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Many people are embarrassed to find themselves in the place they are today… out of work, no savings, house near or in foreclosure, cards maxed out, the car payment due (or behind), and no where left to turn. But there is no shame in filing bankruptcy! It’s our constitutional right that our forefathers gave us. If you qualify, which MANY still do, you can still file Chapter 7 bankruptcy and get a “fresh start”.

Lending institutions can be brutal, especially since the bailout. The minute you go over your limit, or bounce a check, you become their enemy. They normally refuse to help you regardless of your good history, and suck you dry with overages and fees before you can begin to make a dent in your balances or fix your… Continue reading

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Debt is strangling you and your family. Does your stomach twist into knots when you peer into the mailbox? How about when the telephone rings, do you check the caller I.D. and try to screen the collection agencies? Do you find yourself juggling the bills, paying off one and postponing another till it’s overdue? These hopeless feelings carry into all of life; the family notices the strain. You are short tempered and lacking the energy or desire to do anything more than just the minimum to make it through the day. Bankruptcy, that step you never thought you’d take, begins to look pretty good. The creditors will stop calling, the credit card statements will cease. You could start over. This does sound good, but before you take that step, think… Continue reading

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If you live in the United States and have access to a television or radio, then you are constantly hearing about the financial problems that are plaguing our country. Thanks to the media, most of the American public is aware of the current financial crisis that is going on in our nation whether they are being directly affected or not. More and more people are finding themselves falling on hard times than in the past five decades. Thanks to the low interest rates that occurred a few years ago on mortgages and financial institutions lending out massive amounts of money to lots of people who may not have been in the best situation to borrow such amounts if times got hard (and they have), more and more… Continue reading

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If you are reading this you probably are thinking of filing Bankruptcy or are already in the process. The whole point of Bankruptcy is finding relief from the crushing debt load you are currently carrying.

There are ways to Rebuild Your Credit after Bankruptcy. Think of it as getting back on the horse.

Getting back into the credit arena after Bankruptcy might be an idea you don’t even want to think about, but you can learn how to use debt as a financial tool and rebuild your credit easily.

Rebuilding Your Credit

Your credit report is a file of information that a third party gathers and then is sold to others.

When your debts are discharged at the end of your Bankruptcy process, they will end up on your credit report as ‘charge-offs’. Most likely… Continue reading

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The initial stage is to be certain that filing bankruptcy is your last alternative, having researched alternatives. You have looked at all the additional resolutions but none are effective. This means that you would have tried to prevent filing bankruptcy as hard as you could. For instance, before you move on forward and file for bankruptcy, it is important that you avail the services of an expert credit counselor. With the addition of the new bankruptcy laws under the Bankruptcy Abuse Prevention and Consumer Protection Act, it is now mandatory for the debtors to obtain some consumer credit counseling from an entity approved by the U.S. trustee. You have to do it within six months of filing bankruptcy. These actions will persuade the court that you’ve tried all the other… Continue reading

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A bankruptcy is the worst negative record you can find in your credit report. Its impact can last for years, as the record will stay in your credit report for up to ten years. You may not be able to get any loans at all during the first few years after you filed bankruptcy.

Despite its negative impact, it is an option to consider if you are very seriously in debt and have no way of repaying your bills. No doubt your credit rating will be in ruin but it will allow you to dig yourself out of the overwhelming debt and reestablish good credit rating later. At the same time, it will stop collection call agencies from harassing you and other debt-related problems.

However, do not use bankruptcy as an easy… Continue reading

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