Bankruptcy Information





Bankruptcy in Brief a service of the Moran Law Group Filing bankruptcy does not prevent you from getting new credit An entire class of lenders targets the recently bankrupt as customers Immediately after a bankruptcy filing you can expect credit to be more difficult to get more expensive and limited in amount Two years after a bankruptcy discharge debtors are eligible for mortgage loans on terms just as good as those with the same financial characteristics who have not filed bankruptcy That is in getting a home loan after a bankrutpcy the size of your down payment and the stability of your income will be much more important than the fact you filed bankruptcy in the past There is no right to credit Landlords and credit card companies are well within their rights to consider your financial history in their credit decision However debtors are protected from discrimination in employment and governmental licensing based solely on the fact that they have filed bankruptcy by provisions of the Bankruptcy Code § While the fact that you filed bankruptcy stays on your credit report for years it becomes less significant the more time elapses In fact you are probably a better

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Aren't there alternatives to filing bankruptcy? So many people have asked me this question that I've decided to publish my standard response There is no easy way to get out of debt Some hard choices are in front of you but there are always alternatives to the long lasting effects of bankruptcy There are five basic strategies for getting your debt back under control I've listed them in order of best to worst in terms of the effect they will have on your credit If your credit isn't in terrible shape can you reduce your other expenses while you pay the debt off? Perhaps some fairly painless changes to your lifestyle can bring your bills in line with your income If not some hard choices may be required Some examples Do you really need things like cable T V ? Get rid of the extraneous expenses Ask a relative for a loan Can you do without the second car? Sell it Pull equity out of your home by refinancing Apply for a non secured signature loan Sell your home pay off your debts with the proceeds and rent Cash out your K retirement benefits Sell those family heirlooms jewelry

raquo raquo raquo raquo raquo Q A Browse Bankruptcy Law Resources Articles FAQs raquo raquo raquo raquo Bankruptcy Law Credit Problems Credit reports Page of How long does my bankruptcy remain on my credit report? Your credit report can show your bankruptcy filing for up to years but many credit reporting agencies will remove it after seven This could make it harder to rent an apartment or to obtain a credit card at a favorable rate of interest It might make it very difficult to obtain a home mortgage loan or insurance Wiping the slate clean through bankruptcy also puts all future lenders on notice that you have had difficulty repaying your debts creditors are more likely to either refuse to extend credit or to make you pay for the additional risk they are taking in extending you credit However even with a bankruptcy on your credit report many lenders will do business with you and extend you new credit This is because the discharge obtained in bankruptcy leaves all future earnings free from the claims of past creditors Copies of a credit report can be obtained from one of the following sources Experian Equifax Trans Union The reports

raquo raquo raquo raquo raquo Q A Browse Bankruptcy Law Resources Articles FAQs raquo raquo raquo raquo Bankruptcy Law Consumer Bankruptcy State Specific Content Page of How long does a bankruptcy remain on my credit record? The customary time a bankruptcy remains on a credit record is seven years Keep in mind however the fact that the number of credit reporting services is growing and there is no requirement they cease reporting a bankruptcy after that period Click for a laquo raquo laquo raquo Need More Help or Advice? bull bull bull bull bull Free Case Review Post your case and have it reviewed by up to qualified attorneys NO Cost NO Obligation Get Legal Forms Law Forums Law News at Mon Mar AM EST Sun Mar AM EST Fri Mar AM EST raquo FreeAdvice reg has been providing millions of consumers with outstanding advice free since While not a substitute for personal advice from a licensed professional it is available AS IS subject to our FreeAdvice reg and are units or affiliates of All Rights Reserved copy



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