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giordanoarkenbout · 6 years ago

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Payday Loans

payday loans

Recommendations For Top Level Online Payday Loans A lot of people end up within a fiscal bind because of trauma or incident. This could actually break your budget if you aren't planning on it. You might be unable to shell out these charges and get not any other method to get funds. Payday loans are costly and must be repaid punctually, even so. Continue reading for useful payday advance recommendations. When looking for a pay day loan vender, examine whether they certainly are a straight loan company or even an indirect loan provider. Primary lenders are loaning you their own capitol, while an indirect lender is serving as a middleman. The services are possibly just as good, but an indirect loan provider has to obtain their cut way too. Which means you spend an increased rate of interest. Before you take out a cash advance, ensure you comprehend the repayment conditions. In case you are later setting up a settlement, these personal loans carry high rates of interest and rigid fees and penalties, along with the charges and rates only boost. Just before completely reviewing and understanding the phrases to prevent these issues, usually do not sign up for financing. Before applying for any pay day loan have your documentation in order this helps the money firm, they will need to have evidence of your income, for them to evaluate what you can do to cover the loan back. Take things much like your W-2 kind from work, alimony monthly payments or evidence you are acquiring Interpersonal Security. Make the most efficient circumstance easy for yourself with suitable records. Avoid bank loan bargain and brokerages straight using the cash advance company. Plenty of internet sites will use your data to complement you track of creditors but this may be risky since you are offering your personal details to a 3rd party. Check out the service fees before signing pay day loan contracts. For example, maybe you need to acquire $200, however the lender costs $30 for the privilege of acquiring it. This figures in the market to about a 400% interest rate per annum. Consequently, it is actually optimum to pay back the loan immediately so the charges don't climb. You possess some extra protections not offered to regular individuals if you are from the armed forces. Federal government law mandates that, the interest rate for payday cash loans are not able to exceed 36Percent every year. This really is nonetheless rather large, but it really does cap the charges. You can even examine for other help initial, however, if you are in the armed forces. There are a variety of military services support societies willing to offer assistance to military employees. Assume the cash advance business to phone you. Each firm has to confirm the data they get from every applicant, and that indicates that they have to get in touch with you. They need to talk with you face-to-face just before they say yes to the financing. Therefore, don't provide them with a variety that you just never ever use. On the other hand, implement whilst you're at work. The more it takes so they can speak with you, the more time you have to wait for money. Your very first planning stage must be figuring out how to avoid staying in that sort of circumstance yet again when you have got a crisis. Don't assume that stuff will amazingly function themselves out. You are going to gradually must let them have their money. Should you be getting your cash advance from your financial institution at a distance, whether on-line or through phone, endeavor to locate a financial institution which will not require that you fax anything. Faxing clones of physical documents is required by some loan providers, nevertheless, you probably do not have a fax machine. You could find yourself going elsewhere and paying more cash try using a fax device, when not one of which might be needed. You might be mailing your own details over the internet to a unidentified vacation spot, when you are finishing the application for payday cash loans. Knowing this may assist you to guard your data, much like your interpersonal stability variety. Do your homework concerning the lender you are thinking about well before, you send something on the internet. Just before investing in a payday advance, ensure that the potential company you will be borrowing from is licensed by your condition. In the states, whichever status the company is within, they legally must be accredited. If they are not registered, chances are very good that they are illegitimate. Should you be getting a payday advance, pay close attention to the volume of fascination you will end up incurred. Particular lenders are advance concerning their charges, but other people usually disguise the genuine physique. Think hard about whether or not it can be worth make payment on substantial rate of interest, prior to agree to a cash advance. Those seeking to try to get a payday advance could be sensible to look into payday cash loans, having a roll-over option. Occasionally you won't be capable of pay the whole bank loan with the expected day. Some loans will assist you to spend only the curiosity, and expand the financing for one more spend time. Take into account all your alternate options prior to signing up for pay day lending. It will be a good idea to speak to your lenders and attempt to set up payment programs. If you do not have funds put away on an emergency, you might need to take a payday advance for now. With any fortune, now you have a better understanding of pay day loans. Utilize the information on this page to create wise choices. Don't hurry to create a choice because they certain loans are extremely costly. Getting a payday loan could be a great or bad choice all of it is dependent upon your own personal condition.

payday loans

#payday #loans

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wizelywizeup · 3 years ago

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What Is Debt-To-Income Ratio and Why Is It Important?

Keeping your debt at a manageable level is one of the foundations of good financial health. But how can you tell when your debt is starting to get out of control?

Fortunately, there’s a way to estimate if you have too much debt without waiting until you realize you can’t afford your monthly payments or your credit score starts slipping.

What is Debt-to-Income Ratio?

Debt-to-income (DTI) ratio is a measure of your ability to make your loan payments every month. It’s a snapshot that shows how much debt you carry relative to your income on a monthly basis.

When you apply for a loan, most lenders will evaluate your DTI ratio when deciding whether to extend you a loan. Deciding upon your “creditworthiness” is a matter of predicting future behaviour. Since recent past behaviour is the best predictor of future behaviour, lenders will look at your current and recent debt and income behaviours in order to predict how you will repay your future obligations to them.

How to Calculate Your Debt-to-Income Ratio?

The Debt-to-Income ratio formula looks like this -

Total monthly debt payments, divided by Gross Monthly Income and multiplied by 100.

Monthly debt payments include rent, home insurance and home loan payments, alimony or child support payments, credit card debt payments, student loan payments, auto loan payments and any other loan or debt payments. In general, though, you don’t want to count any monthly expenses such as groceries, gas, utilities, entertainment, life insurance premiums or personal taxes in your DTI ratio. Your gross monthly income is the income you make each month before taxes.

Debt-to-Income Ratio Example - If you pay 400 on credit cards, 200 on car loans and 1,400 in rent, your total monthly debt commitment is 2,000. If you make 60,000 a year, your monthly gross income is 60,000 divided by 12 months, or 5,000. Your debt-to-income ratio is 2,000 divided by 5,000, which works out to 0.4, or 40 percent.

What is a Good Debt-to-Income Ratio?

The lower your debt-to-income ratio, the better. A lower DTI ratio shows a lender that you are less risky and more likely to pay back your loan each month. In general, a DTI ratio of 35% or less is considered good. This means that the amount of debt you have compared to your income is manageable.

How to Improve Your Debt-to-Income Ratio?

