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How Quickly Can Credit Worthiness Be Rebuilt After Bankruptcy?

Filing for personal bankruptcy may seem like a seven to ten year sentence. After all, that is how long it will be before you can get loans and credit cards, right? Well, not exactly. If you have a stream of income, many financial institutions may still want your business. Within a relatively short time after… Read More »

Why a Shopping Spree Just Before Bankruptcy Won’t Work

The thinking goes, “what have I got to lose?” Or so one imagines the words people say to themselves who max out their still-working credit cards right before filing for bankruptcy. That approach is wrong on several levels. If you’ve got an itch to spend the remaining balances of your credit cards before you file,… Read More »

Relief from Aggressive Collection Tactics

Coping with the stress of overwhelming debt is a difficult task. That task is often made worse by the aggressive tactics of collection agencies. Just as bankruptcy provides relief from debt, new regulation taking effect in January 2013 aims to provide relief from aggressive or illegal collection efforts that accompany unmanageable debt. In October of… Read More »

Lesser Known Types of Bankruptcy

Most people are familiar with the concept of filing for bankruptcy. And many people understand that there are different types of bankruptcy for businesses and individuals. The most common types of bankruptcy — and the ones with which most people are familiar — are Chapter 7, Chapter 11 and Chapter 13. But many people are… Read More »

What Debts Can’t be Discharged?

Bankruptcy is a powerful tool for debtors who want to get a fresh start on their lives or businesses. But it still does have limits. Not all debts are subject to discharge in bankruptcy and it is important for those considering the process to understand what debts may remain before moving forward. The scope of… Read More »

What Kind of Assets Can You Keep after Liquidation?

Filing for bankruptcy is a big decision and people frequently have concerns about how it will affect their assets and credit, especially in the case of Chapter 7 liquidation bankruptcy. Many people believe that when they file for Chapter 7, they must give up everything they own in order to receive a discharge. But that… Read More »

Bankruptcy Statistics Nationwide

Bankruptcy is more common than you may think. According to the Administrative Office of the United States Courts, in 2011 there were over 1.4 million bankruptcy filings nationwide. The vast majority of these — over 70 percent — were for liquidation under Chapter 7. Also surprisingly, individuals and other nonbusiness entities accounted for over 96… Read More »

Some Ways to Avoid Bankruptcy

Before deciding to declare bankruptcy, seriously consider some of the following alternatives. Trim your budget everywhere you can. Make a list of your regular expenses and go over it carefully. Can you pack a lunch instead of buying one at work?  Can you jog and work out at home so you don’t have to pay… Read More »

What is Actually in a Credit Report?

You could look yourself: AnnualCreditReport.com is the only source that provides truly free credit reports, once every 12 months, without asking for your credit card information, enrolling you in a “free trial” for some paid service, or pushing you to pay for various extras. And here’s what you will find: Identifying information: Includes your name,… Read More »

What is Foreclosure and How Do You Avoid It?

Banks initiate foreclosure on homes in an effort to recover the outstanding balance on a mortgage or loan on which the borrower has stopped making payments. Mortgages and other home loans are categorized as secured loans — loans taken against specific, physical collateral. If you fall too far behind on your loan payments, the lender… Read More »