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Bad Credit Car Loans May Be Easier Than You Think

Written By Finance on Saturday, January 7, 2012 | 2:57 PM

Car loans for people with bad credit may take a little more effort but are not impossible today. If you find yourself recovering from a tough financial situation and are in need of a set of wheels you do have options for a car loan. This is good news for a large number of people in today's economy.

Bad things happen to good people and it is welcome news to know that there are car dealerships and car brokers who are there to help in the recovery process by doing everything possible to secure you a car loan.

A car loan can be very beneficial in helping to rebuild your credit history. One of the fastest ways to increase your credit score is with a car loan that you can responsibly pay back on time. Each time your car payment is made on time your credit score will increasingly improve.

Finding a car loan for people with bad credit requires a special finance car dealership or car broker. Here are a few tips to help you find a compassionate and understanding salesperson that will do all they can to help you into a new set of wheels to begin improving your credit history.

The first place to begin is to search online for a local dealership or auto broker that has a special finance department. Not all car dealerships or brokers offer these services. Try using the words "special financing" in your Google search. This may help narrow down your search.

Next, contact a couple of these that do have a special finance department and ask what you would need to bring with you on your first visit. There are a few items that will help the salesperson with a pre-qualification process for a car loan for people with bad credit.

Once you have been able to collect the necessary information, visit a couple different dealerships or car brokers. Your initial visit will be a great indicator of the type of dealership you are working with. It is a good sign if you are welcomed in a warm and caring manner. There are some car dealerships or brokerage firms that may tend to ignore you once you ask for the special finance department. If you feel uncomfortable in any way, I would suggest that you move on to your next choice.

After you find someone that you feel comfortable with, discuss your personal situation answering all questions honestly so that the salesperson can best help you.

Finally, allow the special finance department of the car dealership or broker work out the best possible solution to your car loan needs. Pay your car loan on time each month and trust that you are on the road to recovering your positive credit score.

By Mike Reitz
2:57 PM | 0 komentar | Read More

Need A Used Car But Have Bad Credit - No Problem

Written By Finance on Friday, January 6, 2012 | 2:55 PM

Used cars with bad credit can have positive possibilities if you know what to do. If you have bad credit and need a new vehicle, used cars can be a great alternative.

In today's economic times, used cars are being sold off the dealership's car lots much quicker than in times past. This is because a quality used car is a very good choice for those that have bad credit.

A quality used car can be described as a car with between 25,000 - 30,000 miles on the odometer. It will most likely be a model from 2009 and 2010, which is 1 or 2 years old. Chances are good that there has only been one previous owner.

One great benefit of a used car for those that have bad credit is avoiding the large amount of depreciation that happens to new cars the minute they are driven off the dealership's lot. A car can depreciate as much as 10,000 by the time the first 100 miles is clocked on the odometer. Buying a used car means you are not paying for this large sum, which could mean thousands of dollars in savings to you.

Another positive factor is the selection of used cars you have to choose from. There are more used cars available today than ever and you have many different makes and models to choose from. Because of this large variety, you can stop and take a good look at the type of car that best suits you and your family.

An auto broker may be a good possible source for you when looking for a used car. Auto brokers have a great array of resources from which they obtain the used cars they sell. They use car auctions, trade-in cars and online resources to purchase the best possible used cars.

In addition to the great selection of quality used cars is the service you will receive with most auto brokers. An auto broker works for you by listening to you and your specific circumstances, needs and wants. An auto broker is most times more concerned with your happiness over selling a car today.

Along with the great service, an auto broker may have a special finance department that will help you with the issue of your bad credit. The salesperson will check with several lenders to get you the best possible deal with your specific credit needs.

Because the auto broker works for you to get you the best car at the best price, you will likely be treated with compassion, concern and understanding. This is a revolutionary concept when buying a used car with bad credit.

By Mike Reitz
2:55 PM | 0 komentar | Read More

How Long It Takes to Declare For Bankruptcy

Written By Finance on Thursday, January 5, 2012 | 2:53 PM

The First Step - Sitting Down With an Attorney. The bankruptcy process begins at your initial consultation with an attorney.

