bankruptcies http://www.artwoo.com Returned search results for bankruptcies Copyright 2008 Thu, 04 Dec 2008 15:14:05 +0000 http://www.artwoo.com/rss/bankruptcies Types Of Bankruptcy Situations http://www.artwoo.com/article/types-of-bankruptcy-situations http://www.artwoo.com/article/types-of-bankruptcy-situations#comments Wed, 11 Jul 2007 00:25:02 +0000 types of bankruptcyfiling for bankruptcybankruptcy chapterchapter thirteenbankruptcieschapter sevencreditors http://www.artwoo.com/article/types-of-bankruptcy-situations


They have worked at a job for many years and had higher wages. Finding new work with the higher wages is almost impossible. This can begin to have a financial impact on the family and having bill collector's call only adds to the already stressed out situation. One option that people may decide on is choosing to file one of the . For the homeowner there are two different types of bankruptcy.



One is called , and the other choice is called . Chapter seven allows the debtor to erase all debts owed while letting people keep the house and cars if they desire. This can really take the burden of debt payments away which in turn takes away much of the stress that the people were under. The only payments that the people will have to pay are the payments on the house and any cars that the people may have kept.

Types of Thirteen

As the first part of this article dealt with chapter seven bankruptcies, this section includes the other types of bankruptcy such as chapter thirteen bankruptcies. with chapter thirteen means that the people can keep almost everything that they want to.



The difference in this case is that people who file chapter thirteen bankruptcies tell their attorney what they want to keep and in turn, the attorney begins the task of talking to the . Depending on the situation, this can take thirty days or even more. The people's attorney will try to get the creditors to accept lower overall costs for each item. An example of this would be about the cost of a piano.



The people may owe the creditor five thousand dollars and the attorney will try to get the overall cost to three thousand dollars. This means that the people now only have to pay the three thousand dollars and not the original five thousand dollars. The people save two thousand dollars on the piano and the people can then begin to resume payments on the piano.



The monthly payment may drop as a result which saves people money every month. Consulting an attorney is the best course of action to aide an individual in determining the best type of bankruptcy to file for their situation. Simon Peters is the owner of http://on-bankruptcy.com, it is THE best source for advice on the subject on bankruptcy, nothing to sell, just information . .. . ]]> Buying Into Financial Woes http://www.artwoo.com/article/buying-into-financial-woes http://www.artwoo.com/article/buying-into-financial-woes#comments Tue, 25 Dec 2007 02:15:01 +0000 bankruptcy chapter 13chapter 13 bankruptcyconsumer bankruptciesconsumer bankruptcycredit card debtfinancial counselingdebt consolidation http://www.artwoo.com/article/buying-into-financial-woes consumer bankruptcies and municipal bankruptcies. is the most common since it involves things such as , medical bills and car loans. One of the few things not covered by bankruptcy, no matter the type, is secured loans such as student loans or child support.

Municipal bankruptcy is where a city, town or even school district files for bankruptcy. At one point in time, it was called Adjustment of Debts of a Municipality and is now under chapter 9. Sometimes, depending on which chapter the consumer bankruptcy is filed under, you could be able to keep your things after you file. Basically if, after , you are deemed qualified to file, then you need to decide which chapter is right for you.

Chapter 13 allows the consumer to keep everything they owe money on while obliging them to pay over a certain amount of time, usually three to five years. Consumer bankruptcy tops the list as far as bankruptcy goes because it seems as though everyone is a consumer of some sort. However, there are options such as pre filing counseling and there are wonderful agencies that do to help get you back on your feet.

Once you get the ball going in that direction it is hard to stop it. There is one way that you can lessen the amount of time you are in a bankruptcy situation though.

If you file for you generally have between three and five years to pay off your debts and charge off your bankruptcy. Chapter 13 bankruptcies are required to give a pay off amount. This means that when you file a chapter 13 there is a pay off amount given for the total balance of the bankruptcy. If you have a home you can choose to use the equity in your home to pay off the balance of your chapter 13 bankruptcies. You can do this by either refinancing your existing loan, or getting a home equity line of credit. There are benefits to either option and the choice really will depend on what fits your family, and financial ability.

Often times you can find a lower interest rate for your home loan then the one you currently have which will save you money and allow you to have a longer time to repay your loan. You may also be able to lower your monthly payments as well, which can help you during this financial strain. The biggest key factor to being able to do this is that you ensure that when you file your chapter 13 bankruptcy papers you are allowed to incur debt while in bankruptcy status. If you are not allowed to incur debt then you will be unable to refinance or get an equity line of credit. Legal Helpers (http://www.legalhelpers.com) is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms in America offering great service and free consultations. Bankruptcy attorneys answer the phones six days a week. ]]> Types Of Debtor Bankruptcy http://www.artwoo.com/article/types-of-debtor-bankruptcy http://www.artwoo.com/article/types-of-debtor-bankruptcy#comments Fri, 21 Dec 2007 18:15:00 +0000 debtor bankruptcieschapter 11 bankruptcychapter 7 bankruptciesinvoluntary bankruptcysole proprietorfiscal obligationsunsecured debts http://www.artwoo.com/article/types-of-debtor-bankruptcy Chapter 11 bankruptcy is for businesses

Chapter 7 is called liquidation, and it is where an individual surrenders their assets to a trustee who distributes the proceeds to the persons owed. Chapter 13 is where the debtor retains all of their possessions but promises to surrender a portion of their earnings in the future to the creditors. Sometimes the company or person who is owed the money will file bankruptcy against the debtor, called . give the person or company a new start financially, but the only that are not included in this are student loans.

Basically, debtor bankruptcy completely wipes the person's slate clean of any money that is owed including credit cards or mortgages. However, their credit is completely damaged and they need to start building that up again as well. are only allowable once every eight years, while Chapter 13 debtors have a period of three to five years to pay everything off. It has been made harder for individuals to take the easy way out and declare bankruptcy through a means test as well as going through counseling before filing. There are also many agencies out there can help consumers consolidate their debt before the need to file.

In regards to chapter 11, you can be a or a corporation and be eligible for chapter 11 bankruptcy. This chapter of bankruptcy allows a debtor to enter into an agreement with creditors under which all or part of the business continues to remain in working order. There are restrictions to how much debt you have incurred prior to being able to file chapter 11. You must have of a minimum amount of $336,900.00 or a secured debt of a minimum amount of $ 1,010,650.00.

Not only do you have to incur such an enormous amount of debt but also the court filings fees are on average the cost of $830.00. Compared to filing chapter 7, which carries a court-filing fee of only $200.00, chapter 11 is very pricey. After you pay these fees you have to continue performing specific operation procedures. Once your chapter 11 bankruptcies has been filed. A Trustee of the United States Office carries out reporting procedures, as you are required to keep extensive reports of business operations.

