Declaring bankruptcy can be an overwhelming experience for many people. They may feel that their financial history will follow them forever, preventing them from leading a normal life. But life after bankruptcy can be viewed as a fresh start. With a little patience, a person who was in over their head with money matters just a few years ago may find themselves qualifying for a home loan.
Source: ctbankruptcyattorneys.com
Video: Bankruptcy Questions : Requirements for Eligibility for Chapter 13 Bankruptcy
Bankrupt San Bernardino halts payments to Calpers
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Source: capoliticalnews.com
CalPERS Files Formal Objection to Bankruptcy Claim by San Bernardino
CalPERS, albeit the largest creditor, must realize its place and responsibility to not delay the Chapter 9 procedures in trying to receive its payments outside of the normal course of a re-organization. The Trustee and the City know its reponsibilities and any diversion of their time, effort and resources to address this issue only seeks to delay the final outcome.
Source: californiahealthline.org
Topic: Sponsoring my wife after 2 years bankruptcy
Hello. I Did declare bankruptcy 2 years ago and I went to Bolivia and got married. I am beginning the sponsorship of my wife but there is a clause in the exceptions of eligibility to become an sponsor. I have been released of the bankruptcy process about 9 months after I did it. I would like to know if I am eligible before I begin the process and pay for the fees. Thanks!!!
Source: canadianimmigrant.ca
Credit repair and loan eligibility possible after bankruptcy
And, while bankruptcy is certainly considered when applying for a loan, it is not the only factor lenders look at. This is why it’s important to re-establish credit in order to show financial responsibility. There are easy ways to accomplish this, such as paying bills and rent on time and using a secured credit card responsibly. In some cases, bankruptcies also result from unavoidable and one-time circumstances such as death, divorce or illness. In these types of cases, the wait time after a bankruptcy can sometimes be reduced if a hardship letter is provided to a lender explaining the circumstances and offering supporting documentation. Of course, this is all good new, as last year there were 1.362 million bankruptcies filed across the country. Of those, about 70 percent fell into the Chapter 7 category.
Source: bankruptcylawyersfl.com
FHA Eligibility with Bankruptcy and Foreclosure
, unless the foreclosure was the result of extenuating circumstances beyond the borrower’s control and the borrower has since established good credit. The best thing to do is sit down with loan expert that can put together a plan that meets your needs. I know a great loan expert I can recommend. Thanks – Sharon “Helping find your way home”
Source: trulia.com
Bankruptcy and Age Restrictions
All of this is not to say that going bankrupt in your early 20s is a terrible decision, and it may be exactly what you need to jump start your finances in the right direction. You should just be aware of the effects bankruptcies have on individuals during and after their case is completed and also the alternatives to filing at all. Contact your credit card companies if you are a new customer and feel yourself starting to struggle with payments, or as friends or family for sound financial advice. If you are young and considering bankruptcy protection for the first time it may be in your best interest to not try to file bankruptcy yourself, and instead hire a bankruptcy lawyer to help you throughout the process.
Source: bankruptcyhq.com
Filing Bankruptcy in Ohio to Eliminate Medical Bills
In most situations, filing bankruptcy will actually help your credit. The majority of Americans that file bankruptcy file because they are not able to get financed or they are faced with a difficult financial situation. As soon as your bankruptcy is complete, you should be able to buy a car and get a line of credit. The only downfall is that the interest rates may be a little high, but nothing that you cannot improve over time. The reason that the creditors are so lenient after a bankruptcy is filed is because you are debt free and not going to be a liability to lend to. The other reason is because you can only file a Chapter 7 bankruptcy once every 8 years so the creditor knows that if you default on a payment they can file a lawsuit against you and collect the money owed from a wage garnishment or attaching liens to property. The three most common credit reports used are Experian, Equifax, and TransUnion.
Source: ohiodebtsolutions.com
Mortgage eligibility after bankruptcy, shorter time than you think?
There is a common misconception throughout the entire nation, including the state of California, that when a consumer files for bankruptcy, he or she will be unable to get a mortgage for a period of seven to ten years. Though this is the length of time a bankruptcy will remain on one’s credit report, people who are facing financial problems and are considering bankruptcy as a way to deal with them will likely be happy to hear that the waiting period for a mortgage is actually much shorter.
