Bankruptcy Loan
Bankruptcy Loan questions and answers
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Q: How do I get a bankruptcy loan?
I don't have the money to file for bankruptcy as I found out that it's at least $200 if I do it myself and at least $1,300 if I have an attourney help me. I am broke and one of my creditors has the title to my vehicle so it's a "secured loan". What do I do?
And please don't give me a lecture telling me the importance of filing or a link to a website that just tells me about a bankruptcy unless it's a site that can also give me a bankrutcy loan. I already know I need to file and I don't have the money and I already know the importance of it. All I need here is to know how to get a loan to file, and that's all.
Any help on this would be greatly appreciated in my time of need, Thank you.
A: why dont you go to those payday loan places that will loan you money. get enough money to file bankruptcy through an attorney and include those bills in the bankruptcy. our clients do that all the time. the filing fees no matter what state you are in is $299.00 for a Chapter 7. you must also do a credit counseling course before you can even file. they give you a certificate that you must file with the court. you also need 6 months of paystubs and a lot of documentation. i suggest you get yourself an attorney to do the filing. its also filed right over the internet so a law office can file at their desk.
Q: Who do I go to for a bankruptcy loan?
I've learned that it costs money to file for bankruptcy. I think a little less than $350 if I do it myself and $1,300 if I go to an attorney and they take care of most of the paperwork for me.
Problem is, I don't even have enough money to file for bankruptcy where's I'd do it myself. One of the loan agencies that I'm paying back that's part of my major debt won't let me borrow if it's for bankruptcy. What do I do? Who do I turn to for this? At this point in time, wiping away my debt is the only answer. I know my credit will be shot for the next 5 to possibly 7 years, but it's the only real option I have right now because I can't afford to back back my creditors at this point in time.
Any help would be greatly appreciated.
A: Here are some sites that offer advice on filing for bankruptcy:
http://www.ehow.com/how_15330_file-bankruptcy-individual.html
http://www.wikihow.com/File-Bankruptcy
http://www.osbar.org/public/legalinfo/1017.htm
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre41.shtm
http://www.nolo.com/resource.cfm/catID/462A9501-9B21-4E09-A08C5A7B8AF51A79/213/161/
Good luck!
Q: How to get a loan in bankruptcy?
I have heard of people getting their own home even with a bankruptcy. How or who could someone get a loan from while in bankruptcy. Is there a certain company that makes it easier for someone in bankruptcy to get a loan?
A: Your able to obtain a loan after bankruptcy. The rate would depend on your current credit score and how long the bankruptcy has been discharged. Typically, you would get a loan such as a 2/28 year with a 2 year PP, and then refinance out. Think of it as a 2 year band-aid. I would go to a large lender that has broker correspondence with sub-prime lenders. That will reduce your cost exposure than going to a mortgage broker company.
Q: To write off a student loan in Bankruptcy, Does it have to be exactly 7 ears old?
I have a canadian student loan. I was told by a bankruptcy attorney recently to wait to file bankruptcy for a few months because I could include them with creditors. I am having a lot of pressure from my creditors lately and I want to file earlier? Anyone know?
A: My profession, south of our common border, is to help people solve problems before they occur.
In the USA student loans are no longer dischargeable by bankruptcy in most cases.
Since you are in the frozen north, I would listen to the lawyer (YUK!) The pressure you mention is from phone calls and letters. Has your attorney offered you one of his form letters to send to your creditors?
If not, check the Y!A section on LAW. You could obtain a simple form letter that can be employed in Canada.
What got you into trouble financially was your inability to handle your capital resources effectively. Here is some information for you to contemplate. Feel free to disregard it now and in the future.
[Nothing in this commentary is meant to solicit a client in a nation wherein I am not licensed.]
You must, must, must spend less money than you earn.
Some of my recommendations to clients are to expend their paychecks in this manner (although this is not a direct recommendation to you nor anyone not currently a client):
The first ten percent of each check is your RTG amount. (Return to God)
The next ten percent or more is to PYF. (Pay Yourself First) Invest this after a due diligence consultation with a competent and credentialed advisor.
Ten percent is to be deposited in your MORE Fund. (Major Opportunities, major Rescues of friends and family, and major Expenditures...such as a home remodel)
Forty-nine percent or less is for your MPs. (Must Pays; food, utilities, rent, and those things that must be paid)
Ten percent for your ED. (That is, your EDucation; your mind; your competence. If you do not improve, you are of little value to yourself, your family, your country, or your God)
The last ten percent is for FUN. Go out and waste the money. Have fun.
Note, please, that beans is an expenditure under the MP percentage. Caviar is an expenditure under FUN.
Shoes from K-Mart is an MP. Shoes from Gucci are not.
Q: Is it possible with a great business plan to get a loan after bankruptcy?
I recently filed chapter 7 bankruptcy. I want to buy a business from the owners I work for as soon as possible. I am working on a business plan (with help). So my question is do you think its possible i'll get approved after waiting a certain period of time(2 years?), and if I have little capital to apply towards the loan? This is a well established business that ive been running for the owners for over 2 years, I know how to completely run the business already.
A: You can submit your issue in the following website and a lawyer will contact you within 24hrs. Don't worry about their charges, Its only $1/day. So you are getting what you want in just $1. I think this you can afford. Here is the link
http://www.usalegalcare.com/Bankruptcy.htm
Good luck
Q: Can I still do a mortage loan modification after I file bankruptcy?
I lost my job a few months ago and my husband and I have been not been able to pay the mortgage. I was going to try to modify the loan before filing but it will be void if I file bankruptcy. My attorney says I can try to modify the loan after bankruptcy has been filed. Is this true?
A: Ask him to swear to that in writing.
