Jurisdictions allow individuals to declare their bankruptcy through a procedure called personal bankruptcy. That simply means that you cannot afford to pay your debts any longer and requires removal of any such obligation by giving up control of your financial assets. You can either do it through a debtors’ petition (doing it yourself) or through a creditors’ petition (someone who you owe money can do so).
Credit counseling for bankruptcy is required by those who intend to take filing of bankruptcy as a way forward for their financial problems. All people who plan to file for bankruptcy protection are required to get a credit counseling session from an approved organization within 180 days of filing.
While personal bankruptcy can be filed through Chapter 7 or Chapter 13, there are other types of bankruptcies that apply to different situations. While Chapter 7 and Chapter 13 seek to provide repayment solution either by liquidating the financial assets or repayment schedule respectively, the other chapters pertain to businesses, fishermen or farmers, foreign investors etc.
In 2005 the Bankruptcy Abuse Prevention and Consumer Protection Act was passed that changed bankruptcy filing requirements. This means that there may be certain changes that need to be checked before you decide to file for bankruptcy. Being informed and prepared with the new bankruptcy requirements will make your filing process hassle free.
Consolidating debt is done through multiple methods: home equity loans, home equity lines of credit and cash-out refinancing. Cash-out refinancing has become popular; here are its risks and benefits.
Bankruptcy is a legal state wherein a person or an organization cannot any longer repay their debts to the creditors. This is either filed by the person himself (voluntary bankruptcy filing) or the creditors file it to recover the pending money.
It’s relatively easy to get your credit scores and check your financial health. There are different sources that provide the credit score and these can be obtained through email, over the telephone or posted through US mail. However, unlike credit reports, you do not get credit scores for free (except when you have applied for credit and the lender provides you the score that they have in turn obtained).
If your credit score is anything below 620, it is considered bad enough and you will find it tough to get credit approvals from lenders. And the terms at which you get credit will be worse than what you would get with a good credit score… this means higher interest rate, lower loan amount sanctioned, other payment terms, collateral requirements etc.
A good credit score range is 700 to 850. With such scores, you can be sure of getting not just quick approvals for your loans but also better terms. So, maintaining a good credit score can provide a lot of advantages to you.
Most people would have encountered very lucrative balance transfer offers (e.g. 0% balance transfers etc.) from various credit card providers. And such offers often leave you wondering whether it would be a good idea to go grab one of these offers or not. So, let’s have a quick look at aspects surrounding credit card balance transfer.