5 Ways Income Protection Insurance Can Save You From Bankruptcy

Posted on January 9, 2012 by Svilen

This is a guest post by Kristy Ramirez. If you want to guest post on this blog, check out the guidelines here.

The reasons for bankruptcy can be many but it hurts most when it has been forced on you because of some event taking place that is beyond your control. This is why you should take all possible precautions to prevent you finding yourself in a position where you can’t pay back all the debts you owe. Of course the first thing to ensure is that you never borrow more than you can comfortably repay but what would happen if you suddenly lost your means to earn your income through no fault of your own, and your creditors demanded their money? If you didn’t have some backup system at your disposal you would be in trouble and bankruptcy would be hard to avoid, that’s where income protection insurance comes in. Continue reading →

Buying A Home After Bankruptcy | How To Buy A House With Bankruptcy On Your Credit Report

Posted on January 4, 2012 by Svilen

A lot of people think that buying a home with bankruptcy on their reports is impossible. However, that is not true. Bankruptcy is a provision (a legal provision) that was made with the intent of providing people a fresh start in their lives. So, it helps people come out of difficult financial situation that might have been a result of their financial carelessness or just due to some unfortunate event (e.g. sudden medical expenses). However, this doesn’t mean that filing for bankruptcy is a good idea. It should be your last resort really because it not only tarnishes your credibility and overall social standing but also severely limits your access to credit. Continue reading →

Ballooning Consumer Debt Cripples Economic Recovery – Any Hope For The Debtors?

Posted on December 16, 2011 by Svilen

This is a guest post by Kavin Matthews. If you want to guest post on this blog, check out the guidelines here.

As we come to the far end of 2011, the economists give a retrospective glance at the economy to check where we stand. Though individual bankruptcies are falling, yet that doesn’t speak much about the improving financial behavior of the US consumer, who is still being supported by the record federal stimulus. With the record high unemployment rate, people are suffering from lack of cash and spurring personal credit card debt level. The consumer bankruptcy level plummeted 9% in the first half of the year 2011 as compared to 2010. The American Institute said that roughly 707,000 Americans have declared bankruptcy in 2010 but 2011 saw a declining rate of credit card delinquencies and falling missed payments on loans. Does this suggest that the consumer finance is improving? Continue reading →

Credit Repair Letters – 6 Things You Must Remember

Posted on November 24, 2011 by Svilen

We all understand the importance of credit scores. A bad credit score might lead to rejection of your credit applications (for mortgages/credit cards/personal loans or any other kind of loan). Even if you are able to get a loan, the terms of a loan given against a bad credit score might be very harsh on you. However, it is not uncommon to find that your credit report is wrong or contains items that don’t belong to you. To get your credit report corrected, you must write a credit repair letter. Continue reading →

Mortgage After Bankruptcy – How To Get A Mortgage Loan After Filing For Bankruptcy

Posted on November 2, 2011 by Svilen

Getting a mortgage after bankruptcy is not an impossible task. You can get a mortgage with bankruptcy still on your credit report (remember, bankruptcy remains on your credit report for up to 10 years). However, the terms of your mortgage in bankruptcy scenarios would be really harsh… and you should expect them to be harsh since you have lost your credit worthiness to bankruptcy. Also, you would have to wait for some time (typically, a minimum of 2 years) before you can apply for and expect an approval on your mortgage after bankruptcy discharge. Continue reading →

Getting Credit Cards After Bankruptcy

Posted on October 19, 2011 by Svilen

One of the worst after effects of bankruptcy is that it destroys your credit score and bankruptcy remains on your credit history for ten years. This means that getting any kind of loan (including credit cards) would be very difficult i.e. almost impossible for you when you have debts/ credit cards in bankruptcy. Continue reading →

Business Bankruptcy – What You Should Know Before Filing For Business Bankruptcy

Posted on October 11, 2011 by Svilen

Business bankruptcy is a legal state, in which a business finds itself unable to repay its debts to its creditors. In such a situation, the business owner might resort to file business bankruptcy (this is called voluntary business bankruptcy filing) or the creditors might move to retrieve their due (involuntary bankruptcy filing). Continue reading →