Q: Does anybody know how reaffirming a loan after bankruptcy works?
We already decided to do it and have filed bankruptcy and gone to court. It's our car loan; we figured we would still not be able to afford any other decent car if we let this car go so we are keeping it. The payments are about $200 more than we can comfortably afford (Those darn car salesmen and a previously good credit score can get you into trouble). Will they be able to lower our payments some how?
A: You've got a few options.
1. Reaffirm.
1.a. The bank will want to keep the same terms.
1.b. But it's negotiable.
Reaf's get approved by the judge. If you really can't afford it (sched I vs J) he'll reject it unless you ammend to increase income/decrease expenses. But really, if you can't afford it, don't reaffirm
2. Surrender. Stop paying. Take this month's payment. Next month's payment and the one after that (because it'll probably take them that long for the case to be discharged then repo). Go buy a car with cash. Or use that as a down payment at a buy here/pay here joint but spend less than $5k you'll get terrrible terms.
3. Redeem. www.722redemption.com If you qualify, they lower the balance to the value of the car. It might get you a lower payment.
4. Do nothing. Keep making the payment and they'll let you keep the car. $hit happens and you can't make the payment, it gets repo'd. But they can't come back to you for any cash (like with normal repo)
Q: Can you get an unsubsidized Stafford Loan after Filling for Bankruptcy?
I would like to know if getting a Stafford Loan after bankruptcy is possible? I currently get Subsidized and Unsubsidized Stafford Loans and would like to file for bankruptcy. I need to be able to continue recieving those loans in order to stay in school, however I do not want to wait until I graduate to fill Bankruptcy.
A: Bankruptcy does affect federal student aid b/c the school will receive a message that you have filed for bankruptcy. Rest assure, keep a copy of a letter stating that you have not ATTEMPTED to erase your student loans and you will be fine. Good luck!
Please if you have not received an award letter prior to the fall semester this can be a indicator that it has being held for that reason.
Q: Can a second loan on a house be eliminated when filling bankruptcy?
I heard that if your house is not worth what you owe and you want to keep your house when filling bankruptcy, your second loan can be discharged. Is it true?
A: In California - you can eliminate your 2nd mortgage through a Chapter 13 Bankruptcy. The value of the house MUST be lower than your 1st mortgage in order for this to happen. Of course you need a reputable attorney to get this done, along with an appraisal report from a licensed appraiser.
There are other things to consider, like total personal assets and things of that nature.
It's a process, but it can be done.
Q: Question about a loan and Bankruptcy?
I filed for Chapter 13 three years ago with a 36 month payback plan, I have almost finished the plan and had a question. I didn't include my house, I have never been late on my mortgage. Once I am discharged from my bankruptcy I want to apply for about a $7000 loan. I don't want to refinance my house to get the money. The loan is for a motorcycle. I have a car that I can use as collateral, it's worth more than $7K and I have the title free and clear.
Do you think even with the fact that I have collateral that is the equivalent to the loan value I will still be charged a crazy interest rate? Any suggestions?
And in case anyone says don't get the bike....I'm a cancer survivor and disabled veteran, I deserve the darn thing after what I've been through.
A: Not a chance for a loan against another vehicle, The vehicle will depreciate over the life of the loan and will be worth less than the original loan. You'll have to use your home as collateral against a second mortgage. Sorry. Army Strong!!
Q: Can I get a FHA loan after bankruptcy and foreclosure?
I file bankruptcy 2 years ago. I reaffirmed my house then decided I could not afford it. I had two mortgages and we moved out and told bank to foreclose. They sold house and I was told that they could not collect anything owed because of the state laws where I live and that I had filed bankruptcy. Now my credit report shows the bankruptcy but not the foreclosure. So I am wandering if somehow the foreclosure will show up somewhere once I try to get another home loan?
A: I am not positive, but I believe you must wait 7 years after a foreclosure to get a home loan. Do check in your area that this is correct, but even if you don't per se owe them anything you had a foreclosure.
Q: How to get a loan after taking bankruptcy chapter 7?
Is there anyway of getting a loan after taking bankruptcy chapter 7? Because we are wanting a cheaper house. Please help by giving any info that you might know of.
A: Of course you can get a loan. http://loan-house.we.bs/homeloans.html Good Luck...
Q: If I file bankruptcy and have defaulted student loans on my credit, will the defaulted loan stay on there?
I know defaulted loans can hurt your credit for a longer time than bankruptcy. If I can't get my loans discharged in a bankruptcy will the default still show up on my credit or can i consolidate them or something? I don't want to have a bankruptcy and defaulted loans plastered all over my credit for the next 15 years.
A: I do not think so but the new bankruptcy laws make you pay some back
Q: What if my cosigner on a loan files for bankruptcy?
What if my cosigner on a loan files for ankruptcy?
i have my business equipment financed. on the loan i have another corporation as a cosigner.
but the owner of that corporation is going to file corporate bankruptcy.
will him filing bankruptcy affect situation on my loan? as i have him cosigned on my company's loan.
A: A cosigner does not receive the procedes of the loan and therefore is NOT to be confused with a joint borrower, so you are fully responsible for the loan when you apply as primary borrower. Cosigning means he agrees to take over payments and is responsible if you default. Since it's not his loan, his filing bankrupcy will have no bearing on you, the borrower.
Q: How will filing bankruptcy affect my student loan for school?
I am filing for bankruptcy and I was wondering how this would affect my school. I just took out a student loan a couple of months ago and enrolled in college. My loan is not due until I graduate in 2 years. If I claim this in the bankruptcy will it affect me going to school?
A: You can't put your student loans on your bankruptcy. Student loans are no longer dischargeable in any chapter of bankruptcy unless you can prove that repaying the loan creates an undue hardship on you or your family.