If you’re struggling to qualify for a personal loan, your debt-to-income (DTI) ratio could be one of the factors. Here are some financial tips that could help you improve your Debt-to-Income ratio:

Increase your income

Track your spending by creating a budget, and reduce unnecessary purchases to put more money toward paying down your debt.

Lower your debts and financial obligations

Postpone large purchases so you’re using less credit. More time to save means you can make a larger down payment. You’ll have to fund less of the purchase with credit, which can help keep your debt-to-income ratio low.

Avoid taking on more debt. Consider reducing the amount you charge on your credit cards, and try to postpone applying for additional loans.

Recalculate your debt-to-income ratio monthly to see if you’re making progress.

Keeping your debt-to-income ratio low will help ensure that you can afford your debt repayments and give you the peace of mind that comes from handling your finances responsibly. It can also help you be more likely to qualify for credit for the things you really want in the future.

Source: https://wizely.in/wizeup/debt-to-income-ratio-definition-importance

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asafeatherwould · 5 years ago

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Will Bankruptcy Show Up On My Credit Report?

Bankruptcy may help relieve your debt obligations, but it will impact your credit for years. Bankruptcy is a special legal proceeding you can use to reorganize or get rid of your debt, depending on your financial situation. Bankruptcy can be helpful if you’re overwhelmed with financial commitments, but it could also negatively affect your credit. A bankruptcy will generally stay on your reports for up to 10 years from the date you file. The good news is your credit can gradually heal if you take the right steps.

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How bankruptcy appears on your credit reports

Bankruptcy is a type of public record that can be listed on your credit reports. As long as it’s listed on your reports, the bankruptcy may negatively impact your credit. According to the Fair Credit Reporting Act, a Chapter 7 bankruptcy may stay on your reports for 10 years from the date you file. A discharged Chapter 13 bankruptcy typically stays on your reports for seven years from the date you file, but it could remain for up to 10 years if you don’t meet certain conditions. Both types have the same impact on your credit scores. However, it’s possible that a future lender could view one type more favorably than the other. This type of public record may lower your scores significantly. If your credit was healthy before the bankruptcy, it may be hit harder than someone with poor credit. Ultimately, how a bankruptcy affects credit can vary, partially because of the different factors that make up each person’s credit.

How accounts appear on your credit reports

Before filing for bankruptcy, you probably had bills you struggled to keep up with credit cards, medical debt and more. When you include those accounts in a bankruptcy filing, they’ll still be reported on your credit reports. Accounts discharged in bankruptcy can be reported as “discharged” or “included in bankruptcy” with a zero balance. Even though you owe $0 for them, they’ll still appear on your reports. If you apply for credit, lenders may see this note when they check your reports, and they may deny your application. But here’s that good news we promised: Accounts included in a bankruptcy filing won’t be reported as “unpaid” or “past due” anymore, and you may feel relief without those financial burdens. Your credit scores will eventually start rebounding with those positive effects. That’s assuming, of course, you use credit responsibly from here on out.

Credit recovery post-bankruptcy

After filing bankruptcy, you can work to build your credit again but it won’t be instantaneous. Start by making a list of the debts included in your bankruptcy, and check them on your credit reports. After they’re discharged, it may take about two months for the accounts to be updated on your reports. They should be labeled “included in bankruptcy”, “discharged” or similar language. Check your reports every few months for errors. Make sure to check that the negative marks are removed in a timely fashion. In the meantime, consider building credit with a secured credit card. Only take out lines of credit you can afford, and pay back debt as agreed. After several years’ worth of responsible credit behavior, your credit scores can improve. “If someone walks the straight and narrow after bankruptcy,” “it would be possible their scores would be higher now than prior to the bankruptcy.”

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How Long Does a Bankruptcy Stay on Your Record?

Although a bankruptcy filing remains on your credit report for up to a decade, the effect on your credit diminishes over time until it drops off your report completely. Chapter 7 bankruptcy is the classic bankruptcy measure for people who have defaulted (that is, failed to pay) their loans. This form of bankruptcy forgives most debts, including: • Credit card debt • Medical bills • Personal loans Chapter 7 bankruptcy stays as a negative mark on your credit report for 10 years from the date of filing. The bankruptcy also can cause your credit score to drop by as much as 200 points or more. Any debts that were wiped away by filing for Chapter 7 bankruptcy will be included on your credit report. To qualify for Chapter 7 bankruptcy, you must first pass a means test that assesses your income and assets-to-debt ratio. Often, property, cars and other valuables might have to be liquidated in order to pay back as much of the debt as possible but some day-to-day essentials you own might be exempt under the law, such as your house or computers you use for work. Chapter 7 bankruptcy (unfortunately) doesn’t apply to student loans, taxes, criminal fines, alimony or child support. There are some consequences you can’t escape.

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How long does Chapter 13 stay on your credit?

Chapter 13 bankruptcy, also known as “wage earners bankruptcy,” is for people who earn too much to qualify for Chapter 7 but not enough to meet creditors’ immediate payment requirements. As with Chapter 7 bankruptcy, filing for Chapter 13 bankruptcy will torpedo your credit score, and the filing will remain on your credit report for seven years. If you need to apply for another loan during that time, you’ll need to file a motion and obtain the court’s permission first. Under Chapter 13 bankruptcy, the court creates a payment plan for you to repay your debt over the span of three to five years. After that span of time, any remaining debts are wiped clean meaning that your creditors may not get the full amount you owe them. Chapter 13 bankruptcy allows you to repay some of your debt while still holding on to your assets, including cars, jewelry and property.

Can you get bankruptcy off your report faster?

What’s interesting is that there’s no minimum amount of time before bankruptcy can be removed from your credit report; 10 years is only the maximum. So get a free credit score and credit report and look really closely for mistakes. If you find any errors with your personal information, debts, creditors, timelines or other information, file a dispute with the credit bureau. Any entries related to your bankruptcy must appear on your credit report correctly, and mistakes could force a credit bureau to remove the bankruptcy from your report. Bankruptcies automatically fall off your credit report after the designated amount of time. If you notice that a bankruptcy doesn’t come off your credit report after the expiration date, you should file a dispute with the credit bureaus.

How Are Delinquent Accounts Reported on Credit Reports?

People who file for either type of bankruptcy may have accounts which have been delinquent for several months or even longer. The individual delinquent accounts are deleted seven years from the original delinquency date. The delinquency date is the date the account first became delinquent. Filing for either kind of bankruptcy does not alter the original delinquency date nor does it extend the time the account remains on the credit report.

