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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 ...
After bankruptcy, the money that would have gone to debt payments can be redirected to other needs. To make the most of this opportunity, create a new budget to plan your monthly spending.
Debt relief companies are agencies that use a combination of tools, including counseling and debt settlement services, to help you get out of debt faster in exchange for a fee. Many require you to ...
Bankruptcy can be a solution but know how it works first Bankruptcy can sometimes be the solution to your debt problems, especially when you have one that’s more than six figures.
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 ...