Bankruptcy Means Test – What Is It And How Is It Conducted Across The Various Chapters

Posted on September 28, 2011 by Svilen

In 2005, BAPCPA (Bankruptcy Abuse Prevention and Consumer Protection Act) was passed and it became a law. One of the prime features of this act was the introduction and implementation of a new means test for bankruptcy. The intent of this act, as the name suggests, was to prevent people from abusing bankruptcy law i.e. stop people from using bankruptcy as a method to walk away from debts even when they had means to pay back. At the same time, this law aims to protect the interests of elderly, single mothers and other genuine people. Continue reading →

Personal Bankruptcy – What You Should Know Before Filing For Personal Bankruptcy

Posted on June 24, 2011 by Svilen

Jurisdictions allow individuals to declare their bankruptcy through a procedure called personal bankruptcy. That simply means that you didn’t have good financial plan and you cannot afford to pay your debts any longer and requires removal of any such obligation by giving up control of your financial assets. You can either do it through a debtors’ petition (doing it yourself) or through a creditors’ petition (someone who you owe money can do so). Continue reading →

Credit Counseling For Bankruptcy – Here’s What You Need To Know

Posted on June 7, 2011 by Svilen

Credit counseling for bankruptcy is required by those who intend to take filing of bankruptcy as a way forward for their financial problems. All people who plan to file for bankruptcy protection are required to get a credit counseling session from an approved organization within 180 days of filing. Only the counselors and institutions that appear on US Trustee Program are permitted to provide the counseling. Also known as pre bankruptcy counseling, it entails an in-depth evaluation of your financial conditions. Continue reading →

Types Of Bankruptcy – A Quick Glance Into The Six Important Bankruptcy Chapters

Posted on June 3, 2011 by Svilen

While personal bankruptcy can be filed through Chapter 7 or Chapter 13, there are other types of bankruptcies that apply to different situations. While Chapter 7 and Chapter 13 seek to provide repayment solution either by liquidating the financial assets or repayment schedule respectively, the other chapters pertain to businesses, fishermen or farmers, foreign investors etc. A quick glance into the six important chapters is given below: Continue reading →

Bankruptcy Requirements For Common Types Of Bankruptcy

Posted on May 26, 2011 by Svilen

In 2005 the Bankruptcy Abuse Prevention and Consumer Protection Act was passed that changed bankruptcy filing requirements. This means that there may be certain changes that need to be checked before you decide to file for bankruptcy. Being informed and prepared with the new bankruptcy requirements will make your filing process hassle free. Continue reading →

Should I Consolidate My Debt With My Home Equity

Posted on May 18, 2011 by Svilen

This is a guest post by Monique Rowe. If you want to guest post on this blog, check out the guidelines here.

Everyone seems to be seeking debt relief these days. No matter the source, debt haunts them like a ghost. It steals a portion of their income. Creditors and debt collection agencies are attracted to debt like vultures. Of course, there are legitimate reasons why collection agencies and creditors are interested in debt. Creditors want their money back, and debt collection agencies are trying to pay their salaries. Owing large debts is still unpleasant for consumers, regardless of the bad decisions they probably made when they went into debt. Continue reading →

What Is Bankruptcy? How Does Bankruptcy Work? Pros And Cons Of Filing Bankruptcy

Posted on May 9, 2011 by Svilen

Bankruptcy is a legal state wherein a person or an organization cannot any longer repay their debts to the creditors. This is either filed by the person himself (voluntary bankruptcy filing) or the creditors file it to recover the pending money. The federal bankruptcy court can be approached to carry out the proceedings of filing bankruptcy and repaying off debts to the creditors. Continue reading →

What Is My Credit Score? How To Get My Credit Score And Check My Financial Health?

Posted on April 15, 2011 by Svilen

You have applied to one of the three bureaus that provide free credit report, but you still don’t know how to get that crucial number (credit score) that is the deciding factor for all your credit applications? Continue reading →

What Is A Bad Credit Score?

