bankruptcy Archives

Dec42022 by Paul LinusNo Comments

Tips to avoid debt and divorce in recession

General

In these tough economic times, how do you get your finances on track and save your personal relationships? When couples enter into a relationship, many don’t discuss finances, how to budget or have a savings plan. Elena Jara is the education coordinator at Credit Canada, a non-profit organization that provides money and credit counselling to people who are in financial difficulty. “Many of our clients have come in to our offices and due to financial strain are considering separation or divorce.” One of the biggest problems, says Jara, is that more often than not you are dealing with two different personalities. “It’s very important that you sit down with your partner and figure out a style of money management.” Jara recommends that couples follow these four steps to avoid h...

Home refinancing following bankruptcy: How to refinance mortgage

Finance

Most U.S. citizens are discharged from chapter 7 after just 4 months. Getting a bankruptcy mortgage or home refinancing after bankruptcy is surprisingly easy, provided that you have either a sufficient down payment or equity in your property. Home equity is the difference between the value of your home and any loans that are secured on it. Raising a sufficient house deposit can be difficult, but lenders require this equity to protect their legitimate business interests in the event of the customer defaulting on the loan. How Much Equity is Required for Home Refinancing After Bankruptcy Equity is more than just a sign of commitment on the part of the borrower, it makes it easier for the lender to recover its money in the event of default. In order to improve your chance of getting...

Is Your Debt out of Control?

Finance

If you are one of the millions of people who are struggling with what seems like unmanageable debt, there are a few options for you to consider. Two of the more popular choices are bankruptcy and using a debt settlement service. Only you can determine which decision is best for your circumstances. While eliminating debt may be easier than you think, there are many cases when filing for bankruptcy simply makes more sense. This article isn’t necessarily to persuade you one way or the other, simply to inform you about using a debt settlement program. What you need to know Contrary to what you may have heard, using one of these companies doesn’t guarantee you will see an increase in your credit score. In fact, there are times that despite the best efforts of people working with you, your ...