Tag Archives: Bankruptcy

Don’t Let Bankruptcy Stop You From Getting A Loan

April 01, 2012  |  Sofia Tuckson

Bankruptcy can get in your way when searching for finance. Once a lender reads bankruptcy on a credit report, he is scared away immediately. Yet, there is no reason to let bankruptcy come between you and your desired loan. There are lenders willing to approve loans after bankruptcy provided that you meet certain requirements.

Loans after bankruptcy can be obtained if you know where to look for them and what requirements you need to meet. Thus, you need to do your research prior to applying for a loan in order to avoid being declined and thus lowering your credit score even more due to the decline being recorded into your credit report.

Your Bankruptcy Must Be Discharged

In order to obtain finance your bankruptcy must have been already discharged. This is an important fact as there are many people that try to obtain a loan while their bankruptcy process is ongoing. This can lead to further lowering your credit score and undoubtedly will trigger an immediate decline from any lender without exceptions. Full post…

 
Tags: Bankruptcy, Let Bankruptcy
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Michael Vick to emerge from bankruptcy

March 20, 2012  |  Sofia Tuckson

Michael Vick is close to emerging from bankruptcy after filing for Chapter 11 protection in July 2008. The NFL player had 45 claims against him for a total of nearly $20 million after being convicted of dog fighting. He is now $350,000 away from being debt-free.

His financial comeback is in great part to his $100 million contract with the Philadelphia Eagles. He joined the team in 2009 after being released from prison and brought the team to the playoffs a year later.

Vick also has signed huge endorsement deals since coming back to the NFL. Nike has renewed its contract with him and he has signed endorsements with Unequal Sports, MusclePharm, and Core Syngery.

If you hare struggling with your finances and are considering filing for bankruptcy,

 
Tags: Bankruptcy, Michael Vick
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A Guide On Bankruptcy

March 12, 2012  |  Sofia Tuckson

Every year, thousands of people find themselves in a financial situation where they are unable to get of debt. Bankruptcy is an option for people who are in an overwhelming debt that continues to rise and they no longer can manage it. In the past few years there has been an increase in filing for bankruptcy due to instability in the job market. If you are stuck in deep debt, bankruptcy should be viewed as a viable option to getting out of debt.

You should not be embarrassed about filing for bankruptcy. There are a number of reasons why so many people have to file for bankruptcy. For instance, they could have lost their job and got behind on their bills, they may have accumulated too many loans and credit card bills with high interest charges, they could have suffered a medical emergency that resulted in high medical costs, and they may have had a business that failed.

Bankruptcy is an option to eliminating your debt within a specific period of time which is normally within 9 months. Full post…

 
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Auto Loans are Available Even After Bankruptcy Court

January 21, 2012  |  Sofia Tuckson

Perhaps the most common loans to seek, and arguably the easiest to get approval for, are auto loans. But when bankruptcy has marred a financial reputation, the automobile is also one of the first items to be seized. This means an individual made legally bankrupt can be in need fo a job, a home and a car all at the same time.

With their new status, the chances of getting any kind of loan are seriously affected, but are not made impossible. Indeed, getting an auto loan after bankruptcy is not nearly as difficult as it might seem.

Bankruptcy once had a stigma associated with it, but in recent years, the increase in cases that down to economic failures rather than any financial irresponsibility, means lenders now have a different attitude.

That is not to say that there are no extra conditions that must be satisfied before getting loan. But a lender will approve a loan for automobiles, despite bankruptcy, if they identify extenuation circumstances.

Also, by following these few steps, an applicant can increase the chances of successfully applying for the loan. Full post…

 
Tags: Auto Loans, Bankruptcy
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Advantages Of Buying A Home After Bankruptcy

November 22, 2011  |  Sofia Tuckson

When you have gone through a Bankruptcy process, your ability to get finance is shattered. Then, restoring your credit is the first measure you need to take. Resorting to a mortgage loan in order to buy a home can be the solution to this problem and it will bring along other benefits.

After Bankruptcy Is Discharged

Immediately after bankruptcy is discharged your credit score is bottom low. What you need to do is start preparing for applying by increasing your credit score as much as possible. To do so, you need to meet all your payments on time, and start building some credit.

Small steps to improve your credit score can be taken safely. Get a secured credit card and start using it to buy what you would otherwise pay in cash. The Credit Card issuer will inform credit agencies of your timely payments and this will increase your credit score. You can then request small personal loans or get an unsecured credit card to keep improving your credit score. Make sure to pay your balances in full and never miss payments. Full post…

 
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Tom Martino files for Chapter 7 bankruptcy

October 30, 2011  |  Sofia Tuckson

Troubleshooter Tom Martino filed for Chapter 7 bankruptcy at the U.S. Bankruptcy Court in Denver.  Martino is a media personality based in Denver who offers consumer-advocacy and real estate advice.

According to the Chapter 7 filing, Martino has $1.37 million in assets and $78.6 million in debts.  Martino says all of his debt is completely real estate debt and that he has no consumer debt.

Additionally, the filing lists 47 creditors.  Most creditors are failed banks from which Martino had taken out loans.  He says, There are so many people in this same boat.  Youve got millions of dollars in lost value and all of a sudden you cant refinance your loans and you are just upside down.

 
Tags: Bankruptcy, Tom Martino
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The Pros and Cons of Declaring Bankruptcy

October 23, 2010  |  Thomas Carr-Glyn

When you want to declare bankruptcy, you’re probably going to explore all options, before you do so, and I don’t blame you!  If you’re in the process of declaring, I would highly recommend that you get a bankruptcy attorney to help you with all the needs that you may have.

While there are far more cons than there are pros when it comes down to the bankruptcy process, let’s compare the two, and you can decide in the end on what is going to work the best for you.

The Pros of Declaring

You’re going to get the creditors off your back.  No longer are they going to call you and harass you for your payments.  Keep in mind that some debt will stay with you forever, such as student loans.

Many states will allow you to keep your car, home, as well as other living essentials.  Make sure you know your state laws.

Now, you will be able to start from scratch.  Consider it a clean slate, where you can learn from your past mistakes.

If you file the Chapter 7 route, you may find that the process is relatively quicker than you thought, with an attorney.

The Cons of Declaring

This will significantly hurt your credit score.  You will find that it will be very hard to get any type of loan, whether it’s a car loan, or mortgage.

While it may be on your report for 7+ years, many employers today will run a credit check on you.  If you want to get a potential job, you will find that you could be denied employment.  Yes, it’s unfair, but its the way of life today.

All the credit cards that you have today are going to disappear.

Again, some loans such as student loans will stay with you.  You will find that many bills will stay with you, and bankruptcy will only get rid of credit card bills, etc.

The public will know, as your name will pop in the newspaper.

Should you declare?

I would recommend that you consult with an attorney.  While you can read until you pass out, there’s a lot of false information floating around the Internet.  It’s up to you to do decide on if you should declare, or fight hard to pay off your debts.

 
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