Bankruptcy

  A credit score is the credit history that an individual has built up over the years.  Credit scores are important when applying for a loan.  To check an individual’s ability to pay back a loan, have agencies thoroughly examine the applicant’s credit report.  If the credit scores are reasonable, that individual will be able […]

  Chapter 13 bankruptcy is for people who are able to pay off some of their debt. This is done through a payment plan which lasts between three to five years. Those who are not eligible to file for Chapter 7 protection may file for a Chapter 13 bankruptcy.   What is chapter 13?  

  If you are filing chapter 13 bankruptcy, under very specific circumstances, you can strip off the security interest held by the second mortgage. First the second line of credit has to be wholly unsecured. That means if the valuations of the house has to be less than the principal amount held by the first

  The means test is used to determine whether or not a debtor is eligible for Chapter 7 or Chapter 13 Bankruptcy protection. Until 2005, the judges decided whether a person could file for Chapter 7 but since 2005, there have been specific requirements for filing a Chapter 7 bankruptcy protection.   About means test

  Before October 17th 2005, the judge would decide whether a debtor met with the requirements of Chapter 7. It was largely up to the discretion of the judges to assess the financial status of the debtor and this resulted in many cases in which extended Bankruptcy protection under Chapter 7 even if he or

  The time of repayment of a loan in accordance to the repayment plan can be very stressful and you need to be very careful in keeping up with payments. Missing just one of your instalments can lead to your case being dismissed, allowing creditors to continue with their collections efforts. So during the three