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In most instances, since the account was delinquent before it was included in the Chapter 7 or Chapter 13 bankruptcy, it is likely to be deleted before the bankruptcy public record.

How Bankruptcy Affects Your Credit

Filing for bankruptcy makes it challenging to receive credit cards or lower interest rates because lenders will consider you risky. These consequences could occur immediately, affecting any short-term needs such as getting affordable interest rates or approval from prime lenders. Rebuilding your credit as soon as possible is paramount. One way to increase your credit score is to pay all your bills on time each month, creating and sticking to a budget and not incurring more debt. You should also avoid overuse of credit cards and failing to pay balances in full each month. Having a good credit score gives consumers access to more types of loans and lower interest rates, which helps them pay off their debts sooner.

New Bankruptcy Laws

The bankruptcy law changed in 2005, making it more difficult for individuals to file for Chapter 7 bankruptcy and have all their unsecured debt discharged. Government-backed and private student loans are rarely included in either type of bankruptcy. The “not dischargeable” rule also applies for court-ordered alimony, court-ordered child support, reaffirmed debt, federal tax liens for taxes owed to the U.S. government, government fines or penalties and court fines and penalties.

What Documents Do You Need to File Bankruptcy?

Before filing for bankruptcy, consumers should collect several financial documents including: • Tax Returns • Bank Statements • Paycheck Stubs • Debt Statements If you discharged debts in bankruptcy, here’s how they should (and should not) be listed on your credit report. In short, yes. Not only will a bankruptcy filing remain on your credit report for seven to ten years, but you can expect information about the debts discharged (forgiven) in bankruptcy to continue to appear on your credit report, too.

Reporting Debts as Discharged in Bankruptcy

While it might be daunting to think about a bankruptcy filing showing up on your credit report for ten years, it might not be as bad as you think. A bankruptcy discharge can help you clean up debt much faster than you’d be able to do yourself. For instance, instead of a delinquent or unpaid debt lingering on your report for years, it will show as being discharged as part of your bankruptcy. In fact, creditors won’t be able to report your debt in a variety of ways that could cause your credit to suffer, such as allowing the obligation to show as: • currently owed or active • late or delinquent or outstanding • charged off • having a balance due, or • converted to a new type of debt (re-aged or given new account numbers, for example).

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Such reporting labels are often the reason creditors deny applicants credit. In some cases, applicants must pay off such debt as a condition of loan approval. Instead, when you pull your report, each qualifying debt should be reported as:

• having a zero balance, and • discharged, “included in bankruptcy,” or similar language. Unfortunately, some creditors don’t update information to the credit reporting agencies. This tactic could be a way to get you to pay up, even though you no longer legally owe the debt. If your credit report shows an improperly labeled discharged debt, you’ll want to take steps to correct the problem.

Checking Credit Report Accuracy after Bankruptcy

You’re entitled to get a free credit report from the three major credit reporting agencies (TransUnion, Equifax, and Experian) each year. That should allow enough time for creditors to report the bankruptcy information. Thoroughly review each listed debt for accuracy. Also watch out for unfamiliar creditor names or debts, as they might be discharged debts that were bought and sold to a third party, but are not accurately reflected as having been discharged. To make changes, follow the instructions under the “Correcting Misreported Discharged Debt” heading. You’ll want to claim each of the remaining two credit reports at three-month intervals. Each time, check to see if the credit report reflects the previously requested changes, and, take steps to correct any remaining inaccurate information. This approach should allow you to clean up your credit report at no cost to you.

Correcting Misreported Discharged Debt

Disputing errors is relatively straightforward. You’ll do so by using the online procedure provided by each of the three major credit reporting agencies. A creditor who repeatedly refuses to report your discharged debt properly might be in violation of the bankruptcy discharge injunction prohibiting creditors from trying to collect on discharged debts. If you take steps to remedy the misreporting, and the creditor (or collector or debt buyer) refuses to fix the error, talk to a bankruptcy attorney. The Fair Credit Reporting Act is the law that requires consumer reporting agencies (also called credit bureaus) to maintain an accurate file of your credit information. Creditors who report your information to the consumer reporting agencies (CRAs) must also be truthful and accurate. The FCRA tells CRAs and your creditors what they can report and how long it can legally show up on your credit report.

How Much Will My Credit Improve Once My Bankruptcy Falls Off?

Bankruptcies fall off personal credit reports after 10 years, after which time a damaged credit score can begin to improve. There’s no way to determine exactly how much your credit score will improve after bankruptcy, because it depends entirely on the decisions you make after the 10-year period. By actively working to improve your credit score, it’s possible to raise it out of the “high-risk” category and eventually into the 700’s or higher, to a maximum score of 850. Rebuilding a credit score requires patience and consistent financial responsibility.

What You Can Expect

After a bankruptcy, you can expect your credit score to be well below 640. Credit scores can range anywhere from 300 to 850, with anything above 700 considered “low risk.” To begin the process of improving your credit score, check your credit report after the bankruptcy falls off. The closer to 300 it is, the more work you will have to do to approach 700. Actively work to boost your score for six months, and then assess how much it has improved. Use that figure to guide your expectations for future improvement. For example, if you find that your score increased 30 points after six months of diligent debt management, you might set a goal of increasing it another 30 points in the next six months. This can give you a target towards which to work, although the exact improvement in any given period is never guaranteed.

Manage Bill Payments

Never miss a bill payment including utilities, rent, mortgage, credit cards or any recurring obligations. Consistently paying bills on time can keep your credit score from temporarily dropping as you work to build it back up. Set up automatic bill payments whenever possible to avoid the risk of forgetting a due date. Create a spreadsheet or chart to regularly track your upcoming payments, and pay bills a few days early whenever possible. Work with your past creditors to establish affordable payment plans for any debts that were not removed by the bankruptcy, such as student loans.

Rebuild Good Debt

Maintain one credit card and one store credit account, but only if you can afford to make the payments. Do not use any form of debt to finance luxury goods or leisure and entertainment products. Do not allow your credit accounts to exceed 30 percent of their total limits at any given time and make larger than minimum monthly payments if possible. It may seem counter-intuitive, but actively using your credit is essential to rebuilding your credit score after a bankruptcy. Establishing a record of responsible borrowing is one of the most important factors in boosting your credit score.

Check Your Credit Report

Check your credit report every few months to be aware of the factors influencing your credit score. Compare each entry in the report to your own financial records to ensure that debt balances and account histories are accurate. Dispute any inaccurate or fraudulent listings in your report as quickly as possible to avoid negative impacts. Personally contact any companies that have legitimately listed defaults or missed payments, and work with them to establish repayment plans to avoid further negative reports.

