| New Bankruptcy Law (bankruptcy)
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New Bankruptcy Law
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Bankruptcy Services
When the 2005 Bankruptcy Act was created, this affected the bankruptcy laws in California, as well as other states across the country. Within this act, those involved in California bankruptcy are required to participate in credit counseling. This participation must occur within 180 days of the bankruptcy filing. Furthermore, any person filing for bankruptcy is also required to complete a course in... Read bankruptcy article
How Credit Cards Aid Bankruptcy Loan Approval
Recovering your credit is essential when you want to get approved for a loan after bankruptcy. Most lenders will just run away at the sole mention of the word bankruptcy, so in order to reduce the risk tag that shows on your credit report, you will have to improve your credit history and try to enhance your credit score.
Credit Card & Credit Score
A credit card can do a grea... Read bankruptcy article
New Bankruptcy Law
The new bankruptcy law took effect recently and significantly changed the rules of filing bankruptcy. If you're not sure exactly what these changes mean for you, read this article which lays out the basics of the new bankruptcy law.
The new bankruptcy law has brought about a number of changes to the filing process. Here are the major ones:
Credit Counseling The new bankruptcy law dictates that anyone who wants to file bankruptcy must complete credit counseling with an agency approved by the United States Trustee's office. After the bankruptcy case has ended, filers must attend yet another counseling session to learn more about personal financial management.
Restricted Eligibility In the past, it was possible to choose between filing Chapter 7 or Chapter 13 bankruptcy. Under the new bankruptcy law, eligibility for filing Chapter 7 is based on income. A filer's average income for the six months prior to filing bankruptcy must be below their state's median income.
Property Values Under old bankruptcy law, those who filed Chapter 7 bankruptcy were allowed to place a value on their personal property based on what they could sell it for at an auction. The new bankruptcy law requires that property now be valued at replacement value. This puts increased value on the property and ensures that more filers will have their property taken and sold by a trustee.
State Exemptions Under new bankruptcy law, your state's exemptions will apply only if you have lived in the state for two years. If you have been in the state for less than two years, you will receive the exemptions from the state that you lived in previously.
Visit http://www.bankruptcyapproval.com to find more information about the new bankruptcy law. Also, visit bankruptcyapproval.com to find information about Reestablishing Credit after Bankruptcy.
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What to Expect After Bankruptcy
Many people think about filing bankruptcy, but fear what their life will be like afterwards. This article clears things up by offering information on what you can expect after filing bankruptcy.
Bankruptcy is designed to provide people with a clean slate. However, it does have effects on your credit, your budget, and your life. Here are a few things to expect after bankruptcy.
Credit Counseling Under the new bankruptcy law, you are required to take credit counseling before and after you file for bankruptcy. The counseling session that occurs afterwards focuses on personal financial management. You should glean as much information as you can during this session as it will help you to establish a budget and keep your finances on the right track.
Your Credit Bankruptcy can have a serious impact on your credit rating and your ability to get loans and credit cards. The good news is that it is possible to repair any damage that has been done. It won't happen overnight, and it will require a serious effort on your part, but in a short amount of time, you can turn your poor rating into a good rating.
Your Finances Because bankruptcy will eliminate your high interest credit card debt and any other unsecured debt that was costing you money on a monthly basis, you will have extra funds that can be utilized for other purposes. Begin reshaping your financial situation by taking this money and placing it into a high interest savings account. This savings account will provide a safety net to fall back on in case things get tough.
Visit http://www.bankruptcyapproval.com to find more information about life after bankruptcy. Also, visit bankruptcyapproval.com to find information about how bankruptcy affects your FICO Score.
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