After discussing and evaluating your specific situation, your attorney will make a recommendation concerning which type of bankruptcy will be the best for you. The recommendation will not only be based on the bankruptcy laws, but also on your goals.

The Second Step - Credit Counseling. One of the requirements necessary to file a Chapter 7 or Chapter 13 bankruptcy is that you must take a credit counseling class prior to filing your case. There are several United State Trustee approved credit counseling agencies. Many of these agencies offer classes on-line to accommodate busy people. This class must be taken within 180 days prior to the filing of your bankruptcy. Once completed, you will receive a certificate of course completion. That certificate will be filed with your bankruptcy case.

Filing Your Bankruptcy - The Hard Part Is Over
After you have completed your credit counseling class, you will come in to your attorney's office to review and sign your bankruptcy papers. Your attorney will then file your case with the Bankruptcy Court. Once your bankruptcy is filed, the Automatic Stay is imposed. The Automatic Stay stops anyone from continuing or starting any collection efforts against you without the Bankruptcy Court's permission, including law suits, repossessions, garnishments, and foreclosures.

When your bankruptcy is filed, a Trustee is appointed. In a Chapter 7 Bankruptcy, the Trustee's main job is to review your Bankruptcy Petition and to sell any non-exempt property you have. Don't worry! Most people don't lose anything. Your attorney will let you know before your bankruptcy is filed if you are in danger of losing any property.

In a Chapter 13 Bankruptcy the Trustee's job is different. The Chapter 13 Trustee reviews your Bankruptcy Petition and Chapter 13 Plan to make sure your plan to re-pay your bills will work. The Chapter 13 Trustee also collects payments from you each month. The money collected by the Chapter 13 Trustee is then distributed to your creditors according to your Chapter 13 Plan. The amount of money you will have to pay to the Chapter 13 Trustee and the length of your plan depends on a variety of factors, such as your monthly income, expenses, and the type of bills you have.

Your "Court" Date - The Section 341 Meeting
It's not really court. It is a meeting with the Bankruptcy Trustee assigned to your case, otherwise known as a Section 341 Meeting of Creditors. This usually takes place approximately 30 days after your bankruptcy has been filed. Even though it's called a Meeting of Creditors, creditors rarely show up. The meeting typically takes only 10 minutes and is generally pretty simple. The Bankruptcy Trustee will ask you questions, under oath, based on the information contained in your Bankruptcy Petition.

One Last Class To Take
In order to receive your bankruptcy discharge (which is what you are shooting for) you are required to take a Debtor Education Course. This course is very informative and helps people in identifying financial issues to work on in the future. Like the Credit Counseling Class, the Debtor Education course can be taken on-line. This course typically takes a little over an hour. Once completed, you will receive a Certificate of Completion which your attorney will file with the bankruptcy court.

Discharge - You're All Done!
In a Chapter 7 Bankruptcy, you will receive your discharge approximately 75 days after your Section 341 Meeting of Creditors. In a Chapter 13 bankruptcy, you will receive your discharge once you have successfully completed your Chapter 13 Plan. The Discharge is the document issued by the Bankruptcy Court which officially relieves you of your dischargeable debt. Please note that some debts cannot be discharged in a bankruptcy. Examples of non-dischargeable debts include most student loans, most taxes and other debts owed to the government, child support obligations, and debts that were not included in a Chapter 13 plan. Your attorney will advise you concerning which of your debts will be discharged and which debts will not.

Charles Glanzer is one of the founding partners of Glanzer & Associates, P.C. Charlie has been licensed to practice law in Illinois since 1992, and has worked for some of Chicago's largest bankruptcy firms. Charlie focuses his practice on representing clients in Chapter 7 and Chapter 13 bankruptcy cases. Charlie represents his clients with a high level of sensitivity and professionalism, and has discharged millions of dollars of debt for his clients. Charlie's commitment to helping people in financial distress not only involves relieving his clients of their financial burden, but also counseling them about life after bankruptcy and rebuilding their credit.

