Bankruptcy Refinancing


Bankruptcy Refinancing

Articles: (Updated Frquently)

Bankruptcy Interest Increases as Deadline Approaches

By: Charles Essmeier

Congress recently passed sweeping legislation that will significantly reform American bankruptcy law. Designed to eliminate the “convenience bankruptcy” of compulsive gamblers and the financially irresponsible, this legislation will make it more difficult for those seeking bankruptcy protection from the courts to have their debts relieved.

Under current law, people who have debts that they cannot repay may file under Chapter 7 of the Federal bankruptcy code, which allows nearly all debts to be wiped away. The new legislation, which takes effect in October, 2005, will require most people filing for bankruptcy to file under Chapter 13 instead. Chapter 13 requires that a repayment plan be established, usually over a period of five years. Chapter 7 filings will still be an option, but the new legislation includes a “means test” that examines the filer’s income to determine whether Chapter 7 or Chapter 13 is appropriate.

With the new law set to take effect, the number of people inquiring about Chapter 7 bankruptcy filing has increased dramatically. Attorneys who specialize in bankruptcy law have reported that their phones are ringing constantly, as people who are in financial trouble are wondering if they should file for bankruptcy immediately. While this is good for business, many attorneys are a bit concerned about the sudden rush to file for bankruptcy.

While filing for bankruptcy may be the only option for some people, it is not something to undertake in haste. Bankruptcy stays on your credit report for a minimum of ten years, and can your ability to obtain auto loans, mortgages or even jobs in the future, even if you have established financial stability. Bankruptcy should not be entered into lightly, and should be considered only as a last resort. Many creditors will work with those who owe them money, and it may be possible to establish a repayment plan without filing for bankruptcy.

If you feel that your financial situation is serious enough that bankruptcy is a possible option for you, you may wish to speak to a credit counselor or bankruptcy attorney now. There are still five months remaining before the new legislation takes effect; this should provide most people with ample time to examine their options carefully. What you should not do is rush into filing a bankruptcy petition that may turn out not to be necessary. A rush to beat a five-month deadline may haunt you for ten years or more, and that is the last thing you want.

About the Author

©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.net, a site devoted to information regarding home equity loans.

Keywords: bankruptcy bankruptcy, people, reform american bankruptcy, chapter, filing for bankruptcy, file for bankruptcy, people who, new legislation, bankruptcy law

Bankruptcy News: (Updated Frquently)

A financial primer for Gen Y
Gen Y seems like a savvy and entrepreneurial generation that can capitalize on what it already knows to get ahead. Here's how to get started.

Self-help guide for consumers
Homeowners, savers and investors shouldn't feel bad if they are confused by the trend of banks collapsing. It's obvious the experts are confused, too.

Marriage and money
How you handle money at the beginning of your marriage can have an enormous impact on the rest of your lives together. Or your lives not together.

Tips for retirement home buyers
Real estate prices have taken a tumble in the most favored vacation and retirement home markets, making it tempting for buyers scouting for getaways.

Keep watch on your credit file
There are easy, genuinely free ways to stay on top of your credit files and use them to save money. Here's what you need to know to do that.

Helpful Links:

Home
WELCOME. Thank you for coming. Call 952-484-2954. Contact Us. Answer my questions: We'll beat any lender's priceâ€”. or pay you $500. ... > I'm refinancing my home ...

Refinancing mortgage bankruptcy
Refinancing mortgage bankruptcy offers a convenient way to comparison shop for a loan in a secure, pressure-free environment. ... will find the best sites about. refinancing mortgage bankruptcy and refinancing mortgage related topics ...

Refinancing a mortgage after a bankruptcy
Dr. Don writes about refinancing your mortgage after you've declared bankruptcy. ... CFA â€¢ Bankrate.com. Refinancing after a bankruptcy. Dear Dr ... I declared bankruptcy in 1996. It was paid off in 1998 ...

Refinancing mortgage after bankruptcy
Refinancing mortgage after bankruptcy can: Reduce your monthly mortgage payments, and put more money in your pocket each month. ... The most common reason for refinancing an existing first or second mortgage is to acquire a ... you filed for bankruptcy. For refinancing mortgage after bankruptcy Complete our simple ...

Refinancing after a bankruptcy
Dr. Don advises a reader who wants to get a home equity loan to pay off high interest debts a couple years after getting a bankruptcy. ... a FICO score of 560 and a 2.5-year-old bankruptcy. I would like to pay off some ... course, that's also the downside to refinancing your loans with secured debt ...

Mortgage Refinancing - Bad Credit Mortgage Refi - Even With Bankruptcy OK
We specialize in mortgage refinancing for people with bad credit or bankruptcy. Regardless of credit problems we will get your home loan refinanced at the best rate, even with poor credit or bankruptcy. ... Bad Credit Mortgage Refinancing. We at iCredit Central have proudly powered with 100's of bad ... your goals of refinancing your mortgage even with bad credit problems or bankruptcy ...

Credit Cards, Refinancing and Bankruptcy
... Credit Cards, Refinancing and Bankruptcy. Often I hear offers of refinancing your house in order to pay ...

Bad Credit Auto Refinance? Refi Your Car With Bankruptcy - Poor Credit
We at iCreditCentral.com specialize in auto loan refinancing for people with bad credit or bankruptcy. Regardless of credit problems we will get your auto loan refinanced at a lower rate. ... Bad Credit Auto Refinancing. iCreditCentral.com has powered with many leading auto refinance lenders to offer auto ... 18 years or older. Bankruptcy must be discharged for 2 years ...

Additional Links >>

Click here to add your link to our directory >>

online-bankruptcy-lawyer.com