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life after bankruptcy Archives

Can my landlord evict me during my bankruptcy?

If you rent your living space rather than own it, it is important to understand your options and rights as a tenant when you consider bankruptcy. Depending on many factors in your rental history and your financial needs, you may need to take very specific actions to receive all the benefits a bankruptcy offers.

Bankruptcy law often favors the individual debtor

Bankruptcy is an extremely important part of our financial laws, allowing for a hard reset in instances when circumstances or unwise choices lead an individual to unbearable financial strain. The possibility of bankruptcy itself affects the way that interests rates for various types of lending get calculated, as lenders all have to account for bankruptcy when considering risk of the loan. When a person or private organization finds themselves sufficiently sideways financially, bankruptcy allows a pressure release valve. However, bankruptcy does have its limits.

What is fraud in bankruptcy?

Part of executing a successful bankruptcy is avoiding bankruptcy fraud. If you're already in a difficult enough position to consider bankruptcy, you may also fall prey to the temptation to try and manipulate the system for your own gain. This is not wise, and may end up placing you in a bigger mess than the one that justifies the bankruptcy in the first place.

Using an automatic stay in bankruptcy

One of greatest sources of relief that bankruptcy can offer is the automatic stay placed on collection efforts. This stay affects different types of accounts differently and does not automatically halt every kind of collections. However, it can still offer a great deal of relief from many different types of collection actions.

Consider filing for bankruptcy before filing for divorce

Your marriage is crumbling and your finances are in shambles. You and your spouse are considering divorce, while at the same time weighing options for bankruptcy. You are truly in a difficult situation, and it is reasonable that you could face difficulty maintaining an objective point of view. However, before you go filing divorce papers, you should consider consulting with an experienced bankruptcy attorney.

The timing of discharge in bankruptcy

If you're considering bankruptcy, you probably have some questions about the actual process of a bankruptcy and when the benefits begin. Bankruptcies are not simple matters, so there is no purely single explanation of when the discharge of a bankruptcy occurs. Between Chapter 13 and Chapter 7, the discharge occurs at different points of time after different qualifications are met or deadlines reached.

Improving credit after a bankruptcy

After you file for bankruptcy, you may worry that you'll never have good credit again. Fortunately, this does not have to be true, if you take proactive steps to improve your credit. A bankruptcy will certainly hurt your credit in the short term, but the damage does not have to last forever. With time and careful, consistent work, you can improve your credit score after a bankruptcy.

Yes, you can get a mortgage after bankruptcy

For many people, filing for bankruptcy can feel like a jumping off a cliff and not knowing what waits at the bottom. If you are considering bankruptcy, this fear can keep you from moving forward and creating a real second chance for yourself. Among the other things that worry people about life after bankruptcy is whether or not they'll ever be able to qualify for a mortgage and buy a home.

After bankruptcy, owning less is often helpful

Filing for bankruptcy can be an emotionally exhausting process, and building a life for yourself after a bankruptcy procedure is a difficult task. Some of the difficulties you may face are very practical, but others are more personal, and deal with your approach to living and owning property. While many people come to bankruptcy because of circumstances beyond their control, such as runaway medical debt, others find their way to bankruptcy because of a pattern of buying more than they need or can afford. If your bankruptcy is due to unwise spending, now may be a wise time to reconsider your relationship with the things you own.