Disclaimer: This answer does not constitute legal advice. I am admitted in the State of Illinois only and make no attempt to opine on matters of law that are not relevant to Illinois. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice. You should not rely on this advice alone and nothing in these communications creates an attorney client relationship.

By Charles E Glanzer
2:53 PM | 0 komentar | Read More

Chapter 13 Bankruptcy

Written By Finance on Wednesday, January 4, 2012 | 2:51 PM

Chapter 13 Bankruptcy permits the people to undergo a kind of financial reformation administered through a federal or centralized bankruptcy court.

What Is It?

When a person files for Chapter 13 Bankruptcy, his prime aim is to get a chance for paying back some or the entire debt with lowered or zero interest rates. Unlike the Chapter 7 Bankruptcy wherein you liquidate your assets, Chapter 13 Bankruptcy involves reorganization of debts allowing the debtors to make use of their income that they might earn in the future to repay the creditors. Thus, going for Chapter 13 Bankruptcy is relevant or apt for the debtors, who have a regular source of income and can afford to pay off the debt according to the plan. The code provides the debtors with a period of five years during which they have to pay back their creditors. Though an attorney will secure your interests in this bankruptcy code, the courts administer the entire procedure.

How It Works?

Even though the debtors are permitted to keep all their assets, the court acknowledges a fresh zero-interest repayment plan. In addition, a written plan is drafted stating the details of every transaction that will take place along with the duration of the same. The repayment process must start within a period of 30-45 days after the case begins. The temporary phase of you paying a trustee, who in turn pays to the creditor as seen in Chapter 7 Bankruptcy code is generally exempted from Chapter 13 Bankruptcy.

However, in certain cases, individuals may take help of a trustee to carry out the process of distributing the money to all the creditors as stated in the plan. Moreover, according to the laws, creditors need to rigorously follow the repayment plan acknowledged by court and are also not allowed to gather any types of claims from debtors. Here, the attorney has to come up with a fresh repayment plan that will best suit your circumstances.

One of the best advantages of Chapter 13 over Chapter 7 is the entire discharge option that you get, which is not valid under the Chapter 7 Bankruptcy. For instance, in case a debtor makes all the essential payments mentioned in plan, then he/she is offered with a full plan discharge option. There may be a few exemptions here and your attorney will advise you about that.

Another great benefit of is that the repayment plan may be drafted even if your creditor disapproves for the same, but you need to necessarily have the court's approval. However, for enabling fair proceedings, the court permits the creditors to file for an objection if they have one.

By Kevin Huffman
2:51 PM | 0 komentar | Read More

Chapter 7 Bankruptcy

Written By Finance on Tuesday, January 3, 2012 | 2:49 PM

What is it?

The procedure of liquidation within the laws of bankruptcy in the United States. In fact, it is one of the most common types of bankruptcies in the USA.

A Deep Look:

If declaring bankruptcy is a chance for the debtors to come out of the financial crunch and begin afresh, then Chapter 7 Bankruptcy Code is one of the best ways to obtain this in a quicker way. In this code, the rule signifies that every non-exempt property that belongs to the debtor is sold off and the received money is then distributed among the creditors. However, in many cases, the debtors do not possess any assets that they may lose and thus, the new start for the debtor occurs comparatively faster.

How Chapter 7 Bankruptcy Works?

An appointed trustee collects all the non-exempt property, sells the belongings and then distributes the returns collected from the sale to all the creditors. In fact, Chapter 7 is unique compared to other forms of bankruptcy filing codes, because here the debtors do not have to pay anything to trustee.

Although in a few cases, this might mean that the debtors will lose all their assets, but this is not the fact in every case. Thus, it is highly advisable to have appropriate consultation with your bankruptcy attorney if you feel that you might lose all your assets and are hesitant to go for Chapter 7.

Under the Chapter 7 Bankruptcy, debtors obtain a discharge on every dischargeable debt. In fact, there are 19 categories of debt, which are dischargeable under Chapter 7 Bankruptcy code.

An additional benefit of Chapter 7 Bankruptcy code is that the debtors after signing a reassertion contract can continue paying for mortgage on homes or car loan. This contract according to the US Government Bankruptcy Code allows the debtors to keep some of the assets from all.