There is basically a six-step process in chapter 11 filing. First the filing company develops a plan with committees. Next a disclosure statement and a reorganization plan are prepared and filed with the court. Then SEC reviews the disclosure statement to see if it is complete. Creditors will then vote on the prepared plan. The company will then carry out the plan by distributing the payments set about by the plan. This is the basic information on chapter 11 bankruptcies and if you are interested in further details it is best to contact a bankruptcy attorney to evaluate your personal situation. This will allow you to know if chapter 11 is the correct choice for your business. Legal Helpers (http://www.legalhelpers.com) is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms in America offering great service and free consultations. Bankruptcy attorneys answer the phones six days a week. ]]> The Alarming Rise In Bankruptcy Filings http://www.artwoo.com/article/the-alarming-rise-in-bankruptcy-filings http://www.artwoo.com/article/the-alarming-rise-in-bankruptcy-filings#comments Sun, 30 Dec 2007 02:20:02 +0000 poor money managementnew bankruptcy lawschapter 7 bankruptciespersonal bankruptciesbankruptcy statisticsbankruptcy ratesbankruptcy filings http://www.artwoo.com/article/the-alarming-rise-in-bankruptcy-filings bankruptcy filings increased by 39,365. On June 30th, 2006 it was recorded that for the year a total of 91,674 people filed for bankruptcy. On June 30th, 2007 it was recorded that for the year a total of 91,674 people had filed for bankruptcy.

The rises in are steadily climbing and are not showing any chance of ceasing. The numbers of those who have filed for bankruptcy are the highest since the of 2005 were set in place. The highest by state include Tennessee, Utah, Georgia and Alabama.

Other are just as jaw dropping. Comparing Non-business to business filings you may be surprised. In 2006, the number of bankruptcies was 597,965 for Non-Business cases. Only 19,695 bankruptcies were filed by businesses in 2006.

When it comes to over half of those who file have experienced a serious health condition. Two out of three fliers have lost their job and 44% of filers are couples. More women than men file for bankruptcy. Women are rated at 30% while men rank at 26%. Sadly less than 9% of those who file for bankruptcy have not suffered job loss, medical expenses or divorce. These cases are often due to poor financial choices. The top ranking cause of bankruptcy is credit card debt.

You would imagine as we evolve in society that we would have a better understanding of how to control our finances or have methods set in place to help us prevent us from filing bankruptcy. Perhaps future statistics will show a decline in bankruptcy, as financial management courses are available. Only time will tell.

Too often people are led to believe that bankruptcy only occurs due to irresponsibility and . When in fact one of the top rated causes of bankruptcy is due to medical bills. Studies have shown that out of 1.5 million bankruptcies, half of those were due to out of control medical bills. Three quarters of these individuals were covered by health insurance. With outrageous prices for medication, hospital stays and other medical treatments it is easy to acquire a medical bill in the thousands.

With many Americans struggling to make ends meet while earning money to be considered middle class, medical bills can become a nightmare. Even by making constant payments it is near impossible to pay of harassing bill collectors. There have been examples of people who file bankruptcy who are excellent bill payers, have nice homes, drive nice vehicles and work hard to care for their families. For one woman this was her life until she was stricken with cancer. Medical bills took over her life financially and she was forced to choose bankruptcy for debt relief.

Other instances include an infant becoming stricken with the flu. The child was suffering from a high fever, not drinking fluids or eating as well as showing seizure like symptoms. The parents rushed their child to the emergency room for treatment. The child was cared for and regained its health with no complications. Though the child was healthy once again the parents became overwhelmed in medical bill debt. They were forced to file bankruptcy in order to regain financial control.

Life carries unexpected events, especially when it comes to human health. For cases like those listed here, frivolous spending but an illness that was unexpected did not bring on bankruptcy. This can easily explain why medical bills are a number one cause of bankruptcy filing. Legal Helpers (http://www.legalhelpers.com) is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms in America offering great service and free consultations. Bankruptcy attorneys answer the phones six days a week. ]]> Your Credit Report -- More Than Meets The Eye http://www.artwoo.com/article/your-credit-report-more-than-meets-the-eye http://www.artwoo.com/article/your-credit-report-more-than-meets-the-eye#comments Mon, 04 Sep 2006 18:27:09 +0000 unlisted phone numberscredit reportemployment historyalias namesunlisted telephonetelephone numberinterest rate http://www.artwoo.com/article/your-credit-report-more-than-meets-the-eye credit report. The information contained on it can mean the difference between getting a loan or being turned down, a low or a high interest rate, or whether you'll be able to get a new charge card. Of course it contains the basic information including name, address, , social security number and your date of birth.

But what you may not know is there's more to your credit report information to consider. For instance, are listed on the report. Your former address or addresses are also included as are old telephone numbers. If you have an number, it is listed with the rest of your report information. Many people are surprised to find that can be included in this document, but they can be.

Another piece of important information that is included is your . This may not seem relevant or even fair but creditors need to determine a person's capacity to make timely payments. In order to do so your employment history has to be included in the credit report information to establish that you have a stable source of income.

Some people are shocked to discover that their loan or credit applications are turned down simply because they have just started a new job. A person with little history included on their credit report information may not get a loan or a line of credit if they have only been working for a company for a few weeks or months. The person has demonstrated no stability and there is little else the creditor has to go by aside from payment history.

There are some things that are not relevant to employment so they are intentionally left out of your credit report information. Your age, race and marital status are off limits to a prospective employer who is conducting a search on you.

Bankruptcies that are over ten years old and debts that are over seven years old are supposed to be removed. Even so, it is a good idea to look into your history no matter what. Some old debts may still show up and bankruptcies may not disappear in a timely manner. It is highly recommended to check your credit report information and attempt to correct or remove inaccurate information and errors. Thomas Erikson is co-founder of http://www.your-debt-consolidation-loan.com which provides http://www.your-debt-consolidation-loan.com/credit-report.html information and solutions. ]]> Bankruptcy Information Helps Educate http://www.artwoo.com/article/bankruptcy-information-helps-educate http://www.artwoo.com/article/bankruptcy-information-helps-educate#comments Mon, 25 Jun 2007 00:30:02 +0000 chapter 7 bankruptcyfiling for bankruptcychapter 13 bankruptcybankruptcy informationbankruptcy chapter 13bankruptcy proceedingsstraight bankruptcy http://www.artwoo.com/article/bankruptcy-information-helps-educate Chapter 7 bankruptcy is also known as and is a process of liquidation in which the debtor turns over all non-exempt property to the trustee of the . The trustee will, in turn, convert it to cash and distribute the proceeds to creditors.

Within four months or so, the debtor will receive a discharge of all dischargeable debts. According to , most of the Chapter 7 bankruptcy cases help in giving the debtor a relatively quick "fresh start" because he or she would not have any assets that could be lost.

