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June 03, 2009
Mortgage after Bankruptcy
Individuals wanting to obtain a mortgage after bankruptcy need to get their financial affairs in orders long before applying for a loan. Obtaining credit is considerably more difficult today than it was just a year ago. The banking industry meltdown caused lenders to tighten regulations. Individuals with excellent credit find it challenging to obtain mortgage loans. Those with poor credit don't stand a chance.
In order to qualify for a mortgage after bankruptcy, borrowers must establish a history of paying their bills on time. Housing costs are usually the largest expense people have. Financial experts suggest leasing a home with a monthly payment equivalent to a mortgage payment. Paying rent on time each month helps debtor's establish a track record.
Real Estate Investing article on "Mortgage after Bankruptcy"
January 02, 2009
Mortgage Bankruptcy
Mortgage bankruptcy refers to the 'Conyers Bill' which was enacted by legislation in 2007. The mortgage bankruptcy bill is highly controversial because it modified the new bankruptcy laws which took effect in 2005.
The mortgage bankruptcy bill requires borrowers to provide evidence they are incapable of obtaining the financial means to become current on delinquent mortgage payments to stop foreclosure.
Real Estate Investing article on "Mortgage Bankruptcy"
December 28, 2008
Debt Help
Millions of consumers need debt help, but most do not know where to turn. From debt consolidation to debt settlement and credit counseling to bankruptcy; there are programs which address nearly any financial dilemma. The problem is determining which is best suited for your needs.
Today, we're going to review debt help programs and what they offer. Since there are numerous options, this article briefly touches upon the most popular. Additional information and resources can be obtained by clicking on the highlighted links.
Real Estate Investing article on "Debt Help"
December 25, 2008
Credit Counseling
Credit counseling is a good option for people who are considering bankruptcy or those who have trouble managing their money. Credit counseling is also good for people who are just starting out and want to ensure they begin their life journey with a strong financial foothold.
Credit counseling is available in nearly every metropolitan city across the United States. Most agencies charge a fee for their services. However, there are non-profit credit counseling agencies that provide no- or low-cost services to those who qualify.
Real Estate Investing article on "Credit Counseling"
December 19, 2008
Bankruptcy Information
There is plenty of bankruptcy information available these days. Considering more than 1 million people have filed for bankruptcy protection this year, many Internet marketers are capitalizing on this top-ranking keyword. The problem is, much of the information is used solely for profit and not to provide sound advice.
In order to obtain accurate bankruptcy information, it is important to go to the source. Bankruptcy filings are overseen by the U.S. Trustee Program which is a division of the U.S. Department of Justice. The Trustee Program website provides comprehensive bankruptcy information and resources to help debtors determine if bankruptcy is their best option.
Real Estate Investing article on "Bankruptcy Information"
November 29, 2008
Credit Card Bankruptcy
Credit card bankruptcy refers to debtors who have filed for bankruptcy protection due to the inability to repay credit card debt. Experts claim approximately 35-percent of bankruptcy filings are caused by overwhelming credit card debt. Nearly two-thirds of Americans admit their main reason for filing bankruptcy was due to poor money management and misuse of credit cards.
The staggering amount of credit card bankruptcy filings caused Congress to enact new bankruptcy laws in 2005. President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act in order to reduce credit card bankruptcy filings
Real Estate Investing article on "Credit Card Bankruptcy "
November 05, 2008
Bankrupcy
Bankrupcy filings are occurring at unprecedented rates. With the ever-growing credit crisis and increased unemployment, many Americans are facing challenging financial times. For many people, bankrupcy is the only alternative to save their home from foreclosure.
There are numerous reasons people file bankrupcy. At the top of the list is subprime lending and lack of adequate health insurance. Chronic illness and mounting medical bills can quickly cause a person to go bankrupt. Other causes of bankruptcy include loss of employment, death of a spouse and living outside your means.
Real Estate Investing article on "Bankrupcy"
October 28, 2008
New Bankruptcy Laws
New bankruptcy laws enacted by Congress in 2005 have changed the way consumers, businesses, corporations and farmers obtain protection from creditors. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) includes provisions which require debtors to engage in credit counseling and undergo the process of the 'means' test.
Under the new bankruptcy laws, filing for bankruptcy has become considerably more complex and costly. BAPCPA was enacted to prevent consumers from racking up large amounts of debts, than filing bankruptcy to avoid repayment. However, the strict provisions have made it difficult for individuals who require debt relief caused by mounting medical bills and inflated mortgage payments.
Real Estate Investing article on "New Bankruptcy Laws "
October 20, 2008
Bankruptcy Attorneys
Bankruptcy attorneys specialize in helping individuals and business owners obtain relief from debt. The new bankruptcy laws implemented in 2005 caused many bankruptcy attorneys to turn to new areas of law. Reason being the Bankruptcy Abuse Prevention and Consumer Protection Act has made filing bankruptcy so difficult many attorneys opted out of the profession.
Bankruptcy attorneys who continued in the field are now charging considerably higher fees. BAPCPA requires considerable documentation, administration of the 'means' test to determine clients' eligibility, and strict deadlines to adhere to. The process is complex, time-consuming and requires considerably more man-hours.
Real Estate Investing article on "Bankruptcy Attorneys "
October 18, 2008
Chapter 11
Chapter 11 bankruptcy is typically reserved for corporations and partnerships and allows for reorganization of company debts. Individuals with high levels of debts are also allowed to file for Chapter 11 protection. However, the majority of personal bankruptcy cases are filed under Chapter 13; particularly when debtors desire to retain assets and repay outstanding debts.
Oftentimes, when a business files for Chapter 11 bankruptcy protection, company assets are sold to compensate vendors. Depending on the circumstances, a bankruptcy judge or court Trustee will dictate which assets are sold and which ones can be retained in order for the company to continue functioning. It is generally in everyone's best interest to allow the company to retain assets which allow the company to generate revenue and protect employee jobs throughout the bankruptcy process
