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Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
Here’s what you need to know before buying a home after bankruptcy. ... (or liquidate) their debt after a specific amount of time. Chapter 13, on the other hand, restructures debt through a ...
With high home prices and high mortgage rates, it may be tough to afford a house on $100K per year, even though that’s a relatively high salary. Following the 28/36 rule, look for a home and a ...
Through a debt management program (DMP), you work with a credit counselor on a roadmap to help you get out of debt sooner. The plan includes budget development to help you better manage your finances.
When filing for bankruptcy, the goal is to eliminate as much debt as possible and get a fresh financial start. As part of this process, several types of debts will be discharged immediately or at ...
Bankrate insights. If you have more credit card debt than you can handle, you have some options: Stop paying your credit card bill: If you opt for this approach, the debt is turned over to a ...
If you owe a substantial amount of debt, bankruptcy can sometimes be the right answer — but be sure you understand all of your options first. I’m 45, recently divorced, lost everything and I ...