Work With Your New Creditors

If you ever have to miss a debt payment due to unforeseen financial hardship, contact your creditor long before your next due date. Work with the creditor to establish a future payment arrangement, and ask a service representative or manager to note your account with a “promise to pay.” Specifically request that the creditor not report the missed payment to credit bureaus, and check your credit reports after a few weeks to ensure that it did not.

For many, bankruptcy is a last resort. If you’re considering filing, know the financial and credit implications. Your credit will show a public record of bankruptcy for up to 10 years, and discharged accounts will get a negative mark. You can lessen the effects on your credit by responsibly using credit going forward and making sure your credit reports accurately reflect your situation.

Bankruptcy Attorney Free Consultation

If you have a bankruptcy question, or need to file a bankruptcy case, call Ascent Law now at (801) 676-5506. We want to help you with a chapter 7, chapter 11, chapter 12 or chapter 13 bankruptcy in Utah. Come in or call in for your free initial consultation.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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Source: https://www.ascentlawfirm.com/will-bankruptcy-show-up-on-my-credit-report/

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mayarosa47 · 5 years ago

Text

Will Bankruptcy Show Up On My Credit Report?

How bankruptcy appears on your credit reports

How accounts appear on your credit reports

Credit recovery post-bankruptcy

How Long Does a Bankruptcy Stay on Your Record?

How long does Chapter 13 stay on your credit?

Can you get bankruptcy off your report faster?

How Are Delinquent Accounts Reported on Credit Reports?

How Bankruptcy Affects Your Credit

New Bankruptcy Laws

What Documents Do You Need to File Bankruptcy?

Reporting Debts as Discharged in Bankruptcy

Checking Credit Report Accuracy after Bankruptcy

Correcting Misreported Discharged Debt

How Much Will My Credit Improve Once My Bankruptcy Falls Off?

What You Can Expect

Manage Bill Payments

Rebuild Good Debt

Check Your Credit Report

Work With Your New Creditors

Bankruptcy Attorney Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Do I Need A Contract Lawyer or Business Attorney?

How Long Does Probate Court Take To Make A Decision?

Relocation And Child Custody

Land Encroachment

Asset protection Scams

ATV Accident Lawyer Layton Utah

from https://www.ascentlawfirm.com/will-bankruptcy-show-up-on-my-credit-report/

from Criminal Defense Lawyer West Jordan Utah - Blog http://criminaldefenselawyerwestjordanutah.weebly.com/blog/will-bankruptcy-show-up-on-my-credit-report

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melissawalker01 · 5 years ago

Text

Will Bankruptcy Show Up On My Credit Report?

youtube

How bankruptcy appears on your credit reports

How accounts appear on your credit reports

Credit recovery post-bankruptcy

youtube

How Long Does a Bankruptcy Stay on Your Record?

youtube

How long does Chapter 13 stay on your credit?

Can you get bankruptcy off your report faster?

How Are Delinquent Accounts Reported on Credit Reports?

youtube

In most instances, since the account was delinquent before it was included in the Chapter 7 or Chapter 13 bankruptcy, it is likely to be deleted before the bankruptcy public record.

How Bankruptcy Affects Your Credit

New Bankruptcy Laws

What Documents Do You Need to File Bankruptcy?

Reporting Debts as Discharged in Bankruptcy

youtube

Checking Credit Report Accuracy after Bankruptcy

Correcting Misreported Discharged Debt

How Much Will My Credit Improve Once My Bankruptcy Falls Off?

What You Can Expect

Manage Bill Payments

Rebuild Good Debt

Check Your Credit Report

Work With Your New Creditors

Bankruptcy Attorney Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Do I Need A Contract Lawyer or Business Attorney?

How Long Does Probate Court Take To Make A Decision?

Relocation And Child Custody

Land Encroachment

Asset protection Scams

ATV Accident Lawyer Layton Utah

from Michael Anderson https://www.ascentlawfirm.com/will-bankruptcy-show-up-on-my-credit-report/ from Divorce Lawyer Nelson Farms Utah https://divorcelawyernelsonfarmsutah.tumblr.com/post/616453874932449280

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michaeljames1221 · 5 years ago

Text

Will Bankruptcy Show Up On My Credit Report?

youtube

How bankruptcy appears on your credit reports

How accounts appear on your credit reports

Credit recovery post-bankruptcy

youtube

How Long Does a Bankruptcy Stay on Your Record?

youtube

How long does Chapter 13 stay on your credit?

Can you get bankruptcy off your report faster?

How Are Delinquent Accounts Reported on Credit Reports?

youtube

In most instances, since the account was delinquent before it was included in the Chapter 7 or Chapter 13 bankruptcy, it is likely to be deleted before the bankruptcy public record.

How Bankruptcy Affects Your Credit

New Bankruptcy Laws

What Documents Do You Need to File Bankruptcy?

Reporting Debts as Discharged in Bankruptcy

youtube

Checking Credit Report Accuracy after Bankruptcy

Correcting Misreported Discharged Debt

How Much Will My Credit Improve Once My Bankruptcy Falls Off?

What You Can Expect

Manage Bill Payments

Rebuild Good Debt

Check Your Credit Report

Work With Your New Creditors

Bankruptcy Attorney Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Do I Need A Contract Lawyer or Business Attorney?

How Long Does Probate Court Take To Make A Decision?

Relocation And Child Custody

Land Encroachment

Asset protection Scams

ATV Accident Lawyer Layton Utah

from Michael Anderson https://www.ascentlawfirm.com/will-bankruptcy-show-up-on-my-credit-report/

from Criminal Defense Lawyer West Jordan Utah https://criminaldefenselawyerwestjordanutah.wordpress.com/2020/04/26/will-bankruptcy-show-up-on-my-credit-report/

0 notes

coming-from-hell · 5 years ago

Text

Will Bankruptcy Show Up On My Credit Report?

youtube

How bankruptcy appears on your credit reports

How accounts appear on your credit reports

Credit recovery post-bankruptcy

youtube

How Long Does a Bankruptcy Stay on Your Record?

youtube

How long does Chapter 13 stay on your credit?

Can you get bankruptcy off your report faster?

How Are Delinquent Accounts Reported on Credit Reports?

youtube

In most instances, since the account was delinquent before it was included in the Chapter 7 or Chapter 13 bankruptcy, it is likely to be deleted before the bankruptcy public record.

