Retaining Your Normal Life Through Bankruptcy
If you car has already been repossessed but not sold, you have the possibility of reclaiming it with your bankruptcy. Past car payments that were not been able to pay will be consolidated through your bankruptcy, as long as you have filed for bankruptcy prior to the repossession. Your payments will not however go to the finance company but to a trustee instead. Speaking with an experienced attorney can help you decide if this is the type of process that you should undergo and let you know what rights you have as a filer of bankruptcy. Your attorney will also know of other benefits that you are liable to with filing your bankruptcy. If you are not sure if you qualify for bankruptcy, you can even fill out a free bankruptcy evaluation.
You may have many questions as to how your life will look after bankruptcy. Many people think after they file for bankruptcy, they’ll never own their own home. This is not necessarily the case as there are many lenders willing to help, once the bankruptcy has been discharged. Before you attempt to get a loan however, be sure you take these steps to be sure you are completely prepared for the process.
Being sure you are keeping your current bills under control is the number one thing to do when trying to obtain a loan. Even if you’ve filed for bankruptcy, you may have loans to pay such as student loans or a car loan, student loans are basically impossible to have forgiven during a bankruptcy claim. If you’re late on those, you can forget about getting a new loan.
One of the most looked at criteria for home loans is the borrower’s debt to income ratio. If you’ve previously filed for bankruptcy you should have minimal debt. You need to be sure all debt is gone from your credit report. This may take time and persistent calls to your creditors. They won’t go down easily!
If you’re turned down the first time for a home loan, don’t fret! You can always wait six months or a year and try again. Often your credit report will change greatly during that time and you may qualify for something much better by waiting.
Bankruptcy AttorneysView all articles by Legal Helpers
Spread The Word
- del.icio.us it
- Digg this
- Yahoo! this!
- Google Bookmarks
- Live Favorites