Is It the Best Solution?

Chapter 7 Bankruptcy is also popular as liquidation, which means conversion of assets or property into money or direct bankruptcy. It is the most common bankruptcy form and 65% of consumer bankruptcy petitions are filed under the Chapter 7 Bankruptcy code. As stated above, it is the quickest way to start afresh for the debtors and this is more favorable, when there is no objection from any of the involved parties. Usually, most of the debts and not all are discharged in a few months after your attorney files for Chapter 7 Bankruptcy petition.

By Kevin Huffman
2:49 PM | 0 komentar | Read More

Can I Claim for PPI Miss-Selling If I Am Bankrupt?

Written By Finance on Monday, January 2, 2012 | 2:45 PM

With claims for PPI miss-selling on the increase we ask whether you can make a claim for miss-selling if you are bankrupt or have already been discharged from your bankruptcy.

If you are currently bankrupt or have been discharged from bankruptcy you may be thinking about making a claim for PPI that you feel you have been miss-sold.

In these circumstances, there is absolutely nothing to stop you making a PPI miss-selling claim.

However before you do so, you need to understand what will happen to any compensation money that you are awarded.

Making a PPI claim while still bankrupt

While you are bankrupt, any windfalls or payments you receive must be paid into your bankruptcy estate for the benefit of your creditors.

This means that if you successfully claim for PPI miss-selling and are awarded a compensation payment while you are bankrupt, this money must be paid in full to your creditors.

You are obliged to inform the official receiver or your Trustee in bankruptcy of any money that you receive. Not telling them about it could be viewed as non cooperation resulting in your bankruptcy being significantly extended.

However it is unlikely that you will have to worry about not telling the official receiver. If you are bankrupt it is likely that the bank which awards you money for PPI miss-selling will simply pay it directly to the official receiver anyway.

After discharge from bankruptcy

After you have been discharged from bankruptcy it s true to say that you are allowed to keep any windfall payments that you subsequently receive. The question is what is a windfall?

If you receive an inheritance payment which was not due to you while you were bankrupt or if you have a lottery win, this is certainly a windfall and you will be able to keep this money in full.

However a PPI miss-selling compensation payment is not treated as a windfall. It will be viewed as a refund for the money you paid for the insurance which was miss-sold to you.

The money you originally paid for your PPI is seen as contributing to the reason you went bankrupt. As such so any refunds in the form of compensation must be paid to the official receiver to be put towards repaying your debts.

You may ask how this can be if you have already been discharged from bankruptcy.

The answer is that even after you are discharged from bankruptcy your debt is not written off. A line is simply drawn under it. If any assets come to light in the future which should have been included in your bankruptcy, the official receiver has a right to take these from you.

As with people who are still bankrupt, in the case if a PPI miss-selling claim payment, the bank due to make the payment to you is likely to be aware that you are a discharged bankrupt and will normally pay any claim directly to your OR.

What if the original loan was not part of your bankruptcy?

If you feel that you were miss-sold PPI on a loan which you took and fully repaid before you declared yourself bankrupt, it is likely that even a compensation payment for this PPI will be payable to the official receiver.

This is because the official receiver or your trustee will argue that the loan and PPI which you paid in full was still a contributing factor to the reason you then went bankrupt.

Having said that, where this situation occurs it is less likely that the bank who must pay you compensation will be aware that you were bankrupt in the past.

As such it is possible that they will make any compensation payment directly to you and the official receiver will not discover this unless you tell them about it.

Is there any point in making a PPI claim if bankrupt?

The answer to this question will very much depend on your attitude to repaying your debt.

There is absolutely no reason why you should not make a claim if you feel that you have been miss-sold PPI.

However you need to understand that as a bankrupt or discharged bankrupt it is likely that you will not benefit from any compensation received. The people who benefit will be your unpaid creditors as a whole.

You may feel that you have an obligation to do anything you can that helps to return funds to your creditors and making a claim for PPI miss-selling could help towards this. However on the other hand you may not feel this way.

With this in mind you need to decide for yourself whether or not making a PPI claim is the right thing to do.

