The revenue banks get from interchange fees helps to offset money lost from fraudulent transactions.

Like millions of car purchasers every year, Marlene Penrod went into a dealership with an old car, a 1999 Ford Explorer, wanting to purchase a new car, a 2005 Ford Taurus. She held only registered, not legal, title to the Explorer. Her lender for the Explorer held legal title until she paid off the remainder of the loan.

The assets of debtors who file bankruptcy are pooled into what is called the “bankruptcy estate.” The bankruptcy estate is controlled by the bankruptcy trustee and is used to repay creditors when applicable. Below are four things you need to know about the bankruptcy estate:

Rebuilding your credit history after bankruptcy is an important step in reestablishing your financial health. Below are a few tips on how make the process easier:

1. After your bankruptcy is discharged check all three credit bureaus and make sure that the information on your credit report is accurate. All dischargeable accounts should read “discharged in bankruptcy” and no creditors should be reporting late payments if the account was discharged in bankruptcy. If you see any inaccurate information, including a wrong address, wrong accounts and incorrect account balances, contact the credit bureaus immediately to have the information corrected.
2. Do some research on which lenders extend credit to debtors after bankruptcy. Take the time to interview various lenders and ask them the following questions:
1. Do you approve debtors who have filed bankruptcy?
2. How long must a bankruptcy debtor wait before they can be approved?
3. What is the minimum credit score requirement for post-bankruptcy debtors?
4. Do you report to all three credit bureaus?
5. Do you know of any other reputable creditors that work with post-bankruptcy debtors?

If you are a debtor who earns less than the median income for your state and household size then you may need to file for Chapter 7 bankruptcy.  However, keeping assets such as your vehicle in Chapter 7 bankruptcy will need to be approached differently than if you were filing Chapter 13 bankruptcy. Here’s what [...]

Bankruptcy is a powerful tool for both individual debtors and businesses.  But what type of bankruptcy is the best type, especially for individual debtors?  Well, the two most common types of bankruptcy that individual debtors file are Chapter 7 bankruptcy and Chapter 13 bankruptcy.  Some prefer one over the other; but each offers its own [...]

prime mortgages are now an ever increasing part of the crisis.

But good financing is worth the wait

Regaining Control of Your Life: How filing for bankruptcy can put you back in the driver’s seat of your own life.

One area that bankruptcy can be particularly helpful in alleviating financial hardship is by protecting property that may be in danger of repossession.