Bankruptcy is one of the primary reasons that fresh start loans exist, so yes, it can help you qualify. A fresh start loan is generally a small to moderate loan, often in the $500 to $5,000 range with a shorter repayment period, usually six to thirty-six months. The stated purpose of these loans is specifically Read More »
Unfortunately, bankruptcy will often affect your ability to rent an apartment. Just like other creditors, potential landlords are often more wary of renting to individuals who have recently filed for bankruptcy protection. Thankfully, the resolution to this is usually very straightforward, if not often easy. Many landlords will require you to provide them with basically Read More »
Bankruptcy will have a significant negative impact on your credit score. It is a fact, so there is no reason to sugar-coat it. It is also a fact that it is possible to rebuild your credit score reasonably quickly, two to four years is very realistic, if you are willing to take the time, have Read More »
You will be utterly amazed at how quickly you get credit card offers after your bankruptcy has been discharged. These companies spend millions of dollars researching the best ways to get you back into debt so they can make money from it. Do not fall for it. Before you even consider getting a credit card Read More »
The Federal Housing Authority (FHA) has a two-year rule for allowing a borrower to take on a mortgage after a bankruptcy discharge. Many of the national mortgage companies follow this rule, but not all. Some will allow you to incur mortgage debt almost immediately after a bankruptcy discharge, assuming you meet all their other eligibility Read More »
Immediately upon filing for bankruptcy protection, creditors are absolutely not permitted to contact you with regard to collection on the outstanding debt. The protection of the Automatic Stay of Bankruptcy expressly prohibits such contact. This protection will remain until your bankruptcy discharge is granted. After that, the discharge injunction prohibits any creditors whose debt was Read More »
You call your lawyer! Prior to filing, part of the analysis that an experienced bankruptcy attorney will perform is the applicability of the exemptions allowed in your jurisdiction to the assets you hold. If there is a reasonable risk of an exemption being objected to, they will advise you of the risk and potential repercussions Read More »
You can reopen your closed bankruptcy case by filing a relatively simple motion with the court requesting that the case be reopened and stating the reasons. The court does charge a filing fee for a motion to reopen and, depending on the situation, your attorney may also charge additional fees to prepare and file the Read More »
You can reopen your closed bankruptcy case by filing a relatively simple motion with the court requesting that the case be reopened and stating the reasons. The court does charge a filing fee for a motion to reopen and, depending on the situation, your attorney may also charge additional fees to prepare and file the Read More »
If you know that you are unable to attend your initial scheduled Section 341 Meeting of Creditors, you should notify your attorney as soon as possible and explain why. The attorney can usually contact the trustee and arrange an alternate date for your meeting. If done in advance and with good reason, trustees are generally Read More »