James Falla is a debt management solutions expert and author. He has fourteen years of experience of helping people with the process of declaring themselves bankrupt.

In 2004 James co founded Thomas Charles a specialist debt management solutions company where he personally helped hundreds of clients declare bankruptcy. James is now the managing director of and senior debt advisor for Wilmott Turner Financial Services which operates debt solution websites such as http://www.beatmydebt.com.
As well as appearing on numerous television and radio programmes such as the BBC 1 o'clock news, Sky News and BBC Radio's Wake Up to Money, James has written a well respected book about personal debt solutions: IVA, Bankruptcy and Other Debt Solutions. He continues to write widely on the subject of bankruptcy, individual voluntary arrangements and debt management plans.

By James Falla
2:45 PM | 0 komentar | Read More

Bankruptcy Exposes The Consolidation Loan Secrets Lenders Don't Want You To Know

Written By Finance on Sunday, January 1, 2012 | 2:41 PM

You've been struggling to pay off that mountain of debt for years now and, thanks to the current economic climate, things aren't getting any better. If you want to dump that toxic debt so you can move on with your financial future, then you might think that debt consolidation loans can offer you that much-needed relief from the endless sludge pile of bills. However, consolidation loans come with their own secret traps and pitfalls - ones that can wind up costing you your credit if you're not careful.

So how do you know when you should apply for a consolidation loan - and when you should declare bankruptcy? Here is the rundown that consolidation loan lenders don't want you to know about!

If a lender asks you to consider:

A Home Equity Loan...You have plenty of equity in your home and you're not planning on moving for some time. Home equity loans are typically tax-deductible and also offer lower interest rates than most private loans. Run for the hills if lenders ask you to put your home up as collateral, as you could stand a good chance of losing your house should you fall behind on payments.

A 401(k) Loan If... You have plenty in your 401(k) account and your job looks to be stable over the next five years. Many employers offer the option to take out up to half of the amount in your 401(k) and pay it back over the next five years at relatively low interest rates. None of us can predict the future and losing your employment could spell disaster as your former employer might demand immediate repayment of the entire loan.

An Unsecured Loan From A Lender If...Here's a little insider secret: you run the risk of being asked to close your credit cards once you sign on the dotted line for the loan. While lenders might require you to do this simply to avoid running up even more debt, closing your credit card accounts could severely impact your credit score. Give serious thought to whether this option is worth the hassle.

If the very idea of taking on more debt is more than you can handle, then it might be time to declare bankruptcy. Declaring bankruptcy isn't synonymous to declaring defeat - in fact, far from it. Declaring bankruptcy can give you the fresh start you need to regain control of your finances again, especially if you've been struggling with significant debt for some time now.

Reed Allmand, sponsoring attorney for Bankruptcy.net, is constantly looking for ways to provide the best financial information for his clients. Whether you are considering filing for bankruptcy, or are currently going through a Chapter 7 or Chapter 13, visit http://www.bankruptcy.net for up to date news and information you need to know.

By Reed Allmand
2:41 PM | 0 komentar | Read More

Declaring Bankruptcy During a Divorce Proceeding

Written By Finance on Saturday, December 31, 2011 | 2:38 PM

With all marriages in America ending over 50% of the time, and bankruptcy rates rising as the economy looks to tank into yet another recession, it's no wonder more people are curious about what happens when you declare bankruptcy during a divorce proceeding. There's no denying that declaring bankruptcy throws your finances into temporary chaos - add divorce on top of that, and it's plain to see why soon-to-be ex-spouses should seek the advice and guidance of a highly qualified bankruptcy lawyer.

So just what happens if you declare bankruptcy during a divorce proceeding - and how can you ensure that your assets are protected?

First, many people think that it's wiser to wait until after the divorce proceedings to declare bankruptcy, as it's easier to separate the two legal headaches. However, bankruptcy experts recommend doing both at the same time for the following reason: it significantly shrinks the amount of debt you and your partner will have to divide during the divorce.

