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Are there any national lenders which focus on making loans to individuals in bankruptcy?
YES It is possible to procure a loan under these circumstances. These type of transactions are often referred to as "predatory lending". The potential borrower needs to be extremely cautious before entering into any agreement. These lenders charge maximum interest rates and add on many fees and conditions. The borrower can be certain there will be precisely worded stipulations contained in the agreement. Those clauses will allow the lender to take quick, legal, and binding steps to appropriate property if there is the slightest default in terms.
What else can I help you with?
Is it possible to get financing to purchase a house and a car after filing Chapter 7 bankruptcy for the second time?
You need your Bankruptcy Chapter 7 to be discharged first before getting a loan to buy a house. Most lenders require two to four years of re-established credit before they will consider making you a loan. However, many lending sources are competing today to make loans to borrowers with less-than-perfect credit even if you have had your Chpter 7 discharged less than two years ago. You may need to put down a sizable down payment,and have sufficient income to qualify howevevr. there are some mortgage lenders that will allow one day out of bankruptcy with 100% financing
If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?
YES, you can include it whether the payments are current or not.
Will it affect your car loan if you go bankruptcy?
Yes, filing for bankruptcy can affect your car loan. If you include the car loan in your bankruptcy filing, you may have to surrender the vehicle or negotiate a reaffirmation agreement to keep it. Additionally, bankruptcy can negatively impact your credit score, making it harder to obtain future loans. However, not including the car loan in bankruptcy may allow you to retain the vehicle, provided you continue making payments.
Can you get a mortgage right after filing Chapter 7 bankruptcy?
Last I checked you can't make any large purchases once you file bankruptcy. Usually when you file Chapter 7 bankruptcy they take things that you own to pay for your debts because you can't afford to pay for them yourself. If you don't own anything then I believe that basically your dets are written off. Granted there are all kinds of promotions out there for bankrupters but I believe that I would hold off making a large purchase. * A lender will generally require at least 12 months of responsible credit use after a BK discharge. The consumer should be aware of predatory lenders who offer immediate loans to persons who have been involved in any BK. These lenders charge excessive interrests and fees, and will include a clause in the contract of agreement by the borrower to waive due process if the loan should be defaulted.
What is the credit score of 696 considered to be?
A credit score of 696 is generally considered to be good. Credit scoring models typically categorize scores from 670 to 739 as "good," indicating that individuals in this range are likely to be viewed favorably by lenders. This score suggests responsible credit management, making it easier to qualify for loans and obtain favorable interest rates. However, specific interpretations can vary slightly between different scoring models and lenders.
How soon after chapter 7 can I buy a car?
After filing for Chapter 7 bankruptcy, you can typically buy a car immediately, but obtaining financing may be more challenging. Lenders often consider your credit history post-bankruptcy, so you may need to look for dealerships that offer in-house financing or special programs for individuals with bad credit. It's advisable to check your credit report and potentially work on rebuilding your credit before making a purchase.
What looks worse on your credit report Late payments or a bankruptcy?
Bankruptcy looks worse on your credit report than a late payment. They will both drop your score quite a bit, but a bankruptcy lets your lenders know you gave up on the debts owed, so making it harder to get new loans. You can always try to contact the credit bureaus to try and dispute the negative listings and have them removed if possible.
Chapter 13 bankruptcy be dissimisal?
You can get a Chapter 13 bankruptcy dismissal by asking your lawyer to ask the trustee for a dismissal. If you are having trouble making the payments, you can ask for you bankruptcy to be modified.
What does apa stand for in bankruptcy?
APA stands for "Automatic Payment Avoidance." It is a term used in bankruptcy to describe the process where a debtor stops making automatic payments to a creditor after filing for bankruptcy.
Is it possible to get financing to purchase a house and a car after filing Chapter 7 bankruptcy for the second time?
You need your Bankruptcy Chapter 7 to be discharged first before getting a loan to buy a house. Most lenders require two to four years of re-established credit before they will consider making you a loan. However, many lending sources are competing today to make loans to borrowers with less-than-perfect credit even if you have had your Chpter 7 discharged less than two years ago. You may need to put down a sizable down payment,and have sufficient income to qualify howevevr. there are some mortgage lenders that will allow one day out of bankruptcy with 100% financing
The Bankruptcy Abuse and Prevention and Consumer Protection Act limited the number of debtors who could declare which type of bankruptcy?
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 primarily limited the number of debtors who could declare Chapter 7 bankruptcy. The act introduced a means test to determine eligibility, making it more difficult for higher-income individuals to file for Chapter 7 and forcing many to seek Chapter 13 bankruptcy instead. This shift aimed to reduce perceived abuses in the bankruptcy system and encourage debtors to repay a portion of their debts.
What are the advantages of declaring bankruptcy to clear debts versus paying them off?
Chapter 13 bankruptcy is meant for individuals willing to pay off their debts within a period of 3-5 years. Chapter 7 bankruptcy is more like a fresh start and eliminates the legal obligation to pay most of ones debts. One should always consult with a financial advisor when making these decisions.
If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?
YES, you can include it whether the payments are current or not.
Will it affect your car loan if you go bankruptcy?
Yes, filing for bankruptcy can affect your car loan. If you include the car loan in your bankruptcy filing, you may have to surrender the vehicle or negotiate a reaffirmation agreement to keep it. Additionally, bankruptcy can negatively impact your credit score, making it harder to obtain future loans. However, not including the car loan in bankruptcy may allow you to retain the vehicle, provided you continue making payments.
When is it necessary to declare bankruptcy?
It is necessary to declare bankruptcy when a person cannot afford to continue paying for bills and other things they need. A person may declare bankruptcy if their business is not making any money.
What is the purpose of residential lenders?
Residential lenders provide mortgage loans to people purchasing homes. Residential lenders are an important part of making home ownership possible because they provide loans to people who might not have the cash upfront to pay for a home outright.
Are there any lenders which focus on making loans to individuals with bad credit and past due loans?
I know of a company that approves 50-60 percent of applicants even with low scores. No fees involved. Contact: http://www.jensden.com/g.o/autoprt
