However if you are considering doing this right after bankruptcy; you are going to notice that it is going to be difficult to find someone who is going to offer you a decent interest rate. After all your credit report is going to be screaming that you just filed bankruptcy.
You may want to consider rebuilding your credit for a couple of months to prove to the creditors that you are worthwhile of paying back the loan. You will hear people tell you that it will take you years to rebuild your credit or to be able to get a loan; however I have personally found this to be false.
I started receiving statements for loans and credit cards a couple of months after filing bankruptcy.
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The Wall Street Journal reported this week on a man whose bankruptcy case has outlived him. And he’s not too sympathetic a character: after defrauding clients of his business out of $19 billion, the man was reportedly put into federal prison.
Sources indicate that the fraudster, Barry Stokes, died in a hospital there before his bankruptcy trustee had been able to work through his case. As of now, reports note that:
- Hidden assets are still missing: This unsavory fellow apparently owned a lot of (somewhat) valuable art but hid it before his death. Most was found, but the trustee is still hunting some of it down. T
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Many individuals report that filing bankruptcy was the best choice they ever made. The Bankruptcy Code provides powerful relief for those buried in debt. Let’s look at the top five provisions in the Bankruptcy Code
Number 5: Redemption/Cram-Down of a Vehicle A Chapter 7 debtor may redeem a personal vehicle by paying the fair market value of the vehicle, and discharge the remaining vehicle debt. While the redemption process requires a lump sum payment, there are several companies that offer redemption loans. Additionally, Chapter 13 debtors may “cram down” a vehicle loan to the value of the vehicle. The crammed-down debt is then paid off during the Chapter 13 repayment period. While
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First of all I am a huge believer that you should do everything that you can do to prevent having to declare bankruptcy. This should be the last step and the decision to do this is permanent.
Sometimes you have no choice but to do what you have to do. I know that my personal bankruptcy story is not going to make anyone feel better about having to do this. I know that when I went to see my attorney it was the most difficult thing I had to ever do. As a matter of fact I broke down and started crying because the last thing I wanted to do was face the reality of this situation.
Once I got through the first visit I felt so much better. It was nice not to have to talk to any of the creditors again.
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However before you follow through with “do it yourself bankruptcy” there are some things that you should know that will help you from being in the same place in the next 7 – 10 years.
1. The Cause: Regardless of what we all want to believe when we are faced with financial situations; chances are there are some things that we could have done differently that would have prevented this situation.
While you may be saying “I got laid off it was not my fault.” The truth is that unless you are willing to take responsibility for the situation then nothing will change.
2. Making Changes: Now that you know what the causes were and why you are looking at “do it yourself bankruptcy” you have to make some changes in your life. The last thin
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The latest figures from Standard & Poor’s Case-Schiller Index show that the double-dip in the housing market many economists feared is now a reality. In other words, according to sources, housing market prices have taken another nosedive and home values are now near the same level they were in mid-2002.
How much of a dip is this second downward spike? Reports indicate that:
- The first quarter of 2011 saw a 4.2 percent decline in home prices.
- In the final quarter of 2010, prices dropped 3.6 percent.
- Home prices are currently 5.1 percent lower than they were this time last year and, according to Standard & Poor’s, have reached a new low even for the recession.
If all this sounds like bad news, the kicker is that the cycle of foreclosures and lowered home values seems unlikely to end any time soon.
Consider these troublesome figures.
- About 1.9 million homes in the U.S. are
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An individual’s lifetime is filled with highs and lows. Take for example the life of auto maker Henry Ford. Ford worked for years as an engineer for Thomas Edison’s company, where he experimented with gasoline engines. At age 36 he started his first car company, the Detroit Automobile Company, which went bankrupt two years later. A few years later he formed the Henry Ford Company, but clashed with his partners and was forced out. The Henry Ford Company was renamed Cadillac. Ford then formed a partnership, the “Ford & Malcomson” company, but again ran into financial trouble. Ford reincorporated this company as the Ford Motor Company and, well, you know the rest of the story. At the height of his wealth, Henry Ford was worth almost $200 billion in today’s dollars.
The federal bankruptcy law gives Americans like Henry Ford a second chance.
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