How to Get Credit After Filing Bankruptcy: The Complete Guide to Getting and Keeping Your Credit Under Control
Posted by adminDec 8
- ISBN13: 9781601381378
- Condition: NEW
- Notes: Brand New from Publisher. No Remainder Mark.
Product Description
According to the United States Bankruptcy Courts, the number of bankruptcies filed each year is on the rise. People file bankruptcy for a variety of reasons, such as preventing foreclosure on their homes, preventing repossession of property, loss of employment, or reducing or eliminating debts. The most common types of bankruptcy for which individuals file are Chapter 7 and Chapter 13. Chapter 7 involves the surrender of property to pay debts, while a Chapter 13 ban… More >>
Are you facing tough financial times and considering bankruptcy? Before you do, get a copy of this book and read it carefully. Before jumping in with both feet, read this book and learn about bankruptcy and working with you creditors as explained in this book. Not everyone needs to file for bankruptcy as the last resort. There are ways of working with your creditors before you file for bankruptcy.
This book explains about the two types of bankruptcy for individuals, Chapter 7 and Chapter 13. There may be ways to save some of your property, while eliminating some of your debt. You cannot eliminate all debt, such as State and Federal taxes through using the bankruptcy laws. Under certain conditions, you might be able to keep your home; this is where a competent bankruptcy attorney comes in.
This book is for the person considering bankruptcy in tough financial times. Before you take the first step toward bankruptcy, read this book. Knowledge is a wonderful thing. Learn the points of bankruptcy before you visit an attorney. You will be glad you did. This book is award a four star rating from this reviewer.
Rating: 4 / 5
Mitch Wakem should be a pretty popular author these days, although he may have a reluctant audience. His book, How to Get Credit After Filing Bankruptcy, is a survival guide for one of the most traumatizing life events a person is likely to experience.
And with the economy still in the tank, personal bankruptcy filings are expected to proliferate for some time. Personal bankruptcy filings in August 2008 numbered 934,009 for the previous 12-month period, according to a CNN report, up nearly 30 percent over the previous year. A July 24 (2009) Wall Street Journal article projected that personal bankruptcies could surpass 1.4 million in 2009.
Wakem starts with the basics, explaining the purpose of bankruptcy and how people who file for bankruptcy protection essentially turn over their finances to the court until the matter is settled. He clearly spells out the differences between Chapter 7 (liquidation) bankruptcy and Chapter 13 (reorganization) bankruptcy, the two most common forms of personal bankruptcy. Chapter 7 is the more complete bankruptcy and, especially since the enactment of a 2005 law, much harder to qualify for.
He includes answers to a wide-ranging list of FAQs about bankruptcy, including how long your credit rating will be damaged and to what extent (Answer: It depends). And he dispels a few myths along the way.
In Part 2, Wakem lays out how to rebuild your credit after bankruptcy and how to avoid repeating mistakes that might have gotten you in trouble to begin with. He also offers advice on dealing with credit counselors and equity-based debt-consolidation loans, among other things.
Wakem takes a complicated subject and makes it understandable, which is no small feat. He doesn’t tout bankruptcy as a cure-all for what ails you, and warns that the stress could take a toll on you and your marriage or other relationships.
“Bankruptcy should be looked at as a new beginning to gaining financial control of your life, but it is not a magic formula that will erase all your financial obligations,” he writes.
But for people terrified by the thought of entering bankruptcy, Wakem removes some of the fear and mystery. How to Get Credit After Filing Bankruptcy: The Complete Guide to Getting and Keeping Your Credit Under Control was published two years ago, but it’s more timely now than ever.
Rating: 5 / 5