Different Types of Bankruptcies

Knowing the differences between Chapter 7 and Chapter 13 bankruptcies highlights the need for adequate bankruptcy information to be readily available. Being distinct from Chapter 7 bankruptcy, is provided for those that earn wages and who can thus use their income to pay off creditors within a stipulated time period. It is only if there is enough bankruptcy information available, that one can learn about the different forms of bankruptcy, learn how best to avoid them, and in case of bankruptcy, know how best to deal with them.

With proper bankruptcy information in hand, one can know that it is a law that is available for those who are unable to pay off their debts which can be utilized to provide a means of paying off their creditors. With no more debtors' prisons, one no longer needs to have to worry about spending time behind bars due to inability to pay off debts.

As more banking information becomes available, one will realize that now record numbers of people are each and every year, and armed with such bankruptcy information, one can learn to avoid bankruptcy; since filing for bankruptcy will leave a permanent record on a person's credit report for ten years.

With adequate bankruptcy information, one can even make informed decisions regarding debts which may have gone out of control. By educating oneself through study of bankruptcy information, one can learn about the different categories and the consequences of each type. The different categories include Chapter 7, 11, 12, and 13.

Bankruptcy is indeed a dreaded word that, in today's fast-paced as well as materialistic society, is finding much wider usage which is a reason for alarm. Through bankruptcy information, one learns that bankruptcy law firms, credit counseling services as well as even do-it-yourself bankruptcy kits are all being widely advertised everywhere, which only shows the seriousness of such a circumstance, and how best to deal with it.

No doubt, bankruptcy is very unwanted. But in case it does become a reality, one should get all the pertinent bankruptcy information and consult a good credit counseling service prior to pursuing this dreaded course of action. Simon Peters is the owner of http://on-bankruptcy.com, it is THE best source for advice on the subject on bankruptcy, nothing to sell, just information . .. . ]]> Bankruptcy Explained: What's the Difference Between a Chapter 7 and a Chapter 11? http://www.artwoo.com/article/bankruptcy-explained-whats-the-difference-between-a-chapter-7-and-a-chapter-11 http://www.artwoo.com/article/bankruptcy-explained-whats-the-difference-between-a-chapter-7-and-a-chapter-11#comments Thu, 06 Nov 2008 08:15:29 +0000 bankruptcy chapter 7chapter 7 bankruptcychapter 7 bankruptciesfiling chapter 7secured creditorsproper paperworktypes of corporations http://www.artwoo.com/article/bankruptcy-explained-whats-the-difference-between-a-chapter-7-and-a-chapter-11
are often referred to as the "liquidation" bankruptcy. Chapter 7 bankruptcies can be filed by individuals, partnerships, corporations or any other business entity.

If an individual or company is , it's because they are beyond the ability of reorganizing their debts and are forced to sell many of their assets in order to pay creditors. A trustee is appointed to the filer, and is responsible for ensuring that any assets that are secured and can be sold are sold -- and that the proceeds from the sale are given to the specific creditor that secured the purchase in the first place.

If the sale of secured assets result in more money than what is owed to the , the assets and cash are pooled together and paid to the outstanding creditors who had provided unsecured loans to the individual or business.

One of the main reasons why people and organizations file a is to discharge eligible debts and give themselves a fresh start. A debtor who successfully files Chapter 7 will have no liability for the discharged debts -- but there are many types of debts that cannot be discharged, including loans used for college, child support and/or alimony, or a lien on a property. A discharge of debt under a Chapter 7 is only possible for individual debtors -- not partnerships or other .

Once the is filed with the court to begin the Chapter 7, creditors must stop contacting the debtor attempting to collect the debt.

An individual may be denied debt discharges under a Chapter 7 case if the court finds the individual did not keep (or produce) adequate financial records, committed a crime of perjury, was unable to explain loss of assets, concealed, destroyed or illegally transferred property to try and move it out from the estate, or failed to complete a financial management course as required of all debtors filing bankrtupcy.

A Chapter 11 bankruptcy is referred to as the "rehabilitation" bankruptcy. The individual or business can file for Chapter 11 -- or the creditors may involuntarily file for the debtor in certain situations. Most Chapter 11 bankruptcies are filed by corporations or other businesses rather than individuals.

In this type of bankruptcy, the debts are reorganized to allow the individual or business a better chance of repaying them and keeping their head above water. The creditors are contacted to get different terms on any loans -- interest rates may be lowered, the amount of time you have to repay a debt may be extended to make the monthly payments lower and hopefully, easier to manage. A trustee is appointed to supervise the assets but nothing is sold at this time.

In a Chapter 11 bankrtupcy, you aren't getting rid of your debts -- you are simply restructuring and changing the terms of the debt and making plans to pay it back continuously through future earnings.

If a business is filing Chapter 11, it's expected to continue operating successfully. If that proves not to be possible, the business can then file for Chapter 7 and liquidate assets.

In both a Chapter 7 and Chapter 11 filing by a corporation, it's likely that the common shareholders would receive little or no return on their investments.Visit DestroyDebt.com for more information on debt consolidation.]]> Buying A Home After Bankruptcy - How Long Should You Wait To Buy? http://www.artwoo.com/article/buying-a-home-after-bankruptcy-how-long-should-you-wait-to-buy http://www.artwoo.com/article/buying-a-home-after-bankruptcy-how-long-should-you-wait-to-buy#comments Sun, 06 Jan 2008 16:15:00 +0000 types of bankruptcieschapter 7 bankruptcychapter 13 bankruptcyinterest credit cardcredit worthinessdebt to income ratiobankruptcy case http://www.artwoo.com/article/buying-a-home-after-bankruptcy-how-long-should-you-wait-to-buy debt to income ratio, and so forth. Nevertheless, several lenders are eager to offer home mortgages to individuals with bad credit. These mortgages have a higher interest rate, which increases the monthly payment. Although a mortgage may be attained with bad credit, the course of action is slightly different for individuals who have filed bankruptcy.

Two

There are two types of bankruptcies. A involves complete liquidation in which debts do not have to be re-paid. On the other hand, a entails repaying a portion of the debt over a fixed period. For the most part, a bankruptcy should be the last alternative, and not a quick fix to credit problems. Many explanations cause a person to file bankruptcy. These include excess credit card and consumer debt, high medical bills, etc. Lenders determine based on information provided in credit reports. A bankruptcy is a negative remark that remains on credit reports for ten years. Throughout this 10-year period, individuals who filed bankruptcy can expect to pay higher interest rates on automobile loans, mortgages, and credit cards.

