2016
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Two Options For Avoiding Bankruptcy
If your debts have exceeded your income and you're overwhelmed by the outstanding balances, you may find yourself considering bankruptcy as a way to ease your financial demands. Bankruptcy filing is a serious decision, and one that comes with some long-lasting effects, including a negative effect on your credit score. The good news is that bankruptcy isn't your only option for gaining control of your expenses. If you're looking to avoid bankruptcy, here are a few other things you can do.
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Learn How Bankruptcy Can Help Your Situation
If you have been getting a lot of phone calls, letters and emails from creditors then you already know how stressful this can be. However, the worst part of owing so much debt you can't pay off is having it affect your life in so many negative ways. As long as you have a low credit score you are going to find it hard to obtain any new credit accounts, to buy a car and definitely to get approved for a home loan.
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FAQ About Timeshares And Bankruptcy
A Chapter 7 bankruptcy can have an impact on every aspect of your financial life, including your timeshare. Depending on certain factors, it is possible that the trustee might decide you cannot keep it. If you have a timeshare and are thinking of filing, here is what you need to know. Can You Use an Exemption for the Timeshare? In a bankruptcy filing, each person is allowed to use exemptions to protect some of their assets from being seized by the trustee.
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Understanding Your Bankruptcy Options
If you are thinking of filing for bankruptcy, then you have two main options, Chapter 7 and Chapter 13. To help you get a better idea of which is best for you, here is an overview of each: Chapter 7 The basic idea of Chapter 7 bankruptcy is that your assets will be liquidated, and the proceeds will be used to pay off a portion of your debts. A trustee will be appointed by the court to oversee your case.
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Exposing Some Foreclosure Myths You May Believe
Your home is likely one of the largest investments that you have ever made, and it should come as no surprise that it may take you many years to pay off your loans. However, a lot can happen over the course of time, and you may one day find yourself in a situation where it is difficult to pay your mortgage. In these situations, it is important for you to have a solid understanding concerning the realities behind some common myths about foreclosures.
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Three Simple Steps To Improving Your Credit Score When Buying A Home
If you are in the first stages of thinking about buying a house, then the very first thing you should do is to get your credit score as high as you can. Your credit score will determine the type and amount of loan you are eligible for and how easy it is for you to get a house to begin with. There are three steps you want to follow when it comes to cleaning up your credit score.
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4 Things That Chapter 7 Bankruptcy Won'T Do
If you're in a financial bind, you may think filing for Chapter 7 bankruptcy will get rid of all your problems. However, this is simply not the case. There are many debts that bankruptcy can get rid of, but there are several ones that won't be affected by it. It's ideal to know what debts won't be discharged when you do find out you're eligible for this status. Eliminate student loans
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4 Things To Know About Chapter 13 Bankruptcy
If you want to restructure some or all of your debt, you may wish to think about filing for a Chapter 13 bankruptcy. This is an ideal way to either work to get your monthly payments reduced or work to take longer to pay off your loan. Regardless of what you're trying to accomplish by filing for this legal status, there are certain things you should consider before doing so.
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