What Is Chapter 7 Bankruptcy?

June 2nd, 2009
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What Is Chapter 7 Bankruptcy?

 Chapter 7 bankruptcy is popularly known as straight bankruptcy which is a liquidation proceeding. In this bankruptcy all non-exempted property of the debtor is sold and after selling the money is distributed to all the creditors. The debtor receives a discharge letter of all the dischargeable debts generally within 4 months. In this chapter 7 bankruptcy the debtor does not loose any asset from his end and that’s why it gives a fresh start to the debtor much faster.

 How Can I Be Sure This Is The Best Way?

Chapter 7 bankruptcy is also known as liquidation or straight bankruptcy and it is the most common form of filing bankruptcy. In this bankruptcy assets are converted into money and then it is distributed to the creditors. Statistics says 65% people among all the bankruptcy filing cases go for chapter 7 bankruptcy.

As I mentioned earlier it is one of the faster ways to start afresh and if there is no objection from any parties (debtor and creditor) most of the debts are being discharged within a month after the attorney filing bankruptcy petition.

How Your Credit Can Affect Your Mortgage Application

May 5th, 2009
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Basically your credit can be made through 5 major factors which are doted down:

•Your past credit behavior

•Your depth go the credit history

•Your number of credit line

•Your number of credit inquires

Your past credit behavior:

You need to be punctual in paying your loan. You need to pay your monthly installments on time. This shows the track of last seven years. This shows all the minute details of credit of your loan.

As soon as you are late in the payment of the dept amount at that time it is reported to your credit report. The late payment are customaries in to different part like for example 90 days late, 60 days late, 30 days late or much more. These late payment are noted by every month or the year.

It helps to find out what your payment will be beforehand with a monthly mortgage payment calculator.

Depth of credit history:

These are the time where you had credited the amount. Normally, the credit amount has been opened for at least with the help of one year. When you take the credit from any lender that has start date with the mortgage lender and can come to knows when your credit line starts.

Your Current Credit balances:

This is the only measure that shows you the different lines of credit that you have used up. When you reach your maximum credit balance then after your credit start decline and then you are been stop to take any more credit from your credit company.

Number of credit lines:
There are many lines of credit that you are having. If you had managed more successfully it is better and will also make your image in future payment of the loan and will make your condition good in the mind of the money lenders.

There are many more reasons are there which will help you in your creditworthiness which will be found on the net. Also you will find many reasons that can help you in overcoming from your creditworthiness in the market.

Net is the best source to through which you can find many areas and reasons that will help you to get rid off the late payment of the loans the net will provide you the information how you can overcome your credit line. There are many sites through which you can solve your problems and can get rid off. Pay your installments regularly and do not delay in your payments.

How To Consolidate Your Credit Card Debts

April 21st, 2009
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Buying things with your credit card is definitely something to cheer about but spending too much without control may result in a number of debt problems. In many instances, it has been noticed that people have piled up such a big amount of debt that their present earnings are not sufficient to compensate for the minimum payment. In this type of a situation, they must think about credit card debt consolidation.

Following are three ways to consolidate your credit card debts:

1) Balance transfer

This is possibly the simplest way of consolidating credit card debts. Essentially, you request for a new credit card and switch the current outstanding balance of your existing card to the new card. Your new credit card would typically offer a zero or quite small rate of interest for new balance transfer. Thus, the amount of outstanding interest is considerably diminished or wiped out at the time of promotion.

2) Ask for a home equity loan

Definitely, this technique needs a house. As compared to your credit card, the home equity loan would carry a lower interest rate and can take up a bigger debt amount. The interest payable for a home equity loan is tax deductible. The principal drawback of this technique is that the home of the borrower would work as the security. Therefore, you have to be adequately sincere to cut down on needless expenses and concentrate on making timely payments for the purpose of preventing loss of your home.

3) Obtain a loan from retirement funds for paying back debt

In spite of the fact that retirement funds can be utilized for consolidating credit card debts, this technique is more hazardous and must apply much circumspection.

There are some benefits of obtaining a retirement loan for consolidating debts. No credit check is necessary, no lengthy application forms and the interest rate is also low and remains fixed for the period of the loan.

You should remember that the loan obtained from your retirement funds has to be paid off in full within a period of five years. Repayment should be on time otherwise some type of penalty would be imposed. Hence, this technique is quite costly if you do not apply it appropriately. Always keep in your mind that you should borrow what is necessary and not more.

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Loan Modification - Stay out of the foreclosure listings

March 17th, 2009

Even if you are behind on your mortgage payments, you can stay out of the foreclosure listings. Contact an attorney for him to negotiate and change the terms of your mortgage making your monthly payments bearable.

