chapter 7 - close to 85%, because they can pass the “means test”. A “means test” was created to screen consumers for their income levels and a large percentage of people have been able to pass this test and continue on to file bankruptcy under Chapter 7.

The means test is based on the gross income of the filer over the… Continue reading

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The most attractive factor found in the secured loan is that the rate of interest in it is lower. Unlike many other loans the rate of interest in it is very low and that makes the loan burden on the borrower quite low.

All kind of borrowers generally, cannot withdraw the loan amount. This loan is only for those who has their own home or other valuable property. The borrower must provide his valuable property as collateral. Without collateral no loan amount will be provided in it. You should always remember this thing while applying this loan that the value of the collateral decides the amount to be offered in it. So, the attempt should be in providing the highly valued property as security,

An amount ranging from ?,000 to ?5,000 is… Continue reading

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Credit Reporting Agencies, what’s that? Is that what you are thinking? So if you don’t know anything about these agencies, then keep reading this article.

You may have heard some of those popular names like Equifax, Experian and Trans Union. Then good news is that you already know about these agencies. So these companies collect information about you and me and sell that information to business users.

Main role of a Credit reporting agency is to store and maintain data on consumers’ debt repayment pattern. Once you establish an account with a loan company or credit card company, these companies start sending information to credit-reporting agencies. Based on this data, credit reporting agency develop your credit report.

I need to clarify here that none of these credit reporting agencies do make any decision… Continue reading

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Are you considering filing bankruptcy? If so, then you know there is a Chapter 7, which is a fresh start type of bankruptcy, and a chapter 13, which is a debt repayment plan. There are many reasons why bankruptcy might be a good choice for you, but there are even more reasons why there is not a single type of bankruptcy that is good for you.

First, if you do not have debts that total over twice your annual income, then you should not be filing either of the two types of bankruptcy. You have to be in a very desperate… Continue reading

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