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Retaining Your Normal Life Through Bankruptcy

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  • Legal Helpers
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    Message 1 of 1 , Feb 1, 2008
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      Please consider this free-reprint article written by:
      Legal Helpers

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      Article Title: Retaining Your Normal Life Through Bankruptcy
      Author: Legal Helpers
      Word Count: 527
      Article URL: http://www.isnare.com/?aid=220103&ca=Finances
      Format: 64cpl
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      ================== ARTICLE START ==================
      Facing numerous creditors and the constant threat of losing all
      of your possessions can be a very scary situation for many
      Americans. You may feel that you will never find a way out and
      will end up with nothing. Fortunately with bankruptcy, that does
      not have to be the case. One very untrue belief is that you will
      lose your house and your car through the bankruptcy process.
      Each bankruptcy case is an individual as the person filing it,
      but with most cases your possessions, including your home and
      car, are exempt from being part of the losses. You will be able
      to set up a payment plan that allows you pay for your home or
      car, without the possibility of losing it, which can help
      considerably if your house is close to being foreclosed on.

      If you car has already been repossessed but not sold, you have
      the possibility of reclaiming it with your bankruptcy. Past car
      payments that were not been able to pay will be consolidated
      through your bankruptcy, as long as you have filed for
      bankruptcy prior to the repossession. Your payments will not
      however go to the finance company but to a trustee instead.
      Speaking with an experienced attorney can help you decide if
      this is the type of process that you should undergo and let you
      know what rights you have as a filer of bankruptcy. Your
      attorney will also know of other benefits that you are liable to
      with filing your bankruptcy. If you are not sure if you qualify
      for bankruptcy, you can even fill out a free bankruptcy
      evaluation.

      You may have many questions as to how your life will look after
      bankruptcy. Many people think after they file for bankruptcy,
      they'll never own their own home. This is not necessarily the
      case as there are many lenders willing to help, once the
      bankruptcy has been discharged. Before you attempt to get a loan
      however, be sure you take these steps to be sure you are
      completely prepared for the process.

      Being sure you are keeping your current bills under control is
      the number one thing to do when trying to obtain a loan. Even if
      you've filed for bankruptcy, you may have loans to pay such as
      student loans or a car loan, student loans are basically
      impossible to have forgiven during a bankruptcy claim. If you're
      late on those, you can forget about getting a new loan.

      One of the most looked at criteria for home loans is the
      borrower's debt to income ratio. If you've previously filed for
      bankruptcy you should have minimal debt. You need to be sure all
      debt is gone from your credit report. This may take time and
      persistent calls to your creditors. They won't go down easily!

      If you're turned down the first time for a home loan, don't
      fret! You can always wait six months or a year and try again.
      Often your credit report will change greatly during that time
      and you may qualify for something much better by waiting.


      About The Author: Legal Helpers is a debt relief agency helping
      people to file for bankruptcy relief under the bankruptcy code.
      We're one of the largest consumer bankruptcy firms. Bankruptcy
      attorneys answer the phones six days a week and evenings.
      http://www.legalhelpers.com

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      For more free-reprint articles by Legal Helpers please visit:
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