Retaining Your Normal Life Through Bankruptcy
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Article Title: Retaining Your Normal Life Through Bankruptcy
Author: Legal Helpers
Word Count: 527
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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
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.
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