If you have a discharged bankruptcy, here are three steps that could help increase your chances of qualifying for credit and loans:
1. Order copies of your credit reports
You will want to order copies of your credit reports from the major credit reporting agencies (Experian, Equifax, and Trans Union) after your discharged bankruptcy. You can order your reports by mail, telephone, or online.
You may even be entitled to a free copy of your credit report – check with each of the major credit reporting agencies. In After Bankruptcy Credit Solutions I cover five ways to get a free copy of your credit report. But free or not, ordering copies of your credit reports after your discharged bankruptcy is important if you are planning to apply for any credit or loans.
2. Clean up your credit reports
Once you have copies of your credit reports, you will want to review each one carefully. You will want to make a note of any inaccurate or obsolete negative information that needs to corrected or removed. You will also want to make sure that your discharged bankruptcy is being reported correctly on each credit report.
While there is not enough room here to go into detail on how to correct or remove any inaccurate or obsolete negatvie information on your credit reports, I explain how in After Bankruptcy Solutions – and also what to look for when cleaning up your credit reports after a discharged bankruptcy.
3. Focus on increasing your credit score
Cleaning up your credit reports after a discharged bankruptcy is one way that could help increase your credit score. There are a number of other ways as well including: Establishing some new accounts and paying them in a timely manner over time, maintaining low balances on your credit card accounts, and even adding years of positive credit history to your credit reports.
In this article we looked at three steps that could help increase your chances of qualifying for credit and loans after a discharged bankruptcy. There are a number of other strategies you can use – but I will save those for future articles dealing with credit and loans after a discharged bankruptcy.
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Bankruptcy liquidation also known as Chapter 7 Bankruptcy is a legal process where most if not all of your debt can be eliminated. It may take four up to six months and currently costs $299 to file. Bankruptcy liquidation can be used by individuals and businesses.
However, it is not as simple as filing a petition and the court grants the request. In bankruptcy liquidation, the debtor has to give up certain properties to be sold or liquidated in order to pay off as much of the debt as possible. The bankruptcy laws in your state dictate what property can and cannot be taken away from you. In general, properties of necessity such as clothing, household items, and tools you need for your profession are considered exempt. When you do not have much property that can be liquidated your case will be classified as no asset and there will be no payment distribution to your creditors.
In order to be eligible, you should not have received a chapter 7 bankruptcy discharge within the past 8 years or a chapter 13 bankruptcy discharge within the past 6 years. Your monthly income should be lower or equivalent to the median income of your state. You will be required to take a means test to determine your eligibility.
Before filing for bankruptcy liquidation, you will have to get credit counseling from an agency that has received approval from the United States Trustee. Afterwards, you can proceed with filling out all the necessary bankruptcy forms, which will basically ask you to state the source and amount of your income, monthly expenses, debts, and information about your assets. You need to file these forms along with the certificate of your credit counseling session with your local bankruptcy court.
Once you have filed for bankruptcy liquidation, a rule called automatic stay takes effect which can be very helpful in urgent situations. It temporary protects you from lawsuits, wage garnishments, eviction, foreclosure, and disconnection of utilities supplies.
When you file your case, the court will appoint a trustee whose duty is to liquidate your non-exempt assets and distribute payment to your creditors. A week or so after you have filed you and the creditors you have listed will be sent a notice informing you about the creditors meeting. During this meeting, you will be under oath while the trustee questions you about the information you have provided in your bankruptcy papers. Usually, this meeting does not last more than 10 minutes.
The last stage in the bankruptcy liquidation process is the discharge of debt. You must take note that certain debts may not be eliminated such as family or child support, student loans or tax debt. Once you have received bankruptcy discharge, you are free from any legal obligation to pay the creditors of your discharged debt. The record of your filing will be on your credit report for the next 10 years.

No chance of repaying your debts, no assets to pledge for any more loans, creditors are threatening action against you – Does this sound like a situation you’re in? You probably feel that bankruptcy is the best option for you but have you considered the long term effects of bankruptcy? You cannot obtain credit of £500 or more either alone or jointly without disclosing your bankruptcy. You can’t hold certain public offices, act as a company’s director or carry on business (directly or indirectly) in a name which is different from that in which you were made bankrupt.

It’s best to Avoid Bankruptcy!

Bankruptcy is not reversible and it stays with you for years to come. However bankruptcy alternative can help avoid the harmful effects of bankruptcy and gives you a sense of achievement that you have dealt with your debts. You must fully explore bankruptcy alternatives and avail bankruptcy help if necessary to make the best informed choice for your needs.

Bankruptcy Alternative – Do It Yourself Guide

1. Make a note of your monthly expenditure and come up with a realistic budget

2. Buy only on cash basis, STOP using credit cards

3. Don’t believe all the ads on TV and magazines, research and find the best product for your needs

4. Deal with your debts, begin today

5. Speak to your creditors or avail services of debt management experts to negotiate with your creditors

6. Find out more about IVA, CVA, consolidation loans

7. Learn to save and plan for your future

Bankruptcy Alternative – What Are Your Options?

IVA: This is a legally binding arrangement between you and your creditors. Insolvency Practitioner (IP) will help set up your IVA, negotiates with your creditors, freeze your high interest rates and help you with a single affordable monthly payment so you can be debt free in 5 years or less. You will be protected from any further action by your creditors and at the end of your IVA remaining debt will be written off.