How Long Should You Wait Before Buying a Home

Obtaining a home after filing for bankruptcy is feasible; nonetheless, individuals who have filed must adhere to specific stipulations. To obtain a mortgage after filing a chapter 7 or chapter 13, you must wait at least two years after the bankruptcy is discharged. Moreover, individuals who have had a dismissed must also wait two years before applying for a mortgage. During this 24-month period, it is recommended that person's re-establish their credit history. If possible, acquire a line of credit from at least three to four creditors. Immediately following a bankruptcy, a secured credit card, or a high is your best option. However, once a good payment history is established with these creditors, you may be able to obtain credit card offers with reasonable rates. View our recommended http://www.abcloanguide.com/mortgageafterbankruptcy.shtml Lenders. ]]> Credit Report Information - Helpful Advice You Need To Manage Your Credit Profile. http://www.artwoo.com/article/credit-report-information-helpful-advice-you-need-to-manage-your-credit-profile http://www.artwoo.com/article/credit-report-information-helpful-advice-you-need-to-manage-your-credit-profile#comments Sun, 03 Dec 2006 06:27:13 +0000 credit reportunlisted telephone numberunlisted phone numbersemployment historypayment historytimely paymentsstable source http://www.artwoo.com/article/credit-report-information-helpful-advice-you-need-to-manage-your-credit-profile credit report information can mean the difference between a yes and a no your next large purchase or on your next charge card. We pretty much know what details are listed on the tell-all expose of our balance history. The basic information includes name, address, telephone number,social security number and your date of birth. Basic facts aside, there is more to your credit report information to consider. Many may not know that assumed name are also listed on the sheet. Your former address or addresses are also included as are old telephone numbers. If you have an , it is still listed with the rest of your credit report information. Many people are surprised to find that can be included in this document, but it is.

Another surprise that pops up is your . This may not seem applicable or even fair but we have to consider the person's capacity to make . In order to do so the employment history has to be included in the credit report information because the organization lending the money or the company providing the line of credit need to determine if the potential debtor has a of income.

Some people are dissatisfied to discover that they their applications are turned down simply because they have just started a new job. A person with little history included on his credit report information may not get a loan or a line of credit if he has only been working for a company for a few weeks or months.The person has established no permanence and there is little else the creditor has to go by aside from . If this is a first-time applicant, he may find himself out of luck.

There are some things that are left out of your credit report information. Your age, race and marital status are off limits to future employer who is conducting a search on you. These items are not applicable to employment

Bankruptcies that are over ten years old are left off as well as debts that are over seven years old. This is the general rule, but it is a good idea to look into your history no matter what. Some old debts may still show up and bankruptcies may not disappear in a timely manner. It is always a good idea to check your credit report information for accuracy. Thomas B. Stevenson provides readers with up-to-date commentaries, articles, and reviews for http://www.first-finance-magazine.com, http://www.investment-resource-guide.com as well as other related information. ]]> Good-Bye America http://www.artwoo.com/article/good-bye-america http://www.artwoo.com/article/good-bye-america#comments Sat, 09 Dec 2006 06:27:07 +0000 paper umbrellacredit card debtfiling for bankruptcybankruptcies fileddownpourmedical catastrophefinancial catastrophe http://www.artwoo.com/article/good-bye-america
We found ourselves in a position not unlike many Americans: A major illness strikes, unexpectedly, and though insured and with incomes, the cost of funding the illness simply becomes too much. It becomes, essentially, impossible. We were not alone.

It turns out that more than 50% of in 2001 were medically related and were filed by middle-class homeowners who not only had an income but also health insurance. The prevailing myth that most bankruptcies are due to is not true. Less than 1% of filed bankruptcies are due to credit card debt.

Researchers found that, in those surveyed, 1.9 to 2.2 million U.S. residents filed a "medical bankruptcy". The average person during the 2001 period spent $13,460 on co-payments, deductibles, and uncovered services even though they had private insurance.

"Our study is frightening. Unless you're Bill Gates, you're just one serious illness away from bankruptcy. Most of the medically bankrupt were average Americans who happened to get sick. Health insurance offered little protection," said Dr. David Himmelstein, an associate professor of medicine at Harvard Medical School who led the study.

Another one of the study's authors, Elizabeth Warren, said, "It doesn't take a to create a . A larger share of American workers are going to have insurance that's like a . It looks good, and it might even protect you in a sprinkle, but it melts away in a ."

In the fall of 2002, we began to feel the sprinkle on our paper umbrella turn into an unstoppable downpour. We had to do something before the full brunt of the downpour tore the paper umbrella to shreds and our lives along with it. We began to look to other alternatives to purchase our prescription drugs and found them.

Other Americans are finding themselves in the same boat with not many options from which to choose. I was reading the other day where a married couple from Illinois sued the Federal government for the right to import prescription medications from Canada.

They lost. The judge dismissed the case. Maybe they should sell everything and move to Mexico as we did.

Moving to another country--one with a different language and culture--can offer many new challenges that can surprise you, shock you, and delight you. It takes a bit of getting used to, to say the least.

One such shock was the first time I got all my needed prescriptions refilled. I knew from our research to expect cheaper prices but I did not know how cheap!

I went to the ATM and secured a fist full of pesos then trudged onward to the Farmacia. They were helpful and cheerful but when they told me the total price, I had to re-ask, in my terrible Spanish, if they were sure of the price.

You see, I was able to get all my drugs refilled for the price of one, count it, one co-pay of a name-brand drug in America! I am not making this up. A month's supply of generic Prozac is less than $16.00 USD!

We stepped into a new reality where everything--prescription drugs, housing, utilities, food, transportation, entertainment--is 25-75% less than it is in America. My Social Security Disability income adequately covers our expenses here in Guanajuato, Mexico.

Moving to Mexico--an alternative for everyone? I doubt it. The solution? I don't know. What I do know is that we, and many other Americans, cannot sit idly by waiting for our elected officials to work it out. We had to take action--drastic as it was.

That paper umbrella wasn't going to last long! Learn How to Move to Mexico - http://mexicanliving.access.to ]]> Getting The Most Out Of Your Credit Report http://www.artwoo.com/article/getting-the-most-out-of-your-credit-report http://www.artwoo.com/article/getting-the-most-out-of-your-credit-report#comments Sat, 29 Dec 2007 15:30:01 +0000 major credit bureaussocial security numbertwo different thingspersonal assetsprime importancecredit scorepersonal background http://www.artwoo.com/article/getting-the-most-out-of-your-credit-report
One of the first things to understand about your credit report is that it is not the same as your . These are altogether. Your credit score is determined by the information on your credit report, which is why it is so important that consumers keep track of the information that is on their report and correct any mistakes as quickly as possible.

The second thing to understand about your credit report is that it is not a single report. In fact, it is three reports. These are kept by the three big reporting agencies: TRW, Trans Union, and Equifax. Each of these agencies maintains about 170 million credit files on individuals based on 2 billion items of information.

