Credit Score – How disciplined are you financially?
Your credit score is a 3 digit number that indicates how disciplined you are financially. Credit score, also referred to as FICO score indicates your sense of financial responsibility. FICO is the acronym for Fair Isaac Corp, the company responsible for developing the methodology of credit scoring.
What are the 5 components of a credit score?
Your [...]
Mortgage Bankruptcy Bill
The Mortgage bankruptcy bill also referred to as “Conyers Bill” was enacted in the year 2007 by legislation. The Conyers Bill is controversial because it has brought about modification in the new federal bankruptcy laws that were introduced on 17th October 2005. The mortgage bankruptcy bill aims at helping homeowners retain their home ownership in [...]
Filing bankruptcy during economic shortfall
Filing bankruptcy is associated with a social stigma. This makes bankruptcy filings even more difficult. The probable reasons for filing bankruptcy include unemployment, increasing insurance costs, medical emergencies, mortgage debt and credit card debts etc. However, as per the prevailing market conditions, liquidity crunch is a prominent cause of filing bankruptcy. The number of people [...]
Create Awareness on bankruptcy
Bankruptcy can be a good option for getting out of debt. Nevertheless, there are many aspects that need to be considered and that is best done with the help of a lawyer. If you are planning to file bankruptcy, before you embark upon this journey you need to have a sound understanding of the process. [...]
What are the alternatives to Bankruptcy?
The debt help industry is doing brisk business and helping innumerable debtors in the process. Not that there are no debt help organizations offering debt help free of cost. These are usually referred to as the non- profit making organizations that operate with the help of donations. There are other debt help options you can [...]
Role of credit counseling in bankruptcy
Consumer credit counseling has assumed greater importance with the introduction of the new federal bankruptcy laws that were introduced on 17th October 2005. So, you will not be able to file bankruptcy unless you undergo a credit counseling session at least 6 months prior to filing bankruptcy. According to the new federal bankruptcy laws, in [...]
What happens in corporate bankruptcy?
The Federal Bankruptcy Laws determine how companies filing bankruptcy restore their financial stability and continue their operations. A company declaring bankruptcy can make use of Chapter 11 bankruptcy to “reorganize” its business operations and start earning profits again.
What happens when a company files bankruptcy?
The management of the bankrupt company continues its operation on a day [...]
Bankruptcy versus Foreclosure
If debts are allowed to pile up and they assume a proportion that is beyond repair, bankruptcy or foreclosure is inevitable for debtors. You will have to face foreclosure in case you have fallen behind on payments and you have several missed payments to your credit. Under such circumstances foreclosure is inevitable.
Bankruptcy can only delay [...]
Credit Report – Is dealing with you risky?
Every monetary movement you make or whenever you are using plastic money, all your financial transactions get recorded in the credit report. When you are applying for credit, either from banking or a non banking institution, your detailed financial information is sent to the credit bureau. Some of the information includes the status of your [...]
What is 341 meeting in bankruptcy?
Once you have filed bankruptcy, whether it is Chapter 7 or Chapter 13 bankruptcy, you are required to attend the 341 meeting where you gather along with all your creditors at the bankruptcy court. The 341 meeting derives its name from 11 U.S.C. 341, a section in the bankruptcy code. The meeting takes place around [...]