Posted on April 2, 2011 by Svilen

So you have your credit score and you think that it’s good enough to get a loan? Think again. While anything above the median score (FICO score) of 720 is good enough for any lender to approve your loan; anything below it is the lenders’ discretion or depends on the credit you have applied for. Though you may have a fair chance even with a score below median, you still need to know how fair or bad it is, so that you know how it affects you. Then how can you determine exactly what is a bad credit score? Continue reading →

What Is A Good Credit Score?

Posted on March 28, 2011 by Svilen

Credit Score determines your creditworthiness. A FICO score ranges from 300 to 850 and the median is 723. However, what score guarantees you a great interest/deal on loan or mortgage or other forms of credit? A good credit score does. But what exactly would be a good score then? Continue reading →

Credit Card Balance Transfer – Should You Or Should You Not?

Posted on March 25, 2011 by Svilen

Most people would have encountered very lucrative balance transfer offers (e.g. 0% balance transfers etc.) from various credit card providers. And such offers often leave you wondering whether it would be a good idea to go grab one of these offers or not. So, let’s have a quick look at aspects surrounding credit card balance transfer… Continue reading →

What Is A Credit Score? Credit Score Ratings & Ranges Explanation

Posted on March 21, 2011 by Svilen

The word credit is usually nice to see and hear as far as your bank balances are concerned and most of us would love to see more of it. But being judged on a score that takes into account credit management and pattern is a different story altogether. A Credit Score does just that – it determines your creditworthiness. It is a statistical analysis of a person’s ability to pay his outstanding bills on time. Continue reading →

Credit Repair After Bankruptcy – How To Rebuild My Credit Effectively

Posted on February 25, 2011 by Svilen

Everyone knows the devastating effect that bankruptcy has on the credit score… and bankruptcy remains on your credit report for 10 years. So, repairing credit after bankruptcy is really a tough job unless you know the tips on how to repair credit after bankruptcy. So, let’s have a quick look at some of the important tips that can help you with credit repair after bankruptcy. Continue reading →

Bankruptcy And Credit Score – How To Improve My Credit Score After Filing For Bankruptcy

Posted on February 21, 2011 by Svilen

All of us know that bankruptcy can rip apart our credit score… and make us think that there is no way we can improve our credit score after bankruptcy. While, the negative effect of bankruptcy on credit score is a well-known fact, it is possible to start improving your scores quite quickly. Also, this might be a good time to sit, analyze and plan how best you can achieve your financial goals and negate the effect of bankruptcy on credit score. Continue reading →

Bad Credit Repair – How To Fix My Bad Credit Effectively

Posted on February 18, 2011 by Svilen

If you have been struggling with bad credit and looking for ways to repairing bad credit, the following tips on bad credit repair would help you. Continue reading →

Credit Repair – How To Fix Your Credit And Improve Credit Score

Posted on February 14, 2011 by Svilen

If you are not being offered good rates and terms on the loans, you must starting thinking about credit repairing i.e. improving your credit score. This (your credit score) is what all lenders check before offering you loans or any line of credit (including credit cards). In fact, the importance of good credit score can’t be emphasized enough – some employers, while accessing your candidature for a job, use your credit score as a measure of how responsible you are. Continue reading →

Bankruptcy And Credit Report – How Long Does Bankruptcy Stay On My Credit Report

Posted on February 11, 2011 by Svilen

Whatever your reason for going bankrupt, there will surely be a big negative impact of bankruptcy on credit report… and the bankruptcy remains on your credit report for around 10 years. However, there are ways and means to improve your credit report after bankruptcy… and over the years you can build a good credit. But all your efforts might go waste if you do not monitor your credit report and ensure that it is correct at all times. Here are the typical things that you should be careful about with regards to your credit report after bankruptcy: Continue reading →

How To Get Out Of Debt – 6 Best Ways For Getting Out Of Debt Fast

Posted on January 28, 2011 by Svilen

Most of us need a little help with money to get a roof above our heads, wheels beneath our feet and everything else in between. We don’t have so much money that we can afford everything, so we need to borrow. Since the money is not ours we have to pay it back as well and this is when the problem arises. When you have a steady job, your salary is enough to pay off all mortgages and loans over a period of time; you are in a great position. Continue reading →