When you declare bankruptcy during the divorce proceeding, a bankruptcy court will immediate sell off all of your assets that you purchased with your spouse. This is in compliance with a Chapter 7 bankruptcy filing, which means that your house will usually be protected from the liquidation. An automatic stay will also be declared, which will protect you and your soon-to-be ex-spouse from being harassed by creditors eager to collect on their debts.

During the course of the bankruptcy proceeding, all jointly owned unsecured debts will be discharged; however, any resulting alimony and child support payments will not be discharged, as they're federally exempt. Near the end of your bankruptcy petition, the assets that are not jointly owned will be divided up between you and your spouse or restored to you (this depends on your state's laws). This means that your divorce will be much less complicated, as you'll have a significantly decreased amount of unsecured debt to deal with when filing for divorce.

However, there are special circumstances that you'll need to keep in mind while declaring bankruptcy and divorcing your spouse at the same time. For example, if your spouse was awarded certain property and is considering liquidating that property to settle his or her debts, you can file a petition to become a lien holder against the property. This means that if your spouse decides to declare bankruptcy, the property will become yours. There are other special considerations that come along with declaring bankruptcy and getting divorced, so be sure to consult with a divorce attorney and bankruptcy attorney to ensure that things go smoothly.

Let's face it: the last thing you want to deal with during a divorce proceeding is dealing with a pile of shared debt with your soon-to-be ex-spouse. A bankruptcy attorney can help you whittle down that debt into a much more manageable pile, leaving you free to continue the divorce proceedings with a much smaller headache.

Reed Allmand, sponsoring attorney for Bankruptcy.net, is constantly looking for ways to provide the best financial information for his clients. Whether you are considering filing for bankruptcy, or are currently going through a Chapter 7 or Chapter 13, visit http://www.bankruptcy.net for up to date news and information you need to know.

By Reed Allmand
2:38 PM | 0 komentar | Read More

Common Myths About Bankruptcy

Written By Finance on Friday, December 30, 2011 | 2:37 PM

The decision to file for bankruptcy is not an easy one and many people experience stress when faced with the decision to file. The reason is that there are many myths that surround bankruptcy, which prevent people from benefiting from the outcomes that bankruptcy can provide.

My Assets Will Be Liquidated

Most people fear bankruptcy because they are unsure what will happen to their assets during the process. The truth is, there are federal and state bankruptcy laws that allow for much of your property to be protected from liquidation in bankruptcy. Federal bankruptcy laws can protect a home up to $125,000, one car per family and up to about $10,000 worth of personal property. Each state has different bankruptcy exemption laws, but some states allow for a home of any value to be protected, a car per licensed family member any up to $30,000 worth of personal property. A bankruptcy attorney can help you determine which exemption law would best protect your property during the bankruptcy process.

My Credit Will Be Ruined

You may have heard that a bankruptcy stays on your credit report for up to 10 years. While this may be true, it doesn't mean that your credit will be damaged in the process. The truth is, the majority of damage done to your credit happens long before you file for bankruptcy. Delinquent accounts and negative account histories are the most damaging to a credit report. After a bankruptcy, your accounts are no longer considered delinquent and your credit history has been erased to start fresh. Most people find that their credit improves after bankruptcy.

My Reputation Will Be Tarnished

A common fear that people hold about bankruptcy is that their friends, family, neighbors and employers will find out about their bankruptcy. The truth is, none of these people will find out unless you tell them. Bankruptcy is a matter of public record, but that refers to the fact that the information is publicly available for legal and court purposes. No one will put a sign in your yard or mark your personal file with a scarlet "B". Even further, bankruptcy laws prohibit employers discriminating against you based on a bankruptcy. If an employer was to find out and discriminate against you in any way, you would have legal recourse against that employer.

My Future Of Getting Credit Will Be Compromised

Many people worry they will not be able to get credit after a bankruptcy. The truth is, many lenders are willing to offer credit to consumers post-bankruptcy. You may not get the biggest line of credit with the best interest rate, but you will surely be able to obtain financing again soon. The best way to get back on track for new credit is to obtain a small, manageable credit balance and make timely payments. The more positive payment history you can prove, the better your chances of obtaining an ideal loan in the future.

By Christopher M
2:37 PM | 0 komentar | Read More