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If I go Bankrupt do I lose my Car
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Credit Card Post Bankruptcy
A credit card after bankruptcy? It is possible! You may thinking that obtaining any type of credit card after having filed a Chapter 7 or 13 bankruptcy is an extremely bad idea. However, they can help in reestablishing your credit reputation and history, as well as being quite easy to get.
Once you get the credit card after bankruptcy, it is extremely important that you always make the ... Read bankruptcy article
Save Money on Your Mortgage Refinance After Bankruptcy
When it comes to applying for a loan, who doesn't want to save money? But if you are refinancing a New Hampshire mortgage after bankruptcy, this could be easier said than done. To help you out, here are three sure-fire ways to save money on a post-bankruptcy mortgage refinance:
Prepare for the Refinance
Borrowers pay an average of $2,734 to close on a mortgage loan in New Hampshire... Read bankruptcy article
If I go Bankrupt do I lose my Car
Throughout Ontario, and in fact everywhere in North America, people drive cars, and they worry that they will lose their car if they file for personal bankruptcy. The rules are different in every province and state, so this article only covers the law in Ontario, Canada. Consult your advisor for the rules in your area. In Ontario, if you go bankrupt, effective June 22, 2006 you are permitted to keep one motor vehicle worth up to $5,650.
If you owned, for example, a vehicle that had an appraised value of $6,650, you could pay $1,000 into your bankruptcy estate and keep your vehicle. (This example assumes that there are no liens against your vehicle; if you owe money against the vehicle, you would have to make pay the lender to keep the vehicle).
If you wanted to pay the $1,000 to keep the vehicle, the money could come from your earnings after you file bankruptcy, or you could borrow the money from friends or family (provided they understood that you were bankrupt). If you owned a vehicle worth $9,650, and you could not afford to pay to your trustee the $4,650 necessary to keep the vehicle, the trustee would sell the vehicle. However, according to the Ontario Executions Act, paragraph 3(3):
Where exemption is claimed for a motor vehicle that has a sale value in excess of the amount referred to in paragraph 6 of section 2 plus the costs of the sale, the motor vehicle is subject to seizure and sale under a writ of execution and the amount referred to in that paragraph shall be paid to the debtor out of the proceeds of the sale.
Therefore if you surrendered the vehicle and the trustee sold it, you would be entitled to receive the first $5,650 of the proceeds, and you could use that money to purchase another vehicle, because paragraph 4(4) of the Executions Act goes on to say that:
The sum to which a debtor is entitled under subsection 3 (1), (2) or (3) is exempt from attachment or seizure at the instance of a creditor.
Here's a final thought. If you do own a valuable car, instead of going bankrupt and losing it, another option is to file a consumer proposal so that you can keep your car. Clearly this is a complicated area, so if you own a car and are considering filing for bankruptcy in Ontario, you should contact a trustee and arrange for a no-charge initial consultation before you make any decisions.
J. Douglas Hoyes is a chartered accountant, licensed trustee in bankruptcy, and co-founder of Hoyes, Michalos & Associates Inc., one of Ontario, Canada's largest personal insolvency firms helping people understand bankruptcy, and all of their bankruptcy alternatives. For information about bankruptcy in Ontario visit http://www.hoyes.com, and see also more information about keeping a car in bankruptcy and more details on do I lose my car if I go bankrupt?
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You Can Recover From Bankruptcy With Mortgage Refinance Loan
There are lenders in the market willing to refinance home loans for people who have gone through a bankruptcy. However, there are many things you need to know before jumping in to the refinance loan market. Otherwise, you may end up in a worse credit situation than you started.
Time is essential
You need to be very careful when it comes to timing. It is highly improbable that you'll get approved for a refinance home loan unless at least six months since your bankruptcy has been dismissed have passed. There is no way round this waiting period and you should be very aware of this because applying for a loan and getting declined will affect your credit negatively. Even if the lender doesn't report the decline to credit agencies the sole credit report pull will affect your credit score negatively.
Credit Requirements
Even though a mortgage loan is a secured loan, bare in mind that a past bankruptcy will show on your credit report when you apply for a refinance home loan. You need to show the lender that you have an impeccable credit behavior since then. In order to do so there are a few things that you should do: Make sure you pay your bills on time and never (absolutely never) miss a payment. This will look good on your credit history. Also, if you can't get approved for an unsecured credit card, get a secured credit card so you can establish a credit history of timely payments with a credit card.
Searching for the right lender
Finding the right lender is not an easy task, but can be achieved with patience and proper research. Contact as many lenders as possible in order to get loan quotes from them. You can search the net for refinance mortgage loan lenders. However, make sure that by filling their forms you are not authorizing them to pull your credit report. Instead contact someone in the lending institution and ask for an informal quote. You'll tell him your true credit situation and he will give you an approximate quote. This way you'll have an idea of what you will be facing but you'll avoid too many credit pulls showing on your credit report which would otherwise affect your credit negatively.
Once you've decided which lender is best for you, you can apply for a refinance mortgage loan. Bear in mind that since you've gone through a bankruptcy recently, the interest rate on your loan may be higher than regular home loan, however, if your monthly payments are too high you can extend the loan repayment program in order to reduce them. Once you've recovered your credit score you'll be able to refinance your loan again and get better terms. But in the meantime, this refinance loan will help you improve your credit score and recover from bankruptcy.
Mary Wise, a professional consultant at Badcreditloanservices.com with twenty years in the financial field, helps people in the process of securing personal loans, mortgage, refinance or consolidation loans and preventing consumers from falling into the hands of fraudulent lenders. In her website you will find more useful tips and interesting articles on this subject and other financial related topics.
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