Debt Consolidation Loan: You can choose to combine all your debts into one consolidated loan; you will benefit with lower interest rates and you will only have to make one affordable payment every month instead of dealing with a number of high interest payments.

Credit Counseling: There are a number of credit counseling agencies which will help negotiate lower interest rates and comfortable repayment options to suit your pocket. Credit counselors will offer all the information and help you need to consolidate your debts.

Informal Arrangement with Your Creditors: You could also opt for an “Out of Court Settlement” with your creditors and pay a lesser amount or make your payments over a longer period of time.

Whatever option you choose as a good bankruptcy debt relief option for your needs, act TODAY! There are a number of online credit counseling services which can help you with your queries. If you chose to read this article, it means that you are interested in bankruptcy alternative and if you are interested in finding alternatives for bankruptcy you have come to the right place as must be demonstrated by what all you have read till now.

Bankruptcy is the last resort for any debtor wherein he/she legally declares the inability to pay back the debt owed. In most cases bankruptcy is initiated by the debtor or the organization. However creditors can also request bankruptcy in an effort to get back what they are owed. After filing bankruptcy you can choose the life you want to live – you can either re-build your finances or plummet deeper into the abyss.

Follow The Checklist below and You’re Going to Emerge Unscathed Even after Bankruptcy

• Restrict or if possible STOP using credit cards

• If required get a secured bankruptcy credit card an pay your dues regularly

• Wait for two years before availing mortgage or even bankruptcy car loan to get the best interest rates

• Get copies off your credit reports and ensure that your accounts are listed as discharged

Bankruptcy Loan – Getting a Loan after Bankruptcy

Availing small and easily repayable bankruptcy loan – be it bankruptcy home loan or even bankruptcy car loan, will help you not just deal with your financial obligations but it will also help you rebuild your credit rating. A small bankruptcy personal loan is the ideal solution to repair your credit status. However there are some facts about bankruptcy loans that you must be aware of.

Firstly, bankruptcy loans are recommended only for people who have declared themselves bankrupt and only after their case has been discharged, their creditors have been paid. You have to wait for at least 2 years for your bankruptcy home loan or bankruptcy car loan application to be approved without unnecessary delay. Generally lenders perceive bankrupts as threats and don’t particularly want to risk lending to a recently discharged bankrupt. If you have chosen Chapter 7 Bankruptcy you must wait for 2 years to apply for a loan and in case of Chapter 13 Bankruptcy you need to first pay the full amount to your creditors before applying for a loan.

Can You Get A Credit Card After Bankruptcy?

You owned a home and hardly ever defaulted on your monthly payments. Your credit report sparkled. But unfortunate health circumstances forced you out of your job and you had to file for bankruptcy…Today you are looking for bankruptcy credit card without being charged outrageous interest rates. So what are you’re choices? You can choose between secured credit card for bankruptcy and unsecured credit card after bankruptcy.

Secured bankruptcy credit card is secured by a savings account you establish with your creditor. This savings account works as collateral for your credit limit. If you default on your payment your creditor will take money from the savings account. If you’re looking for a risk free credit card after bankruptcy – unsecured bankruptcy credit card is the option for you as it does not require any collateral.

Many people think about filing bankruptcy but the fear of life after bankruptcy hold them back. The information offered in this article aims to enlighten you on what you can expect when you have filed for bankruptcy.

For more information and help log onto Bankruptcy

Do you know what a bankruptcy lists is and if you are on it? If you have filed for bankruptcy, you are sure to be on several bankruptcy lists! You probably thought that you would quit receiving so much junk mail after your bankruptcy, but because of bankruptcy lists, you will receive more than ever! Credit card companies know that you are probably eager to reestablish your credit. They also know that you cannot get out of your debt for at least seven years, so they are happy to obtain your personal information.
Your bankruptcy became a part of a public record and there are people whose job it is to compile bankruptcy lists. Many different marketing companies hire people to gather the information from the public record and create these lists so they can sell your name to companies who are anxious to sell you their services. The companies who purchase these marketing lists range from credit card companies to credit repair services, and everything in between! The demand for hot business leads is growing more and everyday.
There really is not a way to stop receiving mail from these companies once you are victim of the bankruptcy lists. As soon as you request not to be contacted by one company, you name has been sold to another. It can be exasperating for some people because they are being inundated with credit offers like never before. The marketing companies can make it difficult for you to move on if you have chosen to not seek the reestablishment of your credit at this time.
If you are a perceptive consumer, instead of getting angry about the bankruptcy lists, you will decide to use the lists to your greatest advantage. Many companies have purchased these lists. You will have many different choices placed before you. You will have the luxury of choosing which companies with which you want to do business. There will be options placed before you that were not possible before your name was placed on the lists! It will be easier for you to discover which lenders will work with you after your name has been added. You may even be surprised by who has purchased these marketing tools!
Bankruptcy lists can be a good business opportunity if you are inclined to do a little research. The information is free if you are willing to spend a little time compiling it. Many companies are too busy to compile the information themselves, so they will buy the lists from someone who wants to spend the time doing that research. It can be very lucrative if you provide the right information and demographics on your marketing lists. Well-written lists can provide repeat business with the same companies repeatedly. With a little ingenuity and effort, you could find a bright spot in the business of providing lists and instead of owing these companies money, you can make them owe you in the end!