How Bankruptcy Affects Your Credit

New Bankruptcy Laws

What Documents Do You Need to File Bankruptcy?

Reporting Debts as Discharged in Bankruptcy

youtube

Checking Credit Report Accuracy after Bankruptcy

Correcting Misreported Discharged Debt

How Much Will My Credit Improve Once My Bankruptcy Falls Off?

What You Can Expect

Manage Bill Payments

Rebuild Good Debt

Check Your Credit Report

Work With Your New Creditors

Bankruptcy Attorney Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Do I Need A Contract Lawyer or Business Attorney?

How Long Does Probate Court Take To Make A Decision?

Relocation And Child Custody

Land Encroachment

Asset protection Scams

ATV Accident Lawyer Layton Utah

Source: https://www.ascentlawfirm.com/will-bankruptcy-show-up-on-my-credit-report/

0 notes

gonnagoandrunwiththehorses · 5 years ago

Text

Will Bankruptcy Show Up On My Credit Report?

youtube

How bankruptcy appears on your credit reports

How accounts appear on your credit reports

Credit recovery post-bankruptcy

youtube

How Long Does a Bankruptcy Stay on Your Record?

youtube

How long does Chapter 13 stay on your credit?

Can you get bankruptcy off your report faster?

How Are Delinquent Accounts Reported on Credit Reports?

youtube

In most instances, since the account was delinquent before it was included in the Chapter 7 or Chapter 13 bankruptcy, it is likely to be deleted before the bankruptcy public record.

How Bankruptcy Affects Your Credit

New Bankruptcy Laws

What Documents Do You Need to File Bankruptcy?

Reporting Debts as Discharged in Bankruptcy

youtube

Checking Credit Report Accuracy after Bankruptcy

Correcting Misreported Discharged Debt

How Much Will My Credit Improve Once My Bankruptcy Falls Off?

What You Can Expect

Manage Bill Payments

Rebuild Good Debt

Check Your Credit Report

Work With Your New Creditors

Bankruptcy Attorney Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Do I Need A Contract Lawyer or Business Attorney?

How Long Does Probate Court Take To Make A Decision?

Relocation And Child Custody

Land Encroachment

Asset protection Scams

ATV Accident Lawyer Layton Utah

Source: https://www.ascentlawfirm.com/will-bankruptcy-show-up-on-my-credit-report/

0 notes

divorcelawyergunnisonutah · 5 years ago

Text

Will Bankruptcy Show Up On My Credit Report?

youtube

How bankruptcy appears on your credit reports

How accounts appear on your credit reports

Credit recovery post-bankruptcy

youtube

How Long Does a Bankruptcy Stay on Your Record?

youtube

How long does Chapter 13 stay on your credit?

Can you get bankruptcy off your report faster?

How Are Delinquent Accounts Reported on Credit Reports?

youtube

In most instances, since the account was delinquent before it was included in the Chapter 7 or Chapter 13 bankruptcy, it is likely to be deleted before the bankruptcy public record.

How Bankruptcy Affects Your Credit

New Bankruptcy Laws

What Documents Do You Need to File Bankruptcy?

Reporting Debts as Discharged in Bankruptcy

youtube

Checking Credit Report Accuracy after Bankruptcy

Correcting Misreported Discharged Debt

How Much Will My Credit Improve Once My Bankruptcy Falls Off?

What You Can Expect

Manage Bill Payments

Rebuild Good Debt

Check Your Credit Report

Work With Your New Creditors

Bankruptcy Attorney Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Do I Need A Contract Lawyer or Business Attorney?

How Long Does Probate Court Take To Make A Decision?

Relocation And Child Custody

Land Encroachment

Asset protection Scams

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darcyfarber · 5 years ago

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The 6 Things Real Estate Agents Forget to Mention

Maybe you’re looking at a buying a home and not entirely sure what the true cost of home ownership will be. And as a prospective home buyer, chances are good you’ve heard at least one of these sales pitches.

You can start building equity.

Owning is cheaper than renting.

You can fire your landlord.

While these may or not be true, the one true fact remains: buying a home will be the largest financial decision in your lifetime.

Depending on market dynamics, a mortgage can be cheaper than rent. But, when you take into account extra expenses, that advantage disappears fast. That cute property in an up-and-coming neighborhood may also be the recipient of sharply increasing property taxes. If it’s an older home, maintenance could tack on thousands per year in added costs. Think about this – when your hot-water heater goes out, you can’t call the maintenance man because now you ARE the maintenance man.

Therefore, before you sign the dotted line on your mortgage papers, here is a list of things you must-know before making the largest financial decision in your lifetime.

What is the ACTUAL Cost of Home Ownership?

So, you’ve been looking at houses lately online. On one site, you found a mortgage calculator that calculates your average monthly payment. For some properties, the amount is about the same compared to what you already pay in rent. For others, it can be cheaper.

These tools trick countless buyers each year. Shortly after getting the keys to their new home, many encounter costs beyond what they encountered renting. Don’t be caught unaware – here are just a few expenses that will be new to you as an owner.

1. Closing Costs

Think you’re ready to buy now that you got a down payment lined up? Hold on – you’ve got closing costs to account for as well. These pay for title searches, title insurance, and other miscellaneous costs. On average, this expense is between 2.5%-5% of the property’s value. For a $300,000 home, expect to shell out an additional $7,500 to $15,000.

2. Home Inspection

Technically, this step is optional, but it really isn’t. A house that seems solid on the surface can have serious issues lurking within. If the roof is about to fail, paying $500-$1,000 for a home inspection now could save $5,000-$10,000 later.

3. Property Taxes

As a homeowner, you won’t just be paying the bank – the government will have its hand out, too. Let’s say you’re looking at a $300,000 house in Las Vegas. The city assesses an average tax rate of $1.15 per $100 of assessed property value. According to the math, you’d have to pay $3,450 in taxes this year. Unless the economy tanks, this amount will rise each year as the value of your house increases.

4. Homeowner’s Insurance

If a tornado totals your home, you aren’t the only one who loses. The bank does as well, as you’ll likely walk away from your mortgage, leaving them with bad debt. As a result, homeowner’s insurance is practically mandatory – brokers won’t lend to customers who refuse it. Each year, you can expect to pay between $600 to $2,000 in premiums, depending on where you live.

