Credit Help Center

Filing for bankruptcy should not be a cavalier decision as it will affect you and your future in many ways. Before seriously considering bankruptcy you should understand a few things. For one thing, a bankruptcy declaration does not always eliminate all your debts. Also, there are several forms of bankruptcy, but the most common are Chapter 7, Chapter 11, and Chapter 13. The chapter refers to the part of the United States Code governing the various bankruptcy proceedings.

Chapter 7 Bankruptcy Declarations

A Chapter 7 Bankruptcy is also known as a liquidation. Under the proceedings outlined for Chapter 7 Bankruptcy, all valuable property owned by the debtor must be turned over to a court trustee. Once deeds, titles, and proof of ownership are turned over to the court, the trustee sells, or liquidates, them and distributes the proceeds among the creditors according to the percentage of income each was owed before the declaration.

Also, creditors addressed by a Chapter 7 Bankruptcy must deal with the court trustee to settle all payments. Read more…

Memorial Day, originally called Decoration Day, is a day of remembrance for those who have died in our nation’s service. As we remember those who have died for our freedoms and those who continue to serve our nation, let’s remember that we have the freedom to be DEBT FREE!

You have a biblical right to absolve yourself of your debts according to the bible. Remembering our service men and women who have also made the ultimate sacrifice of their lives so that we are FREE should inspire us all to take action in our lives to live as free people.  Free from being a slave to debts by filing bankruptcy would be an honor. E

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If you are facing a current financial crisis, getting a lawyer is one big of a help. However, when you are already stressed and have been battled by debt matters, it very difficult to find a lawyer who can help you out with most of your financial decisions. Where you’re living is very important because in every state, several laws differ from one another. That’s the same with lawyers too; contact a lawyer who operates in your area. Now, don’t worry, you read the right article that can help you out with finding that lawyer.

What kind of lawyer do you need?

Choosing an attorney should be thoughtfully done, don’t just choose someone. Carefully review a lawyer; check whether the lawyer is not on the opposition side. Beware of people who will take advantage for your need of a lawyer, they might they to scam you and offer you solutions that would be additional problem to you.

Bankruptcy is tough, but is often the only alternative to get relief from piled-up debts. Most people file bankruptcy after significant financial events: divorce, serious medical condition, long-lasting loss of income, and many others. Some people manage to avoid bankruptcy, and to pay off or discard their debts by means of debt consolidation and foreclosure. This way, or another, both foreclosure and bankruptcy make most people think that they would not be able to become homeowners in the near future.

How Bankruptcy and Foreclosure Affects Your Credit

Despite the fact that bankruptcy helps you to forget about most, if not all, of your past debts, it leaves an ugly scar on your credit report that would not heal for the next 7-10 years. Most lenders try to stay away from lending money to people after bankruptcy, as they have a proof that a borrower had left other lenders empty-handed, using bankruptcy as legal shield from debt repayment. Foreclosure, while having a less negative effect, does not sound too promising for prospective lenders either, as they may see that you could not cope with scheduled monthly payments for whatever reason. Read more…

If your past contains bad credit, mortgage lenders aren’t exactly beating down doors to lend you money. However, the Fannie Mae Homepath program does allow home loans for people with sort of bad credit–scores as low as 620–when they buy Fannie Mae foreclosure homes. This program is called HomePath, and it permits things that other Fannie Mae loans don’t.

• 3 percent down payment minimum with 660 credit score
• Fannie Mae condo requirements relaxed
• Some bad credit okay (no 60-day mortgage late payments in last 12 months)
• High debt to income allowed (45 to 50 percent)
• No mortgage insurance or funding fee required

Finding a HomePath property and making an offer

Someone’s loss can be your gain. Fannie Mae foreclosure homes can be bargains, and the HomePath website lets you search easily for homes by area.

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