You are allowed by law to request one copy of your report from each agency each year. You can do this online or by mail. It is a good idea to check your reports annually. Of when checking your reports is your personal information. This is collected only for identification purposes and includes name, current and previous addresses, , year of birth, employer, and the initial of your spouse's first name if you are married. Any information regarding race, gender, religion, salary, medical history, , information or lifestyle, and criminal record is not to be collected.

The gather information supplied by your creditors. This information includes how much credit you have available, whether you have had any 30- or 60-day late payments, and whether any accounts have been referred to a collection agency. There can be more. Your credit report may also include any information that is part of the official legal public record, including bankruptcies, foreclosures, liens and any types of legal judgments that were assessed against you. Bankruptcies remain on your credit report for ten years. Other negative information is eliminated after seven years.

All of this information is then used to calculate a credit score. The higher your credit score is the better chances you have of getting credit from a lender and at the best interest rates. Conversely, if your score is low, you may find if difficult to get credit and if you do get credit you may have to pay higher interest on the loan.

In the event that you are denied credit based on your credit report, you are entitled to receive a copy of that report, free of charge. You must request the report and you must do so within a certain amount of time. Federal law requires the credit bureau that prepared the report to send you a free copy if you request it within 30 days after your credit application was rejected. The three big agencies will often allow up to 60 days.

While you are allowed one free copy per year, you can order as many as you like during the year, but you may have to pay a fee for them. The three major nationwide credit bureaus are TRW (1-800-682-7654), Equifax (1-800-685-1111) and Trans Union (1-800-888-4213). Peter Kenny is a writer for The Thrifty Scot, please visit us at http://www.thriftyscot.com/debt-management/ and http://www.thriftymortgages.co.uk/bad-credit-remortgage http://www.thriftymortgages.co.uk/2007/12/wholesale-money-market-rates-on-t= he-rise-again.html ]]> Getting A Credit Card Besides A Bad Credit http://www.artwoo.com/article/getting-a-credit-card-besides-a-bad-credit http://www.artwoo.com/article/getting-a-credit-card-besides-a-bad-credit#comments Mon, 13 Nov 2006 20:27:10 +0000 credit card accountssecured credit cardcredit card reportbad credit historytax lienspeople with bad creditcredit cards http://www.artwoo.com/article/getting-a-credit-card-besides-a-bad-credit bad credit history will find it difficult to get a new credit card. Nevertheless, they can still obtain a credit card in spite of a bad credit by following these steps.

1. Make a credit card application on small retailer stores. These companies are still willing to gamble on history. When they accept your application, you should purchase only on small amounts using your credit card. Pay your minimum expenses every month within the specified time. It will save you from paying higher interest's charges. Late payments will negatively affect your credit rating. Never go over the 30-day period limit before paying.

2. Go to a bank, credit union, or savings institution where you do most of your business transactions. They have your business, so they may also give you a chance to get a particular credit card.

3. If you failed on the first and second step, then it is much better for you to choose a . A secured credit card is requiring the holder to open a savings account and maintain it. It will serve as a security on your credit lines. Whatever amount of money you have deposited on your account, some of its percentage will be allocated to your credit lines.

4. If you owned several , reduce its number as much as possible. Inform your creditors and request them to close your . Immediately report this change to other ing agencies.

5. Avoid and collections, and bankruptcies. A lien means not paying the federal or state taxes, or taxes on property. Remember, bankruptcies will stay on the credit card report for a maximum of ten years. The tax liens which are already paid and collection accounts remain for seven years. Tax liens which are not paid will forever haunt you.

6. Write a request letter to your creditors asking to reduce the limits of your credits in your accounts. It will help you lower the amount of your available credits. Keep in mind that available credit amounts are still considered by issuers.

7. Ask a family member or a friend to be your co-signer on your credit card application. Select someone who has a good credit history. It will help you a lot. In case you are not able to pay the loan, your co-signer will. However, it will also affect their good credit rating.

There are available clinic on credit-repair as well agencies on consumer credit that are ready to arrange and restructure payment plans. But still, skipped and smaller payments will be always accounted against you, even if the plan was accepted by the creditor. You can be charged by these clinics as higher as 2,000 dollars for restructuring your payments and cover any administrative fees. But some CCAs can arrange it for you free of charge.

8. Always obtain the credit card report copy every year. Review for any errors done and report it immediately to the authorized body. If the remarks posted on your file are true, then make sure to write a brief letter explaining about the negative remarks written in your file. You could do this especially if you are planning to rent a home or a house.

Even if there is a solution to a bad credit history, it is still better if you build a good history credit. No hassles, no headaches, and no drawbacks. Mario Churchill is a freelance author and has written over 200 articles on various subjects. For more information checkout http://www.obtainfastcreditcards.com and http://ccardsblog.info. ]]> Prevent Bankruptcy By Seeking Help Through A Non-profit Debt Counselor http://www.artwoo.com/article/prevent-bankruptcy-by-seeking-help-through-a-non-profit-debt-counselor http://www.artwoo.com/article/prevent-bankruptcy-by-seeking-help-through-a-non-profit-debt-counselor#comments Thu, 20 Dec 2007 20:19:59 +0000 non profit debt counselorsdebt management planbankruptcy due to medical billsbankruptcy credit cardcredit card paymentsunfortunate casesfiling bankruptcy http://www.artwoo.com/article/prevent-bankruptcy-by-seeking-help-through-a-non-profit-debt-counselor unfortunate cases in which these instances have been found to be true, the majority of Bankruptcy causes are uncontrollable. There are seven main factors that can lead to a person .

The seven main factors are listed from the main cause to the least likely cause of bankruptcy. Credit card debt is the most likely cause of bankruptcy at a 67% cause rate. The loss of a job or a decrease in pay carries a 50% rate for bankruptcy. Poor financial management is rated at 37%. Medical bills are said to be half out of 1.5 million bankruptcies. Three quarters of individuals who file or health issues are insured. Medical causes carry a 28% cause of bankruptcy. For those who encounter business trouble there is a 15% rate of bankruptcy. Divorce carries 13% and legal bills and lawsuits combined carry 12%.

These percentages show the true factors for most bankruptcies are not at the fault of the filer. Unfortunately even when finances are managed frugally, bankruptcy can still be forced to occur. It is very important in prevention of bankruptcy to properly plan your finances and create a budget that you can live within. Make bill payments on time and pay on time as well. By doing so you lower your risk of having to file bankruptcy at all.

Non-profit debt counselors are well-trained and experienced professionals who help those who are struggling with severe debt and financial struggles. They do this as a free service to help debtors regain control of their finances and to pay off their debtors. This program is not a loan but an education based program.

Tools and courses are provided to assist debtors in creating either a repayment plan or a . These debt counselors review your personal situation to help provide you with the most beneficial program. They research your credit report, your average income, your assets and your debts. Once this information is gathered, the plan that is most suitable will be discussed with you entirely. You will know the advantages and disadvantages of the plans offered so that you can choose the plan that will best help you regain control over your finances.

