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A discharge in bankruptcy means all your unsecured debts are discharged and your secured debts have either been reaffirmed or the collateral has been surrendered and the remaining balance has been discharged.
So you get a "fresh start" financially. Your credit score lowers a bit, but if you had to file for bankruptcy, your score was probably low anyway. It starts going up, finally.
The discharged debtor may find it difficult for a while to get a job involving handling money. It may be difficult to get a new apartment or buy a house until you have increased your credit score enough to qualify.
You will get offers for a new credit card. Read them carefully. Check the card issuer out carefully at Consumer Reports and get the lowest interest rate available and a low card limit ($300 to $500). Use it, never going even close to the limit, and pay the balance in full before the due date.
You will be able to buy a car, but at a high interest rate. Make sure the lender you use (a local credit union is best) will allow you to lower your interest rate if your payments are made on time.
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Does declaring bankruptcy wipe out icbc debts?
yes
Does your bankruptcy affect a mortgage still held in both your names even though you are divorced?
Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.
Where can one find out about bankruptcy mortgage loans?
One can learn about their options for getting a mortgage loan after declaring bankruptcy by visiting the websites of businesses that offer mortgages. Generally, one cannot obtain any kind of mortgage for at least two years after declaring bankruptcy, but some companies may make an exception.
What steps can people in credit card debt take to reduce their debt without declaring bankruptcy?
Credit card debt consolidation with the help of an accountant or a debt consolidation service and careful management of income can be helpful steps in reducing your credit card debt without declaring bankruptcy.
Where can one find information on Declaring yourself bankrupt?
One can find information regarding a personal declaration of bankruptcy on the Debt Advisory Centre website or the IRS site. One must start by filing for bankruptcy with a bankruptcy petition.
Does declaring bankruptcy wipe out icbc debts?
yes
What kind of lawyer would one use when declaring bankruptcy?
When one is declaring bankruptcy, they should use a lawyer familiar with bankruptcy. There are different types of bankruptcy to consider, such as liquidation or cancelling your debts, or reorganizing for wage earners who can still make debt payments.
Does the constitution prohibit a state from declaring bankruptcy?
No, the only mention of bankruptcy is that Congress shall have the power to enforce uniform bankruptcy laws.
How to write a Letter declaring bankruptcy?
In the US, a bankruptcy is petitioned and decided in a Federal Court. It is not done with a letter.
How can you claim bankruptcy to avoid paying bills?
In order to claim bankruptcy a court has to issue a bankruptcy order against you. The best place to find information about bankruptcy and the whole process of declaring bankruptcy is the official government website.
Does your bankruptcy affect a mortgage still held in both your names even though you are divorced?
Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.
What are the consequences of the global economic meltdown?
1. Unemployment 2. Stock market crash 3. Banks going bankrupt 4. Companies declaring bankruptcy 5. Reduced liquidity in the markets 6. Declining GDP etc....
What can we do when we get an insolvency service?
Check with the requirements and possible consequences when you proceed to use an insolvency service, because it does not provide you with the option to resolve the actual financial issues, but merely to prepare declaring bankruptcy. You should be aware of the implications resulting from using it.
Where can one get a car loan after declaring bankruptcy?
You can receive a car loan after declaring bankruptcy by applying to any bank that offers the option. However you might have to rebuild your credit score first, or just have a co-signer with amazing credit.
Where can one find out about bankruptcy mortgage loans?
One can learn about their options for getting a mortgage loan after declaring bankruptcy by visiting the websites of businesses that offer mortgages. Generally, one cannot obtain any kind of mortgage for at least two years after declaring bankruptcy, but some companies may make an exception.
Where can I find more information about how to file bankruptcy?
Declaring bankruptcy can be a very scary thing - luckily there is a lot of help available. Online you can visit www.bankruptcyaction.com/questions.htm
Do you lose your RRSP's when declaring bankruptcy?
While registered pension plans [RPPs] are exempt from seizure in bankruptcy situations, most Registered Retirement Savings Plans [RRSPs] are not.
