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Bankruptcy will affect your credit score. But, let's face it, your credit probably isn't that great right now anyways. However, you can immediately start rebuilding your credit after bankruptcy and increase your FICO score over time. I read an article recently in The New York Times discussing the fact that people with high FICO scores have one important thing in common: They have low ...
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When facing bankruptcy, one of the biggest worries clients have is that they’ll never get credit again—or at least not for the 10 years during which bankruptcy shows on their credit report. When I tell clients it won’t be as difficult as they fear, I usually hear a sigh of relief. Bankruptcy will affect your credit score in the beginning, but you will be able to get credit again ...
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Learning about the intricacies of bankruptcy is certainly not an enjoyable task, nor is it an easy one. There’s a lot of information out there to wade through because so many people today are being forced to contemplate the possibility. To make it a little simpler, let’s pare it down to the basics. For most people in financial straits, Chapter 7 bankruptcy is going to be the most ...
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Confused about whether filing Chapter 7 bankruptcy or Chapter 13 bankruptcy would be better for you? Take a look at this handy chart to compare the most common scenarios for these two types of bankruptcy cases : CHAPTER 7 CHAPTER 13 “STRAIGHT BANKRUTPCY” “CONSOLIDATION” /REPAYMENT PLAN You can no longer keep up with your monthly credit balances, your income is less than ...
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Most people do not lose their home or their car because of bankruptcy. Here is a brief rundown of the top ways to save these assets during bankruptcy: Stop foreclosure: If you’re behind on your mortgage payments, filing bankruptcy will stop foreclosure (at least temporarily). In Chapter 13 bankruptcy, you can even catch up on missed payments and pay the arrears over time. Homestead ...
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One of the most common questions I hear from clients who are considering bankruptcy is whether they will be able to keep their home and their car. The good news is that California law offers some pretty good exemptions for your home and car so that when you file bankruptcy, you don’t lose everything. If you’re like many homeowners in San Diego and Chula Vista with underwater mortgages ...
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For all too many people today, it doesn’t take much to upset the delicate financial balance in life. When something unexpected happens, such as losing a job or being injured in an accident, a lot of well-intentioned people turn to credit cards as a temporary solution to pay their bills, only to find themselves drowning in debt they can’t repay later. This often creates a cycle of debt ...
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Sadly, thousands of families in San Diego and Chula Vista are still struggling to recover from the economic downturn. There have been more than 20,000 bankruptcy filings in San Diego alone in a recent 12-month period, and millions more Americans are expected to file in the next year. One of the biggest myths about bankruptcy is that only irresponsible people file. This is far from the truth. The ...
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If you’re experiencing financial difficulty, the sooner you contact a bankruptcy attorney the better, because you might not be aware of all the debt relief options available to you. If you wait too long or try services like debt settlement or debt consolidation first, you’ll probably end up in a worse situation than the one you were in to begin with. You’ve probably seen ads ...
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With the troubled economy, more and more of us are facing mounting debt we never imagined. Inevitably, debt relief companies have emerged to take advantage of financially distressed consumers. These companies falsely promise consumers that they can settle a consumer’s debts for pennies on the dollar or substantially reduce monthly payments through low interest rate consolidation loans. What ...
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