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Is It Possible to Qualify for a Mortgage Not Long after Bankruptcy?

Filing for bankruptcy is always a decision you need to take seriously and with plenty of forethought. It’s a good idea to sit down with a bankruptcy attorney prior to filing in order to make sure you understand all bankruptcy entails so you know what to expect. Depending on the chapter you file, a bankruptcy will show up on your credit report for between seven and 10 years. This could affect a number of things in your life, including whether or not you can qualify for a mortgage.

The Reality of Qualifying for a Mortgage

Let’s dispense with one of the myths surrounding filing bankruptcy right away. Will it have an effect on when you can qualify for a mortgage? Yes. Will it mean you have to wait upwards of 10 years to get one? No. It’s possible, but definitely the exception and not the rule.

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Is Chapter 13 the Best Way to Get Rid of Credit Card Debt?

Everyone has at least one credit card these days, if not a few. That means that most of us have credit card debt. While some amount of credit card debt is probably healthy, it can become overwhelming to the point that you have no choice but to take drastic measures in order to get free of it. Although there are a number of ways you can work credit card debt down, if you have a lot of it, a chapter 13 bankruptcy may become the only real solution you have.

Chapter 13 Bankruptcies

From time to time, some people have used chapter 7 bankruptcies to erase their credit card debt, but this is far from ideal. Normally, experts recommend a chapter 13 bankruptcy if something like credit card debt is the major concern.

With a chapter 13, you’ll file schedules with the court that include all the relevant financial information about your life. This will outline your credit card debt, but it will also list things like other debts you have, your income, expenses, property you own and more. You’ll also have to submit a plan which will show how you will go about paying off the secured debt you’re currently struggling with. Your secured creditors and the court will have to approve of this plan before your bankruptcy is approved. Usually, these plans take between three and five years to pay off.

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In Some Cases, Can Bankruptcy Cause Instant Financial Relief?

Bankruptcy is an often misunderstood subject that can land people in a lot of trouble when they proceed under false information. While the court system does its best to educate would-be filers, it’s not always successful. One of the main reasons people file bankruptcy in the first place is because they hope to obtain instant relief from their financial duress. While this is possible, you should understand what it entails.

Instant Relief

The moment you formally declare bankruptcy, the courts put what’s called an “automatic stay” in place. This “automatic stay” essentially “stays the hand” of any creditor trying to get their money or property back from you. Legally, they are obligated to cease any debt collection practices as soon as they’re notified of your filing (a few exceptions exist). If they continue with them, they could find themselves in front of a judge.

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Can Bankruptcy Schedules Be Changed?

One of the most important parts of any bankruptcy is the schedules you have to include when declaring. Unlike other factors, schedules are present in both chapter 7s and 13s, so it’s important you understand how these forms affect your bankruptcy.

What Are Bankruptcy Schedules?

The schedules represent vital information about you that the courts need in order to process your bankruptcy. These forms will include information like how much you make, how much you owe, property you own, expenses you have, etc. As you can probably understand, then, these forms are extremely important and you need to take care with filing them. Should you make the mistake of trying to withhold any important information on these forms, you’ll find yourself in a world of trouble.

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Bankruptcy and the Effect on Consumer Credit Scores

There are many reasons people end up filing for bankruptcy, but they all amount to the same thing: escalating debt has become too much to deal with. By filing for bankruptcy, people get the breathing room they need to get their financial lives back in order, and they stand a very real chance of bouncing back from earlier missteps. Unfortunately, many filers have found that this isn’t what happened when they came out the other end of their bankruptcy.

Bankruptcy and Credit Scores

Obviously, bankruptcies are going to have an effect on your credit score. However, for the most part, your score was probably already fairly low when you filed bankruptcy because of a high liability to asset ratio. Some people have great credit scores when they end up filing though, so theirs take much more noticeable hits.

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Can Bankruptcy Save Your Business?

The last 7 years have not been easy for businesses in Northern Virginia. Small businesses, start-up companies, and even large corporations have had a tough time as consumers battled the recession and poor economy. As a result, many businesses have…

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