Welcome to Bankruptcy Guide
Mortgage Loans After Bankruptcy Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
A Very Personal Bankruptcy
from:Filing a personal bankruptcy is a major decision and one that only you can make. It’s no secret that it can have long term consequences on your credit. But the question to ask yourself is whether those consequences are better or worse than the consequences of debt spiraling out of control. It doesn’t take long for people to discover that debt only gets worse when ignored.
A personal bankruptcy is called “personal”, because it applies to an individual and not a business. It’s also very personal, because the bankruptcy is structured to meet your particular circumstances. But having said that it’s also necessary to recognize that there are specific laws that define bankruptcies in terms of what’s allowed and not allowed. For personal bankruptcies, you can file a chapter 7 for liquidation or a chapter 13 for a repayment plan.
A personal bankruptcy can do some things to help people deal with their debt, but there are other things outside its realm of control according to law. For example, a personal bankruptcy cannot erase all types of debt. These debts include child support, court ordered payments and criminal fines. The attorney will negotiate with the IRS to determine which tax debts can be eliminated. Also, any debt you create after the bankruptcy is not grandfathered into the order. On top of that, a creditor can make you give up any collateral you used to secure debt instead of just accepting payments.
The good news is that a personal bankruptcy can do lots of great things to make your life easier and give you a new start. Excessive debt feels like you’re carrying hundreds of pounds around on your shoulders all the time. Filing a bankruptcy takes most of that weight off.
There are plenty of good results you will experience as a result of filing bankruptcy. One of the best is the fact that most of your debts are discharged. That means you no longer have the debt and don’t have to pay it. A bankruptcy can prevent your house or car from being taken in a foreclosure or repossession. If you waited to file long enough to have your utilities turned off, they will probably be restored. There are other benefits too, and it is the job of your attorney to make sure you get the most financial relief allowed by the law.
Filing a bankruptcy can actually help your credit if your credit is already virtually ruined. That’s because a personal bankruptcy wipes out the debt you owe and lets you start again with a clean slate. If you work and save money and make timely payments on remaining debts, in all likelihood you will be able to begin rebuilding your credit within a few months of the final bankruptcy discharge.
A personal bankruptcy can remain on your credit history for 10 years. You cannot file another bankruptcy for 4 years on a chapter 7 and for 8 years on a chapter 13. Filing a bankruptcy is a long term decision with near term benefits. A bankruptcy attorney can help you start over again with a new financial life.
Mortgage Loans After Bankruptcy Specific links
Mortgage Loans After Bankruptcy News
U.S. banks agree to $25 billion in homeowner help
WASHINGTON (Reuters) - Five big U.S. banks accused of abusive mortgage practices have agreed to a $25 billion government settlement that may help roughly one million borrowers but is no magic bullet for the ailing housing market. Thursday's announcement brings an end to 16 months of negotiations that culminated in a tense week of round-the-clock dealmaking. The result is a record state-federal ...
Read more...Foreclosure settlement has its critics
Kentucky homeowners are in line to receive about $60 million to help pay off mortgage debt, refinance loans and receive money back for improper foreclosures as part of a deal struck between the federa
Read more...Mortgage settlement is too little, too late for many
Some who suffered foreclosures say the payouts are a pittance, and many homeowners in trouble won't qualify for help. The massive mortgage settlement may be setting new national standards for loan servicing, but it may be too little and too late to help troubled homeowners.
Read more...Some doubtful mortgage deal will help Ventura County homeowners
While politicians were trumpeting the $25 billion foreclosure deal reached Thursday with the nation's big mortgage lenders, locals questioned whether Ventura County would see genuine assistance.
Read more...Experts disagree on what comes next after big banks' $25B deal
The $25 billion foreclosure agreement between big banks and state attorneys general marks a turning point for lenders, including Charlotte's Bank of America Corp., looking to move beyond their mortgage woes, industry experts say.
Read more...