Debt counseling does not just provide a band-aid for your debt trouble like bankruptcy can. Instead it heals the problem at the source. You are provided with tools to help you to get out of debt and stay out of debt. Bankruptcy can discharge your debts immediately for a fee, but further in the future your debt troubles can easily return.

There is numerous non-profit debt counseling services available to you. To find a representative in your area the most helpful tool is the Internet. You can find services that can help you online and over the phone. They are there to help you in any way possible. The help is available to relieve you from stress and financial chaos. All you have to do is click or call and you will be on your way to a fresh start with your finances. Legal Helpers (http://www.legalhelpers.com) is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms in America offering great service and free consultations. Bankruptcy attorneys answer the phones six days a week. ]]> Rate Rises Leave Savers Happy http://www.artwoo.com/article/rate-rises-leave-savers-happy http://www.artwoo.com/article/rate-rises-leave-savers-happy#comments Thu, 15 Feb 2007 04:27:06 +0000 inflation increasepersonal bankruptciesone year fixed rate bondsbirmingham midshiresrate taxpayersindex linkedinterest rate http://www.artwoo.com/article/rate-rises-leave-savers-happy Interest rate rises across board leave many savers very happy as they rake in some historic returns. As news of hikes filtered through the media, there were concerns that the average debt-burden will even worsen. Neverthesless, savers are in for some very attractive rates. For instance, the National Savings andamp; Investment index-linked certificates which offer tax-free inflation beating returns, is now offering the highest ever rates on one year fixed-rate bonds - more than 6%. This is the first time this is happening in 5 years.

Although, is not seen in a positive light, higher can now enjoy the equivalent of 9.25% per annum which is 4% more than normal savings accounts. For base rate taxpayers, this figure is around the 7% mark. Returns from fixed-rate bonds is also increasing. , has now launched a one-year fixed rate bond which will pay 6.05% gross. This is better than some of the best margins offered on normal products which stands at around 5.5% oon average and 5.9% at best. With further interest rate hikes expected this year, savers are bound to be laughing all the way to the bank, as there is likely to be more products or deals with 6% or more as rate of return. With these tax-free, index-linked accounts enabling savers to save a certain fixed sum every year, tax-free they are a good option for any serious would-be saver. While rate hikes may be have a brighter side, it is more of bad news than good news for the average credit consumer. Already, some retail shops have suffered over the Holiday period as the consumer reigned in due to higher bills and expenses overall. Bankruptcies have also increased as inflation rates combined with a myriad of factors have forced small businesses out of the market. Business insolvency is dwarfed by the number of . Going bankrupt can cause untold amount of stress both for businesses and individuals. Even when the ordeal seems to be all over, one realises that a record of it is available on your credit report for seven years or more. This means that during this period, most major lenders will decline giving you any credit including home loans and auto laons leaving you to the vagaries of loan sharks.

Good credit repair advice can go a long way to improving your credit score, should you happen to be in this situation to enable you to borrow at lower rates in the future. In short, meaningful credit repair can take a while. There are immediate things that can be done to improve credit rating, such as avoiding late payment, honoring all your bills on time and many more. In the long run, you have to build trust so that future lenders can risk their money on you. Although, some people may recommend not borrowing at all this time, that advice may be a bad idea as it can result in no credit history for that period. The best is to borrow small manageable amounts and make payment on time when the moeny is due. This way, there will have a record of your new and improved credit behaviour leading to easy and cheap loans in the future.

All in all, rate rises affect people in two different ways. If you are a saver, you win. If you are in debt, it's bad news. By I Iowek - Financial Advisor http://www.cheap-credit-cards.org/banks http://www.cheap-credit-cards.org http://www.cheap-credit-cards.org/banks/checking-accounts.php ]]> Key Mistakes Homeowners In A Chapter 13 Bankruptcy Make http://www.artwoo.com/article/key-mistakes-homeowners-in-a-chapter-13-bankruptcy-make http://www.artwoo.com/article/key-mistakes-homeowners-in-a-chapter-13-bankruptcy-make#comments Sun, 27 Jul 2008 08:57:37 +0000 mistake number 1chapter 13 bankruptcymortgage balanceretirement savingsmortgage debtthese common mistakesfinancial tool http://www.artwoo.com/article/key-mistakes-homeowners-in-a-chapter-13-bankruptcy-make Chapter 13 Bankruptcy I have found the following myths or mistakes to be the most common during my survey. So I wanted to share this information, because I find it very frustrating that even today with so much information available at no charge, that homeowners in bankruptcy are still blinded by these mistakes. Please read that if you avoid, you are guaranteed to save thousands of dollars, clean up your credit and get a fresh start! I urge you not to make these mistakes.

: Failure to recognize that Your Home is an asset that can be used as a - that can be used to lower your overhead (ex. Pay off your chapter 13 bankruptcy), save thousands of dollars in interest and fees associated with the bankruptcy (ex. Your trustee monthly maintenance fee) and obtain financial security.

Several times per week, I meet with homeowners with a recent chapter 13 bankruptcy. Frequently, they tell me that they're reluctant to consider borrowing against their home because they want to 'save' their equity. They don't want to risk their , in the form of their growing equity by refinancing. But they don't understand the real risk.

While they bring up an important point, I prefer to step back and look at the real risks. In a vacuum, it does not make sense to say something like "I don't want to increase the size of my mortgage."

After all, if we refinance the mortgage and pay off the bankruptcy debts, we're not creating more debt even though your increases. We're simply restructuring the 'bad' bankruptcy debt by paying it off with 'good' .

So at the end of the day, the client still owes roughly the same amount as before the restructuring, but now it's in the form of mortgage and the payments are less...and frequently tax-deductible ,unlike your bankruptcy payments. (Consult your tax advisor!). Isn't that more important than a half-thought fear about increasing a mortgage?

So what is the real risk? Typically, Chapter 13 homeowners have very little savings and a lot of debt. Let me ask you - what would happen if you had to stop working because of an injury or sickness? Are you putting anything away toward your children's college education? Or have you given any thought to your retirement plan?

If you have little to no savings, your retirement plan is doomed! You're going to work until you die unless you do something to grow your assets fast!" Sometimes, the risk of doing nothing outweighs all the other risks.

Mistake # 2: Thinking that Your Credit Is So Poor That You Can't Be Helped.

Many clients come into my office with their heads down and tails between their legs, expecting that they can't be helped. Sometimes they've been to another mortgage broker or bank, had their credit pulled and been told that it's too low to do anything. They're depressed. But they are wrong! I can help them!

It's generally agreed that good credit starts around 680. Frequently, clients in a Chapter 13 have scores in the low to mid 500's. But this does not matter! Let me explain why.