5. HOA and Condo Fees

If you buy a condo or a house in a specific neighbourhood, you may have to pay HOA/condo fees. Here’s why – in these living arrangements, residents use common facilities. These include gyms, common areas, splash pads, playgrounds, and so on. By paying these fees, you’ll be contributing your share of repair and maintenance costs. Expect to pay an average of $200 per month to maintain amenities.

6. Maintenance and Repairs

Of all household expenses, this one is the most insidious. You can go years without a major repair, and then a string of multi-thousand dollar incidents happen. While newer homes have low repair/replacement costs, you should still spend a minimum of $300 annually on preventative maintenance. On average, Americans spend $2,000 per year maintaining their homes.

As you can see, owning your own home is just a bit more involved than renting.

Only One Unexpected Expense Away From Financial Disaster

As climate change worsens, floods, hurricanes, and tornadoes will occur more often, and with greater severity. When it comes to wind, your homeowner’s insurance has you covered. However, most policies do NOT cover flooding.

According to historical records you found at City Hall, your house is outside the 200-year flood zone. However, 200-year floods now happen with disturbing regularity. Knowing this, it’s plausible a 500-year flood could inundate your home, leaving you with a gargantuan repair bill.

What if you live on a hill? Unless you’re among the 22% who don’t live paycheck-to-paycheck, a damaged roof/dead furnace could leave you in dire straits.

Those who don’t plan for the worst are left reeling when the worst happens. In the following sections, we’ll ensure you’re prepared for whatever comes.

Start with a Plan: AKA The Budget

In life, many of us make it up as we go along. According to a 2017 survey conducted by U.S. Bank, 41% use a budget to manage their finances. However, this means a full 59% of us have no plan when it comes to managing our money.

We splurge on that $2,000 tropical holiday, even though it’ll only leave us with $1,000 in checking. Then, we come home to an ice-cold house. Cost to replace the furnace? $3,000. Dang.

With a little fiscal discipline, though, these crises can become minor annoyances. In 2019, the average household took in $60,000. If your mortgage payments are less than a third of your income, you can save up a maintenance fund.

Jump Starting Your Budget

Let’s start by drawing up the foundations of your budget. List all sources of reliable income – these include your paycheck, government grants, alimony, passive revenue, and so forth. If you are self-employed, use your average monthly income over the past year.

Roll Out Your Expenses

Now define your expenses. Add up fixed costs, like your mortgage, property taxes, utilities, child care, and others. Then estimate variable expenses, like groceries. You can do this task by averaging out the cost over 4-8 weeks. Finally, track discretionary spending. Go over several months worth of bank/credit card statements and highlight expenses that were wants rather than needs.

Take your expenses and subtract them from your income. This result will give you an accurate picture of where you stand currently. No matter the outcome, you can likely find efficiencies in your expenses that can help build a maintenance fund.

Start by looking at energy use. According to the World Health Organization, 65 degrees Fahrenheit is the optimal indoor temperature for healthy adults. By turning down your thermostat from 75 degrees in winter, you can save 10% on your heating bill.

At the grocery store, start shopping off-brand. By swapping out all name brands for their generic counterparts, you can save anywhere from 30 to 50% per meal.

Speaking of which, cook more at home. According to Forbes, the average price of a home-cooked meal is up to 75% less than the restaurant’s equivalent.

These are just a few examples. Soon, you’ll expand your surplus at the end of the month, which you can channel into a household contingency fund.

Creating a Safety Net for Future Home Repairs

Saving up a rainy day fund can protect you against financial disaster. However, it still doesn’t prevent the four-figure repair bills when they come due. While these events are inevitable, the sticker shock associated with them isn’t.

A home warranty can even out the annual maintenance when it comes to the cost of owning a home. What are they? Home warranties are service contracts that cover the systems and appliances in your house. Like homeowner’s insurance, you pay a monthly premium. Whenever something goes wrong, you call your firm. After confirming they cover your issue, they dispatch a technician to your address to fix it. Apart from a small deductible, you pay nothing out-of-pocket.

Instead of paying $300 to fix the stove in February, $1,000 for the air con in July, and $3,000 for a new furnace in December, you only pay monthly premiums, plus deductibles. The average home warranty costs about $800/year, or $66.50/month – think you can find room in your budget for that?

Also, there are so many different home warranty companies to choose from and it can be overwhelming to find which one is the best for you. They all tell you they’re the best, but are they the best for you?

I am a huge fan of ReviewHomeWarranty.com to get a list of the best home warranty companies right now. Look over and compare the top-rated home warranty companies and then make the choice on which is best for you.

Make Your Home a Blessing – Not a Curse

Owning a home can be one of the biggest blessings or one of the greatest curses of life. Before you hire a real estate agent and make the largest financial purchase in your lifetime, know your numbers.

It’s up to you to determine how much you can really afford based on what we explained in this post. Remember, there are more costs than what the real estate agent and mortgage calculator will tell you. Create your plan, stick to your plan, and let your new home be a blessing.

The 6 Things Real Estate Agents Forget to Mention published first on https://mysingaporepools.weebly.com/

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advertphoto · 5 years ago

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Will Bankruptcy Show Up On My Credit Report?

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How bankruptcy appears on your credit reports

How accounts appear on your credit reports

Credit recovery post-bankruptcy

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How Long Does a Bankruptcy Stay on Your Record?

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How long does Chapter 13 stay on your credit?

Can you get bankruptcy off your report faster?

How Are Delinquent Accounts Reported on Credit Reports?

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In most instances, since the account was delinquent before it was included in the Chapter 7 or Chapter 13 bankruptcy, it is likely to be deleted before the bankruptcy public record.

How Bankruptcy Affects Your Credit

New Bankruptcy Laws

What Documents Do You Need to File Bankruptcy?

Reporting Debts as Discharged in Bankruptcy

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Checking Credit Report Accuracy after Bankruptcy

Correcting Misreported Discharged Debt

How Much Will My Credit Improve Once My Bankruptcy Falls Off?

What You Can Expect

Manage Bill Payments

Rebuild Good Debt

Check Your Credit Report

Work With Your New Creditors

Bankruptcy Attorney Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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Source: https://www.ascentlawfirm.com/will-bankruptcy-show-up-on-my-credit-report/

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aretia · 5 years ago

Text

Will Bankruptcy Show Up On My Credit Report?

youtube

How bankruptcy appears on your credit reports

How accounts appear on your credit reports

Credit recovery post-bankruptcy

youtube

How Long Does a Bankruptcy Stay on Your Record?

youtube

How long does Chapter 13 stay on your credit?

Can you get bankruptcy off your report faster?