There are several basic reasons for which you should consult mortgage loss mitigation attorneys when on default of your mortgage payments and looking to avoid foreclosure:

1. An articulate and knowledgeable attorney will negotiate a better deal with the mortgage lender on your behalf. Borrowers in default are usually under too much stress that prevents them from setting coherent proposals; it makes a deal negotiation quite difficult.
2. A home loan modification process is more likely to succeed when carried out by an experienced attorney, who will reach an objective deal instead than the person who stands to lose its most valuable asset: His (Her) HOME.
3. A basic comparison of the fee of loss mitigation specialists with the fiscal burden of losing your home and affecting your credit rating will show you how the money spent on a loan modification specialist is well worth it.

A thorough search will lead you to make your best choice of a loan modification attorney properly trained to work with your lender to seek all possible options such as your loan renegotiation to more favorable and affordable terms that allows you to keep your property and the lender will continue to collect its monthly payments.

When dealing with an impending foreclosure do not hesitate to seek for legal representation for a home loan modification, it will most likely enable you to keep your home.

Health insurance – a must option for us

March 14th, 2009

Sometimes we mess up the concept of life insurance Policy with health insurance. Basically life insurance provides death coverage as well as lump sum amount after maturity. But in case of sudden illness or accidental happenings health insurance provides financial support. I have discussed here some types of health insurance:

Critical care: Critical Care protects you or your spouse against loss of income on diagnosis of any of the 9 major medical illnesses and procedures. The first of its kind, it offers a lump sum benefit on diagnosis of Cancer, Bypass Surgery, Heart Attack, Kidney Failure, Major Organ Transplant, Stroke, Paralysis, Heart Valve Replacement Surgery or Multiple Sclerosis. Critical Care Insurance also provides cover against accidental death and permanent total disablement (PTD).

Health advantage plus insurance: The “Health Advantage Plus Health Insurance Policy” is an unique health insurance policy that covers unexpected medical emergencies like hospitalization costs as well as Outpatient Treatment Expenses (OPD) in the form of reimbursement of cost of medicines, drugs, ambulance charges and dental expenses.

Family Floater Plan: The specialty of this policy is, one single policy takes care of the hospitalization expenses of your entire family. Family Floater Health Plan takes care of all the medical expenses during sudden illness, surgeries and accidents.

Personal Accident Insurance: Personal Accident Insurance policy gives coverage against Accidental Death Permanent Total Disablement (PTD). Choose among 4 Personal Accident flexible plans that offer choices in sum insured and policy duration. The plan cover starts from Rs.3 Lacs and goes up to Rs.20 Lacs with policy duration of 3, 4 or 5 years.

Private insurance companies are stepping ahead: It’s a fact that many of us still believe in Govt. Insurance companies. But the scenario has changed a lot today, so open your outlook and go ahead with the private insurance companies.

The scenario few years back: The insurance companies used to have a reimbursement system for the policy holders. Policy holders had to incur every treatment related expenses (hospital charges, medicines etc.). After inspection, the insurance company used to reimburse the amount (within the coverage amount) to him / her.

Today’s scenario: Insurance companies give a “Health Identity Card” to every insurer that can put an entry to the Hospitals without any prior deposit. A list of hospitals is provided to the insurer where he / she can avail such facilities (the list includes all major hospitals, so don’t worry). Subsequently the insurance company takes charge of paying all related expenses. There remains no scope for tension regarding the approval of medical bills, reimbursement etc. The Insurance companies also cover critical illness today with high rate premium. So the door remains open for all, we just have to adopt the policy accordingly.

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Loan Modification-Are you eligible?

March 14th, 2009

Loan modification or loan workout is a process in which the terms and conditions of your existing loans are altered so that you are in a position to repay the loan. The bursting of the housing bubble acted as a catalyst in giving rise to the subprime mortgage crisis and subsequent financial collapse.

How do you benefit by modifying your loan?

If you modify your loan, there are several benefits you can enjoy. When you took out a mortgage, you had agreed upon a particular interest rate and also your loan tenure. Due to unavoidable circumstances, you stopped making payments and you started defaulting on your payments. When you approach a lender for loan modification, if he approves your request, there are 3 ways he can help you out.

1. Your lender can reduce your principal balance

2. He can lower your rate of interest

3. He can also increase your loan tenure so that you are in a position to repay your loan.

What makes you eligible for loan modification?

The existing terms and conditions of your mortgage will be altered only if you are eligible for one. You need to fulfill the following criteria to opt for mortgage loan modification.

1. To qualify for loan modification, you should be residing in the house and it should be your primary residence.

2. At least 12 months should have passed from the date the loan originated.

3. You should be out of job for applying for loan modification. The other reason that makes your loan modification request justified is sudden increase in housing expenditure.

If you are found to be eligible for loan workout, it will take some time before the loan workout request is made effective.