If you work with a qualified mortgage consultant, you'll find that you might be able to accomplish your goals despite your "sub prime" score. Because in situations like yours, your history of paying your mortgage and/or your Chapter 13 payments will be a more critical factor in determining what you qualify for. And if you can obtain a program that lowers your overall payments by hundreds or thousands of dollars, that's what's most important. You can do this even with a low credit score!

Today, there is a greater choice than ever of programs, such as the famous FHA Loan Program, which is a government backed loan for people with bankruptcies or other credit blemishes.

The bottom line is, if you must weigh the risk of doing nothing versus refinancing, statistics show that 9 out of 10 times refinancing is far more beneficial than doing nothing.Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in mortgage loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Commercial Mortgages. If you would like a Free Copy or to get instant access to the remainder of this Chapter 13 Bankruptcy Insider Mortgage Report, please visit http://www.saveonloansnow.com or Call 954-678-5796]]> Paulson's Plan - Is it Right For America? http://www.artwoo.com/article/paulsons-plan-is-it-right-for-america http://www.artwoo.com/article/paulsons-plan-is-it-right-for-america#comments Sun, 12 Oct 2008 06:08:23 +0000 sub prime mortgagesmortgage backed securitiestax payers moneypaulsonsproductive assetsbad debtsquality securities http://www.artwoo.com/article/paulsons-plan-is-it-right-for-america mortgage backed securities. Opinions are divided, some totally oppose it while others vehemently espouse it.

Here is my take on how we got to this situation and why America should adopt Paulson's Plan.

The present mortgage market crisis was created when interest rates fell in 2002 and made mortgages affordable and available for lots of families who would not ordinarily have qualified for them based on their incomes. Further, many of the originators of these , banks and other lenders, had no intention of keeping these mortgages till maturity. They had found a business model of earning profits without carrying the risks associated with lending. What they did was package their sub-prime mortgages in to mortgage backed securities and sold them on to other banks. The executives of the purchasing banks did their calculations and found them quite profitable. This was great for their bottom line as well as their end of the year bonuses and purchasing these poor was, at that time, probably a no brainer. As rates eventually rose, more and more home owners could not afford the mortgage installments and had their properties foreclosed. This resulted in an over supply of properties on the market with consequent house price crash. The banks that had purchased these securities now had on their books as they had become non .

Paulson's plan envisages purchasing these securities at near maturity rates, therefore, letting the banks off the hook. It also envisages freezing of rates for some home owners to prevent further foreclosures. Those opposed to the plan want the Fed to purchase the securities at the present market rate, which is not much of a help to any body. It would probably mean more bankruptcies in the financial sector as the weakest lenders would not have the liquidity to survive.

Over the past 6 months, 3 of the biggest names in finance, Bear Stearns, Merrill Lynch and Lehman Brothers have disappeared forever. These were household names with long histories. Can America afford to lose even more such institutions? Granted that the executives running these venerable institutions had made bad decisions, but does that mean that 150 year old organisations with solid brand equity be reduced to nothing? The better route would be to prevent more bankruptcies and force banks and other financial sector companies to be more transparent about their businesses, which is what the Paulson plan is about.

Consider also another perspective on Paulson's plan.

America has spent 3 trillion dollars on the war in Iraq and some estimate that the final bill, including the health care of mentally and physically injured war veterans, will probably come to 5 trillion. Further, America spends close to 350 billion dollars net every year (after subtracting for exports to these countries) to finance imports from China and Japan. If America can spend so recklessly on countries that are never going to pay back any of that money, is there any reason why it should not spend on its own welfare?

My final argument on why America should support its financial sector is that this is one of the industries in which it is still competitive. Over the past century, America has lost its pre-eminence in many of its labour intensive industries - steel, automobiles, consumer electronics and textiles to name just a few, and eventually losing finance would add to that long list. I do not think that America should lose an industry which is not dependant on labour costs for its competitiveness. What needs to be done is to rescue it now and bring in tougher regulation to make the industry more transparent and accountable.

I would appreciate any comments you have on this article.Vijay Patel is a mortgage broker and financial adviser. His blog, MoneyInfoBlog, can be found here in which he writes under the pen name of Zeke. He is interested in personal finance, history, nature and wild life, internet marketing and languages.]]> How To Read A Credit Report http://www.artwoo.com/article/how-to-read-a-credit-report http://www.artwoo.com/article/how-to-read-a-credit-report#comments Wed, 12 Apr 2006 14:00:23 +0000 freecreditreportcredit report agenciescontacthttpcredit scorepre approved loaninquiries http://www.artwoo.com/article/how-to-read-a-credit-report credit score.

The first section contains your identifying information

This is just the basic information that identifies who you are. It can include a list of addresses where you have lived, your name and any other names you have gone by, your social security and driver's license numbers, spouse's name, date of birth and telephone numbers that have been linked to your name.

The second section contains your credit history

This section will list all of the credit accounts that you have. It will tell how long you have had the account, what kind of account it is, if it is a joint account, amount that the loan was for or the credit limit you have, total amount that you owe, amount of monthly payments, Status of the account, and if you have been making your payments on time. This section might also include notes that tell if you typically pay late or have a debt that was never able to be collected.

The third section contains your public records

This section includes any bankruptcies, tax liens, or judgments against you. If it is in the public records, it will show up in this section of your credit report.

The fourth section contains

Anytime someone requests your credit report, that information goes into this section. That means that every time you fill out an application for credit, that credit request will be noted on your credit report. Not all inquiries on your credit report were initiated by you. Soft inquiries are those requested from companies looking to you unsolicited and offer you a pre-approved loan or credit card. About The Author: Visit .shtml">http://www.abcloanguide.com/freecreditreport.shtml for a list of . ]]> How To Read A Credit Report http://www.artwoo.com/article/how-to-read-a-credit-report http://www.artwoo.com/article/how-to-read-a-credit-report#comments Wed, 12 Apr 2006 14:00:23 +0000 freecreditreportcredit report agenciescontacthttpcredit scorepre approved loaninquiries http://www.artwoo.com/article/how-to-read-a-credit-report credit score.

The first section contains your identifying information

This is just the basic information that identifies who you are. It can include a list of addresses where you have lived, your name and any other names you have gone by, your social security and driver's license numbers, spouse's name, date of birth and telephone numbers that have been linked to your name.

The second section contains your credit history

This section will list all of the credit accounts that you have. It will tell how long you have had the account, what kind of account it is, if it is a joint account, amount that the loan was for or the credit limit you have, total amount that you owe, amount of monthly payments, Status of the account, and if you have been making your payments on time. This section might also include notes that tell if you typically pay late or have a debt that was never able to be collected.

The third section contains your public records

This section includes any bankruptcies, tax liens, or judgments against you. If it is in the public records, it will show up in this section of your credit report.