How Are Delinquent Accounts Reported on Credit Reports?

youtube

In most instances, since the account was delinquent before it was included in the Chapter 7 or Chapter 13 bankruptcy, it is likely to be deleted before the bankruptcy public record.

How Bankruptcy Affects Your Credit

New Bankruptcy Laws

What Documents Do You Need to File Bankruptcy?

Reporting Debts as Discharged in Bankruptcy

youtube

Checking Credit Report Accuracy after Bankruptcy

Correcting Misreported Discharged Debt

How Much Will My Credit Improve Once My Bankruptcy Falls Off?

What You Can Expect

Manage Bill Payments

Rebuild Good Debt

Check Your Credit Report

Work With Your New Creditors

Bankruptcy Attorney Free Consultation

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Do I Need A Contract Lawyer or Business Attorney?

How Long Does Probate Court Take To Make A Decision?

Relocation And Child Custody

Land Encroachment

Asset protection Scams

ATV Accident Lawyer Layton Utah

Source: https://www.ascentlawfirm.com/will-bankruptcy-show-up-on-my-credit-report/

0 notes

kennethherrerablog · 5 years ago

Text

The 6 Things Real Estate Agents Forget to Mention

You can start building equity.

Owning is cheaper than renting.

You can fire your landlord.

While these may or not be true, the one true fact remains: buying a home will be the largest financial decision in your lifetime.

Therefore, before you sign the dotted line on your mortgage papers, here is a list of things you must-know before making the largest financial decision in your lifetime.

What is the ACTUAL Cost of Home Ownership?

1. Closing Costs

2. Home Inspection

3. Property Taxes

4. Homeowner’s Insurance

5. HOA and Condo Fees

6. Maintenance and Repairs

As you can see, owning your own home is just a bit more involved than renting.

Only One Unexpected Expense Away From Financial Disaster

What if you live on a hill? Unless you’re among the 22% who don’t live paycheck-to-paycheck, a damaged roof/dead furnace could leave you in dire straits.

Those who don’t plan for the worst are left reeling when the worst happens. In the following sections, we’ll ensure you’re prepared for whatever comes.

Start with a Plan: AKA The Budget

We splurge on that $2,000 tropical holiday, even though it’ll only leave us with $1,000 in checking. Then, we come home to an ice-cold house. Cost to replace the furnace? $3,000. Dang.

Jump Starting Your Budget

Roll Out Your Expenses

At the grocery store, start shopping off-brand. By swapping out all name brands for their generic counterparts, you can save anywhere from 30 to 50% per meal.

Speaking of which, cook more at home. According to Forbes, the average price of a home-cooked meal is up to 75% less than the restaurant’s equivalent.

These are just a few examples. Soon, you’ll expand your surplus at the end of the month, which you can channel into a household contingency fund.

Creating a Safety Net for Future Home Repairs

Make Your Home a Blessing – Not a Curse

The 6 Things Real Estate Agents Forget to Mention published first on https://justinbetreviews.tumblr.com/

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asafeatherwould · 5 years ago

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Bankruptcy Lawyer West Jordan Utah

Bankruptcy laws were passed because Congress acknowledged that it was better to give people a second chance to pay their way through life than to condemn them to penury. To file for Chapter 7 bankruptcy, speak to an experienced West Jordan Utah bankruptcy lawyer and schedule an initial consultation. Once a judge discharges your debts, you are no longer responsible for paying them. No creditor can even attempt to make you repay. You cannot be harassed—ever. However, depending on the court’s judgment, you may still be responsible for “non-dischargeable debts,” including alimony, student loans, and tax obligations. But your assets will not be wiped out. Utah allows bankrupts to keep the equity in their homes, their automobile, and their personal property.

Once the court relieves you of your debts, you have only those assets. If you are employed, your wages have to sustain you, because no bank will lend you money and no merchant will extend credit to you. Should you change jobs, any prospective employer could request your credit report and learn of your situation. However, that’s an unlikely event, so you can look for a better paying job that improves your finances.

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As soon as possible, you want to restore your credit and get ahead of the game. First, correct everything in your credit reports that is false or misleading. Send corrections by certified mail, with a return receipt requested. If need be, you can later prove that the bureaus received your request. Unless corrected, bad credit information remains in your file for seven years. By law, bankruptcy stays on your record for ten years.

Chapter 13 Bankruptcy In West Jordan Utah

If you have steady income and don’t want to place yourself in the hands of a credit counselor, choosing Chapter 13 bankruptcy can restore your credit in three years. Unlike Chapter 7 applications, Chapter 13 bankruptcies still require you to pay your creditors most of what you owe them, but only over an extended time, during which they cannot harass you. You need a judge’s approval to stretch out payments, but you won’t need to pay a lawyer to make your case for you. If Chapter 13 is your choice, experts advise that you allocate no more than 25 percent of your income to debt repayment. You must list all debts with the court and show that you can pay them off in about three years. When your application is approved, you make a single payment from each paycheck to the court, which then disburses the money to your creditors. They cannot bother you or charge you additional interest for the extended repayment period. In April 2005, Congress passed, and the president signed, a law restricting those who could file for complete dismissal of their debts (Chapter 7) to persons with incomes at the median or less in their state of residence. If you earn more than the average citizen of your state, you must file for Chapter 13 instead. Moreover, the new law requires that anyone filing for bankruptcy pay for credit counseling.

The Utah bankruptcy process is complex. If you want to file for bankruptcy in Utah, seek the assistance of an experienced West Jordan Utah bankruptcy attorney. If you have a lot of debts to pay off, use bankruptcy as the last option. Try and negotiate with your creditors. If the debt is backed by a collateral, surrender the collateral. If you have exhausted all your options, consider bankruptcy filing.

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The exact Utah bankruptcy process will depend on your chapter of filing. Individual debtors in Utah usually file for bankruptcy under Chapter 7 or 13. Individuals can also file under Chapter 12 but Chapter 12 is exclusively for discharging the debts of a family farmer or fisherman. The process involved in a Chapter 12 bankruptcy is more or less similar to a Chapter 13 process.

Chapter 7 Bankruptcy In West Jordan

Chapter 7 is by far the most popular bankruptcy for individuals. A Chapter 7 bankruptcy is often called liquidation because the Chapter 7 bankruptcy process is essentially a liquidation process. The Utah Chapter 7 bankruptcy process begins with the filing of the petition in a bankruptcy court. However not all individual debtors are eligible for filing a Chapter 7 bankruptcy petition. Prior to 2005 just about any individual debt could file a Chapter 7 bankruptcy. The federal government wanted to stop the misuse of Chapter 7 bankruptcy by individuals who were in a position to pay their creditors over a period of time. The bankruptcy law was amended in 2005.

