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Bankruptcy is complicated and the exact steps can vary from state to state, each chapter of bankruptcy uses the same terminology and follows the same basic process. There are seven different chapters under which a bankruptcy case may be filed.
If your financial future has been looking a little less-than-bright since you filed for bankruptcy, you may be wondering if you will ever qualify for traditional financing again. Hope is not lost - there are ways to improve your chances of getting financing again, whether you are looking for a credit card, an automobile loan, or even a home loan.
A typical question when someone files for bankruptcy is how does it affect their mortgage? This usually depends on what type of bankruptcy is filed, and whether they choose to include their mortgage in the bankruptcy plan. Many people don't realize that when filing for bankruptcy they can choose to file without including certain debts, such as a mortgage. As long as the mortgage is up to date and they can continue to make payments, it is possible that the bankruptcy plan can be filed without including their mortgage lender in the bankruptcy plan.
The entrepreneurial spirit is one of the touchstones of American culture that has made our country so strong. The willingness of driven individuals to step out and risk their financial stability for the sake of a business they believe in has been a catalyst of our country's growth. However, a recent study by the University of Nevada showed that one in seven bankruptcies are filed by individuals tying to cope with the failure of a small business. While corporations or partnerships cannot file for bankruptcy, Chapter 7 and Chapter 13 are often used by entrepreneurs who are trying to deal with personal and business debt.
Most credit specialists agree that the worst possible credit entry on your credit statement is a bankruptcy! Whether you have filed a Chapter 13 or Chapter 7, it demonstrates a complete failure in managing your credit, regardless of why you filed.
Bankruptcy can be devastating to your personal credit file - and most post-bankruptcy credit scores plummet drastically once your bankruptcy is made a part of your permanent credit record. Do not feel alone in your situation - there are thousands of borrowers who find that they have no alternative other than to file bankruptcy when they get to a point where they have overextended themselves financially.
Filing for bankruptcy is not an easy decision to come to, especially since it leaves such a mark on your credit history. Unlike items that have gone into collections remaining on your credit report for seven years, a bankruptcy discharge remains there for ten years.
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