Bankruptcy Overview Bankruptcy gives individuals and businesses a fresh start by eliminating or restructuring their budgets and debts. There are five types of bankruptcy, but consumers primarily file Chapter 7 and Chapter 13. A sample of a 2015 budget is below, but remember to always use your actual expenses in your budget. People often forget…
Many of our bankruptcy clients obtain a 725 or higher FICO Credit Score within a year after Bankruptcy when they follow these guidelines. Regulations require you to wait two years after the bankruptcy discharge to get a VA, FHA, or HUD mortgage and three years after a foreclosure. Interestingly, the foreclosure actually has more than…
One of the pet peeves for our local Bankruptcy Judge Lloyd has is when debtors fail to reduce cable tv telecommunications costs in their budget. In fact, Judge Lloyd rarely approves telecommunications expenses over 5% of household income in Chapter 13 cases. To do so requires an affidavit of necessity and often a hearing on…
Now that you’re well into your Chapter 13 bankruptcy and making your payments on time, there is still information you need to know about common Chapter 13 problems and issues that arise. You also need to know how to deal with these problems. Of course, it’s best to educate yourself as much as possible when…
Most credit scores range between 500 and 700, with a score above 620 necessary for a reasonable rate mortgage. Start rebuilding your credit after bankruptcy by sweeping your credit file and continuing to pay your debts on time. To help you do this, we recommend a couple of services we regularly work with to do…
There are requirements for submitting annual budgets and tax refunds in some districts such as Louisville, Kentucky. Of course, one of the requirements while in bankruptcy is for debtors to use their best efforts to repay all debts. Interestingly, this requirement is part of a bargain in bankruptcy. Additionally, in Chapter 7 or Chapter 13…