It may be a good time to consider bankruptcy when all creditors and negotiations have failed and foreclosure proceedings and repossession is looming in front of you. You are just not able to pay any of your bills. Personal bankruptcy is an official manner to help people with uncontrollable debt to start a new financial life. There are five kinds of bankruptcy under the U.S. Bankruptcy Code, but most people can avail two options, Chapter 7 and Chapter 13 of the bankruptcy laws.
Chapter 7 is for people who want a new start and is also known as “liquidation” bankruptcy. This means that the individual must give up all assets which are not protected by bankruptcy exemptions. Chapter 13 on the … (more) December 24, 2011

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Are you credit worthy? When is one considered to be one?
When you have a good credit history you are considered to be creditworthy. What then is a good credit history? A good credit history is one where your record shows that you were able to manage repaying loans and mortgages and that all your debts p;/are paid on time. These kinds of reports are monitored by credit bureaus like Experian, Equifax and TransUnion. p/
So if there would be a declaration of bankruptcy in your part that would give lenders and credit card companies’ second thoughts of investing on you. But what if you never had a credit record before and would like to apply for a loan or a credit … (more) November 13, 2010

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When one is applying for a credit card or a loan, what do lenders and credit card company first look on? Of course they check on your income but that is not where their investigation starts.  One’s credit history is what they check first. One’s credit history is the deciding factor whether a person is creditworthy or not. If you have a poor credit rating or history then you may likely be declined of your application? A poor credit history results from unpaid bills or regular late payments. People who never had a credit record will also have difficulty getting a credit card or a loan for the first time.
This could be frustrating to people who fall on these categories … (more) November 9, 2010

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A very close friend of mine started with a good credit score, just like everyone else. She took out some credit cards, and used them to purchase a lot of things. She was able to pay her bills at first but eventually went into debt. For about 5 years, she had over a thousand dollars in credit card debt. Not only that, for she also took out loans on cars as well.
Afterwards, she realized that it was too much to deal with so she declared bankruptcy. With this, she stopped paying her credit cards dues because if she would not, the credit card companies would not be convinced that she was financially unstable. After giving a letter explaining everything about … (more) June 21, 2010

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Guaranteed approval credit cards are more known by many as credit cards for bad credits. The reason behind this name is that these credit cards are issued by companies easily regardless of the credit history of that person. You can acquire this card even if you have bad credit or you do not have any credit.
Most of the credit card companies issuing these bad credit credit cards would require security. One form of security would be an advance deposit in an account when you would sign up. This deposit will allow the issuers to gain access to a source of payment if you would fail in paying your debt as scheduled.
Obviously, the security deposit will define the credit limit … (more) June 19, 2010

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With our economy being in crisis, a lot of people prefer using credit cards. With this, a lot of people now have bad credit ratings. Unfortunately, I am one of those unlucky folks. US credit ratings are declining as fast as I could ever imagine. It would take quite a long time before these could climb back up. Let me share to you some things that you should know about bad credit so that you can dig yourself out of this hole. One of the things you could do is make your credit cards for bad credits up.
Your monthly payments would inevitably become very high. It would be a burden for you to pay such high amount. If your payments … (more) June 15, 2010

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