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bankruptcy Archives

What is a subprime borrower?

You're considering bankruptcy and trying to plan for the future. You're already thinking about how you can build your credit back up after you file, and you know that using credit cards responsibly is one way to do it. You have to prove you can pay off debt properly.

Breaking common bankruptcy myths

Even if they've never declared bankruptcy, people have often heard myths and rumors about the process. This can be dangerous. Buying into a rumor that isn't factual could cause problems if you ever decide to file on your own.

Do not try to protect assets by transferring them before filing

With bankruptcy looming, you're worried about your assets. You know that some of them can be liquidated to pay off your debt under Chapter 7. Because of your low income -- perhaps you lost a job through no fault of your own -- you know you're going to need to use Chapter 7 instead of Chapter 13.

Is bankruptcy a tool to use during foreclosure?

Generally speaking, bankruptcy is a legal tool. It allows you to eliminate or at least rearrange your debt. It gives you a legal option so that lenders have to work with you, and it can provide you with a fresh start. It's also potentially a tool that you can consider if you're facing foreclosure.