Source: bankruptcylawyersanjoseca.com
After Bankruptcy, a Mortgage May Be Within Reach Sooner Than You Think
October 14, 2012 — Homeownership is a big part of the American dream for many individuals and families. But, if you are already struggling beneath a burdensome debt load, it may seem out of reach. Bankruptcy can be a workable solution to your debt problems. Even so, many consumers are apprehensive about bankruptcy, wondering how it will affect their ability to obtain a home loan in the future. Fortunately, with the right credit-building strategies, bankruptcy does not have to unduly impact your ability to get your own home. As Little As One Year After Chapter 13, Two After Chapter 7 for Mortgage Eligibility It can come as a shock when bankruptcy filers learn that a bankruptcy may stay on their credit report for seven to ten years. But, merely having a bankruptcy in your credit history by no means disqualifies you for a mortgage. In fact, you may be eligible for a mortgage in as little as one year following your bankruptcy. If you filed for Chapter 7 bankruptcy (the most common type of consumer bankruptcy in which most types of debts are fully discharged) you are eligible to apply for a mortgage in two years for an FHA loan or a VA loan. Eligibility for a conventional mortgage loan (one that is not government insured) takes four years after a Chapter 7 bankruptcy. If you file for Chapter 13 bankruptcy, in which debts are consolidated and fully or partially repaid over a three to five year term, you may obtain a mortgage even sooner. You can be eligible for an FHA or VA loan in as little as one year after filing, and a conventional loan in two years. While the timeframes outlined above are industry standards, sometimes lenders will make an exception and approve a loan earlier if there were extenuating circumstances out of the lender’s control that caused the bankruptcy. Unemployment by the primary wage earner, the death of a spouse or medical bills resulting from an unexpected injury are all examples of one-time occurrences that can cause bankruptcy and may entitle a borrower to a shorter waiting period for a mortgage. Keep in mind, however, that it is rare for a bankruptcy filer to obtain a mortgage in a shorter amount of time than the industry standards; those who do get mortgages more quickly have backed up their hardship claims with extensive documentation. Getting a Mortgage Not Guaranteed — Build Your Credit to Improve Your Odds Getting a mortgage after filing for bankruptcy is not simply a matter of waiting out the eligibility timeframe: for anyone who wants a home loan, success depends on strength of credit. This means that if you want to obtain a mortgage as soon as you are eligible after filing for bankruptcy, you must work hard to build credit. Get a credit card and pay off the balance immediately; start saving at least 10 percent of your take-home pay to establish a pattern of saving and to build toward a large down payment; pay rent and utility bills on time. If you follow these credit-building steps, your credit will likely be strong enough to obtain a mortgage as soon as you are eligible. A bankruptcy by no means has to derail your dream of owning a home. On the contrary, it can help you escape the debt that is holding you back and set you up to build toward a new future of homeownership. If you are struggling with debt, talk to a Tampa bankruptcy attorney today to learn more about what bankruptcy can do for you. Article provided by Law Offices of Robert M Geller PA Visit us at www.attorneyfortampabay.com
Source: thedailylegal.com
Debts and Income In Bankruptcy
Your income level is one of the main determining factors in how your case will be handled in bankruptcy. Your income is used to evaluate your eligibility to file for Chapter 7 or how much you will repay each month as part of your Chapter 13 repayment plan. If your income level changes at any point during the bankruptcy process, it is important that you report the changes to the court. If your income level increases, you may no longer be eligible for Chapter 7 or may have to pay slightly more in Chapter 13. If your income level decreases, you may find that you become eligible for Chapter 7 or get a reduction in your Chapter 13 payment requirement.
Source: leebankruptcy.com
Indian Gaming > Law Article: Santa Ysabel Band casino not eligible for bankruptcy
The court noted that, while there was some appeal to expanding bankruptcy protection as the casino requested on the grounds that Congress intended such protection to be expansive, the casino failed to meet the characteristics of an unincorporated company as the casino had recently begun describing itself. Accordingly, the court concluded that the tribal casino failed to satisfy its burden of establishing eligibility under section 109 of the Bankruptcy Code.”
Source: 12.138