What Is Chapter 7 Bankruptcy?

June 27, 2024/in C-Blog Category, Financial Planning

Chapter 7 bankruptcy, often referred to as "liquidation bankruptcy," allows individuals to discharge most of their unsecured debts. When you file for Chapter 7, a bankruptcy trustee sells your nonexempt property to pay off creditors. The process is relatively quick, typically taking about four to six months from start to finish. By the end of the process, most of your debts will be discharged, giving you a fresh financial start. However, it's important to understand the intricacies and consequences of filing for Chapter 7 bankruptcy before making a decision.Read More

Don’t Let Chapter 7 Bankruptcy Ruin Your Credit or Life!

April 11, 2024/in C-Blog Category, Financial Planning

Have you thought about filing for Chapter 7 bankruptcy to free yourself from your debt burdens, and then wondered how it would impact your credit? If so, you’re not alone, as Chapter 7 bankruptcy filings are surging to record levels. We're often approached by worried homeowners who fear the impact of bankruptcy on their financial well-being. But what if there's an alternative that can save your credit and your peace of mind? This comprehensive guide offers insights and answers to help you navigate the tough decisions ahead.Read More

Don’t Let Chapter 13 Bankruptcy Ruin Your Credit or Life!

April 5, 2024/in C-Blog Category, Financial Planning, Refinance

Has the thought, "Does filing for Chapter 13 bankruptcy hurt my credit?" crossed your mind? If you're struggling with debt, it's a common concern. We're often approached by worried homeowners who fear the impact of bankruptcy on their financial well-being. But what if there's an alternative that can save your credit and your peace of mind? This comprehensive guide offers insights and answers to help you navigate the tough decisions ahead.Read More

Bankruptcy Often Better Than Credit Counseling

September 4, 2014/in Self Education, JVM's Daily Blog

Chapter 7 bankruptcy eliminates all consumer debt in one step, allowing borrowers to start fresh. In contrast, credit counseling can extend payment burdens and delay mortgage eligibility.Read More

Bankruptcy Seasoning Requirements; 0, 2 & 4 Years

July 30, 2014/in Mortgage Industry, JVM's Daily Blog

Bankruptcy seasoning requirements vary by loan type. Chapter 7 requires a 2-year wait for FHA loans and 4 years for conventional loans. Chapter 13 borrowers may qualify for FHA financing with no seasoning if they have a 1-year payment history and court approval.Read More