After a bankruptcy, it’s not only a good idea to get a credit card to start rebuilding your credit, it’s absolutely necessary. Unless you start rebuilding your credit, it will be difficult, if not costly, to obtain auto loans, rent an apartment or house, or eventually get a mortgage. When you...

When debtors consider filing for bankruptcy, it’s not uncommon for them to ask the following questions: “Will I lose my wedding rings? Will I lose my home?” Filing for bankruptcy does not mean everything you own has to be liquidated to pay off your creditors – this is a misconception. Do you have...

“What is foreclosure?” is a question a lot of people have, especially if they’re a new homeowner or have never heard of foreclosure before. When a homeowner fails to pay their mortgage, the negative effect is foreclosure. When a renter fails to pay their rent or lease, they’re evicted. Since they...

There are many ways someone’s credit can end up in rough shape. While the main reason is spending habits, that’s not always the case. If you lose your job, or if you’re injured in an accident, or if you have no health insurance and accumulate hefty medical bills, your credit can take a hit. If you...

A lot of people believe that between a Chapter 7and a Chapter 13 bankruptcy, Chapter 7 is better of the two. They feel this way because with Chapter 7, often a debtor can wipe out or erase all of their qualifying debts without having to pay any money back. In contrast, Chapter 13 involves a 3 to...

Chapter 7 bankruptcy is commonly known as the “liquidation bankruptcy” because a bankruptcy trustee can sell (liquidate) some of a debtor’s property to pay creditors. This may occur when the debtor has extra assets, such as a vacation home, an extra automobile they don’t need, or other assets that...