Under the new law, individual debtors whose monthly income exceeds the Utah median income must undergo a Means Tests to be eligible for a Chapter 7 filing. Individual debts whose monthly income is less than the median income are automatically eligible for filing a Chapter 7 bankruptcy. The means test subtracts from the current monthly income various expenses approved by the IRS. These may be, but probably will not be, the same as the actual expenditures. Monthly payments on secured debts and priority debts are also subtracted. Priority debts include child support, alimony, taxes, and wages. If the result of this calculation is less than $100, the debtor can file a Chapter 7.

After the filing of a Chapter 7 bankruptcy petition in Utah, the court will appoint a trustee to oversee the case. The trustee’s main job is to liquidate the debtor’s non-exempt assets and pay of the debts from the sale proceeds. Once all the non-exempt assets are liquidated, the debtor will receive a discharge. This generally takes about 3 months.

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A Chapter 13 bankruptcy does not involve any form of liquidation. Chapter 13 is essentially for debtors who can pay off their debts over a period of time. The debtor is a Chapter 13 bankruptcy must submit a payment plan to the court specifying how he or she intends to pay off the debts over a period of time. Most Chapter 13 payment plans are of three years. The court may sometimes approve a five year payment plan. The debtor is a Chapter 13 bankruptcy gets to keep all of his or her assets. Speak to an experienced West Jordan Utah bankruptcy lawyer to know if you can file a Chapter 13 bankruptcy petition in Utah.

Bankruptcy And Your Credit Score

If you want to remove your bad credit ratings sooner than ten years after Chapter 7, experts recommend that you write to each creditor and strike a bargain. For example, if you owed $1,000 to a furniture company before having that debt discharged by the court, consider offering the store $200 on the understanding (in writing) that the merchant will remove the bad debt notice altogether from your report. That’s not bribery, just a good bargain all around. The furniture store gets $200 (instead of nothing) and you get a chance to start over with a good credit rating. If you have many creditors and little cash, that course may not be feasible. In that case, disregard your bad credit report and start establishing a good one: Establish a savings account in a bank or credit union and make small but regular contributions to it.

Then go to a loan officer in the same institution and ask to borrow an amount equal to your savings on the understanding that your loan will be secured by your savings account. Make sure that the loan is reported to the credit bureau.

Then take the borrowed money and open a savings account in another bank, making it collateral for another loan there. Now you have two savings accounts. Of course, you’re paying interest on your two loans, but your regular payments prove that you’re trustworthy. You’re rebuilding credit. Apply for a VISA or MasterCard, using one of your savings accounts as collateral. Often, a bank will offer you a credit line of 150 percent of your savings balance. With a $1,000 passbook savings account, you have a credit card with a $1,500 spending limit. But here’s a warning: apply for these cards directly, not through a middleman.

Resume use of any accounts that you did not include in your bankruptcy application—those that had a zero balance when you filed for protection. There is no reason why these former creditors would know, or think to ask, about your financial condition. As far as they’re concerned, you’ve always been solvent.

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Now, keep up with your payments. Practically speaking, you’re solvent. But here’s another warning: many Americans emerging from Chapter 7 bankruptcy find their mailboxes filled with offers of new “preapproved” credit cards, which can appear to be manna from heaven. The credit card companies actually target bankrupts with these offers, knowing that any unpaid balances run up on the new cards do not have bankruptcy protection but must be paid in full with accumulated interest. These cards can charge upward of 15 percent interest on unpaid balances. To default on such cards could mean jail time.

As you are surely aware, however, families break up over money, so it may be better to ask a friend rather than a relative to co-sign with you on a loan. If you don’t have a co-signer, you can still probably purchase a car on credit, but your required down payment will be larger. So, too, will be the interest on your loan.

What about a new start on housing while you’re still under the cloud of bankruptcy? Assuming that you can afford the payments, you can still rent a house or apartment if you explain your situation to the landlord before he or she sees your credit report. Then offer a larger than usual security deposit. That’s free money to any landlord, and landlords can evict you before they are out of pocket on your rent.

If you are in the market to buy a house or condo, start with the bank where you’ve established a savings account and taken out a loan. If the loan officer still rates you as too great a risk, try your credit union. Credit unions tend to be more liberal with auto loans and can be understanding about home loans as well. At worst, you’ll be required to provide a larger than usual down payment and to pay somewhat higher interest. But, after a few payments, your credit will be restored, and later you can refinance at a lower rate.

You can apply for a Federal Housing Authority (FHA) mortgage loan within just one year after your bankruptcy discharge; you need only a modest down payment, and you can enjoy market interest rates. If you are a veteran, you can apply for a mortgage with no money down. If you’re not a veteran, you can still assume an existing Veterans Administration loan on the home that you want.

Every year, more Americans file for bankruptcy than graduate from college. Rest assured, the bankrupt are not all poor people. Many are middle-class Americans with steady jobs who are simply spending way beyond their means. Stand in a checkout line and note how many people pay by check, using a credit card only for identification. There’s a reason why anyone would use a credit card in such a strange way. Because they’ve exceeded their credit limit; their card is no longer good for anything except as identification. In dire cases, bankruptcy is a sensible and welcome option. At the very least, it allows you to consolidate your debts and pay them off slowly so that you don’t starve and won’t be bothered by creditors. At best, all of your debts will be forgiven and you can start afresh. Either way, however, your credit rating suffers for a time, so it’s better to discipline your spending now rather than have the courts and credit agencies do it later.

Speak to Experienced Utah Bankruptcy Attorney

If you are considering bankruptcy, you should first speak to an experienced West Jordan Utah bankruptcy lawyer. Bankruptcy is not for everyone. Sometimes you may have alternatives to bankruptcy. The attorney will review your circumstances and advise you of your options.

West Jordan Utah Bankruptcy Attorney Free Consultation

When you need to stop a garnishment, stop a foreclosure, keep your car or your home, please call Ascent Law LLC (801) 676-5506 for your Free Consultation. We can help you with chapter 7 bankruptcy. Chapter 13 Bankruptcy. Return Of Repossessed Cars. Chapter 9 Bankruptcy. Chapter 11 Bankruptcy. Chapter 12 Bankruptcy. Meetings of Creditors. And Much More. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

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