The fourth section contains

Anytime someone requests your credit report, that information goes into this section. That means that every time you fill out an application for credit, that credit request will be noted on your credit report. Not all inquiries on your credit report were initiated by you. Soft inquiries are those requested from companies looking to you unsolicited and offer you a pre-approved loan or credit card. About The Author: Visit .shtml">http://www.abcloanguide.com/freecreditreport.shtml for a list of . ]]> The Power Of Post Bankruptcy Cleanup http://www.artwoo.com/article/the-power-of-post-bankruptcy-cleanup http://www.artwoo.com/article/the-power-of-post-bankruptcy-cleanup#comments Wed, 10 Oct 2007 03:30:04 +0000 discharged bankruptcybankruptcy dischargedbankruptcy casecredit reporting agenciesfair credit reporting actcredit reporting actfair credit reporting http://www.artwoo.com/article/the-power-of-post-bankruptcy-cleanup bankruptcy discharged? Chances are that you still have derogatory information lingering on your credit report. This is not necessary. Credit repair expert Jim Kemish discusses the benefits of a post-bankruptcy cleanup.

Your Post Bankruptcy Credit Report

Have you had a bankruptcy discharged? If you are like the vast majority of our post-bankruptcy customers you still have damaging derogatory information lingering on your credit report. This is not necessary. Once your bankruptcy is behind you it is time to take action. The law and the credit bureaus (believe it or not) are on your side. Take advantage of the opportunity. An intelligent effort will pay significant dividends.

The Post Bankruptcy Cleanup

Most people don't realize that the derogatory information associated with each of the discharged items can be removed by the credit bureaus upon request. This includes late payments that occurred on the discharged accounts, charge off and collection status notices, and past due balances. This information has an enormous impact on your credit scores. It is your right to have it removed. On the other hand, a public record of your will appear on your report for many years, but has relatively little impact on your credit.

The Life Span of a Bankruptcy

Once you have had a bankruptcy discharged a line item will appear in the Public Records section of your credit report. This single line item will include your filing and discharge dates, and is likely to linger for the full duration allowed by law. This reporting period will vary based on the type of bankruptcy that you elected. The , also known as the FACT Act is the specific law that controls credit reporting (see section 605). The law states that must cease reporting of Chapter 7 bankruptcies ten years after the date the is filed. Chapter 13 bankruptcies are treated differently and must be removed from your credit after 7 years.

The Two Year Effect

This single line item should not concern you! The presence of a bankruptcy on your credit report means little or nothing after two years have elapsed. This might surprise you. Many of the people that we speak to are under the false impression that after a bankruptcy you are destined to have bad credit for many years to come. This should not be the case. If you make the effort to clean up and rebuild your credit after your bankruptcy you should suffer little or no ongoing impact.

Planning for a Mortgage

In the credit repair business we are often contacted by people that would like to get their credit in shape for a potential mortgage application. This is very smart. You do not need any unnecessary derogatory items on your report when you are applying for a mortgage. As a matter of potential interest, Fannie-Mae offers its lowest interest rate mortgage programs to borrowers two years after a bankruptcy discharge (subject to other qualification of course). The real issue that plagues consumers is not the bankruptcy, but the unnecessary lingering derogatory items on the discharged accounts.

Credit Bureaus Can Be Stubborn

In spite of the fact that the credit bureaus are required to comply with a request to remove prior derogatory information they are typically slow to cooperate. A bankruptcy attorney will often submit a request to the bureaus to remove derogatory information. The majority of these requests are ignored or only partially completed. And so, in a terribly large number of cases old information will linger for up to seven years depressing the consumers credit score and making it impossible for them to get credit.

What to Do

Anyone who has attempted credit repair on their own is aware that the experience of dealing with the credit bureaus can be frustrating. An effective post bankruptcy cleanup can be done if you are just a little bit patient. Would you like some advice? I suggest that you keep your communications as terse as possible. Many people succumb to the temptation to tell their story to the credit bureaus. Do not ever, ever, ever include an explanation of your credit issues.

Minimize Your Communication

The people who work for the credit bureaus and process these requests are allowed to disregard your request if they feel that it is frivolous. I know that there would be nothing frivolous about your personal story. But every single extra bit of information that the clerk has to get through before they get to the essential documentation increases the possibility that you will get thrown in the "frivolous" category. Keep your communication to an absolute minimum. They will appreciate it and you will be rewarded with success.

Copyright =A9 2007 James W. Kemish. All Content. All Rights Reserved. Jim Kemish is the president of Sky Blue Credit Repair Services a national credit repair business established in 1989. For more great information visit Sky Blue at http://www.skybluecredit.com ]]> How To Get Approved For A Car Loan After Bankruptcy http://www.artwoo.com/article/how-to-get-approved-for-a-car-loan-after-bankruptcy http://www.artwoo.com/article/how-to-get-approved-for-a-car-loan-after-bankruptcy#comments Thu, 31 Aug 2006 16:27:06 +0000 car loanlendersbankruptcycar loansltvbetinterest rates http://www.artwoo.com/article/how-to-get-approved-for-a-car-loan-after-bankruptcy bankruptcy on their credit report were unable to get a decent , if they were able to get approved for a car loan at all. However, today, the rules have changed. More and more are offering to people who've filed bankruptcy. If you have a bankruptcy on your credit report, and you're looking to get a car loan, read this article to find out three things you need to know about getting an auto loan after bankruptcy.

Waiting Two Years Earns You ter

If you need to apply for a car loan earlier than two years after the date that your bankruptcy went through, you'll likely get approved; however, your interest rates will be a lot higher than they would be if you wait two years. After two years, most lenders will see you as less of a risk, and you will qualify for much better loan terms.

A Bigger Down Payment Makes You a More Qualified Borrower

When you apply for a car loan, your lender looks at something called your ratio. LTV is the amount of money you are borrowing divided by the value of your car. For example, if your car is worth $10,000, and you are borrowing $9,000, then your LTV is 90%. 100% LTV's are generally reserved for borrowers with near-perfect credit. However, the lower your LTV is, the more likely you will get approved for your loan. Most lenders rarely decline loans with an LTV at or lower than 80%.

Some Lenders Specialize In After-Bankruptcy Mortgages

Some lenders specialize in loaning to people with either bad credit or past bankruptcies. These lenders will not view you as more of a risk than their other borrowers because all of their borrowers are in the same situation as you are. Your best bet is to shop online and compare interest rates and terms between different lenders. This way you can be sure that you are getting the best deal. Visit Car Loan Sense to view our http://www.carloansense.com online. Also, visit Car Loan Sense for more information on how to get a http://www.carloansense.com/A_Car_Loan_Can_Help_You_Re-establish_Your_Credit.shtml ]]>