A Note About Personal Bankruptcy

Written by ReliefLoans.com


Sometimes,repparttar formal and legal declaration of personal bankruptcy isrepparttar 111944 best way to go when you're "snowed under" with bills, and you just can't see your way clear to survive.

Actually, bankruptcy allows you to make a fresh start. Generally, it takes only a small amount of money, a careful evaluation of your assets and your liabilities. In many cases, a lawyer is not necessary.

If you have very few assets, mountains of debt, and not enough income to meet your obligations, then your best bet is almost alwaysrepparttar 111945 filing of straight bankruptcy. What you'll need isrepparttar 111946 proper forms "S3010 Bankruptcy forms, for an Individual Not Engaged In Business." These can be purchased from any full-line office supply store, especially in an area serving attorneys' offices.

You'll need to know which district you live in for Federal Court purposes - so look inrepparttar 111947 white pages of your telephone book under U.S. Government - Courts - and take downrepparttar 111948 address ofrepparttar 111949 nearest U.S. District Court. Check it out to be sure that your residence is in this court's jurisdiction.

You then fill outrepparttar 111950 forms you purchased, listing all of your creditors - those with priority being listed first - meaning those who have extended credit to you against some sort of security or collateral, followed by those who have extended credit to you on just your signature or reputation. You must be sure to list all of your creditors because any that you fail to list, will be able to sue you and collect even afterrepparttar 111951 bankruptcy has been adjudicated. Atrepparttar 111952 same time, be sure to includerepparttar 111953 names of anyone and everyone you may have co-signed a note or a loan for, as well as anyone who may have co-signed for you.

The laws governing personal bankruptcy vary in all states, but generally, a bankruptcy judgement will not take awayrepparttar 111954 house you live in, basic home furnishings, a car that's necessary towards your gainful employment, norrepparttar 111955 tools of your trade. Check these things out to be sure againstrepparttar 111956 list of items regarded asrepparttar 111957 necessities of life by your state.

When you've got allrepparttar 111958 forms filled out, and notarized, you take them torepparttar 111959 Clerk ofrepparttar 111960 U.S. District Court in your jurisdiction. You payrepparttar 111961 clerk $50, and from there, you're home free. The clerk notifies your creditors, and reminds them that being as you've filed bankruptcy papers, they cannot bother you about your debts anymore.

However, they are invited to your hearing. Usually they don't show up, because by that time, you have very few, if any, nonexempt assets left that they are really interested in.

But, whatever assets you do have that are nonexempt, will be sold byrepparttar 111962 Court to appease your creditors. Any money realized from these sales is then added to repparttar 111963 total amount of money you may have turned over torepparttar 111964 court atrepparttar 111965 time of your filing, and divided equally amongst your creditors according to priorities.

After all of this has taken place, and usually about 3 months after you've been adjudged bankrupt, you can start all over again to incur debt, pay bills and establish a new credit rating. However , you should be especially careful about talking with your old creditors because they may attempt to maneuver you into signing a "reaffirmation" of your old debt. The thing to do is to be sure that you carefully read anything you affix your signature to, and don't agree to pay on any debt that has already been discharged through your bankruptcy!

In some bankruptcy filings, it is definitely advantageous to hire an attorney to represent you. This is especially true for people who have assets such as real estate they want to protect, and/or people who has been operating home-based businesses or been accused of fraud. Remember this, if you decide to process your bankruptcy without a lawyer, then it is your responsibility to fill out allrepparttar 111966 necessary forms accurately and completely, and every bit as precisely as if you had paid an attorney to do it for you. Leaving out a creditor's name or address or forgetting a loan that you co-signed for, will surely bring on litigation against you even after your bankruptcy has been adjudicated. Be sure you understand allrepparttar 111967 papers, askrepparttar 111968 Court Clerk for advice, and if you run into problems, then take it in to an attorney.

How To Get A Visa/MasterCard With No Credit Check

Written by ReliefLoans.com


SHAPING YOUR APPLICATION TO FIT THE RIGHT PEOPLE

Creditors approve credit to those people who most closely matchrepparttar right profile. They arrive at those conclusions by assigning point values to various items of information that are included either on your credit application or in a credit report.

Credit card companies like credit scoring systems because as a large volume creditor, they can replace trained credit personnel with a relatively few employees who can quickly total number columns and determine is an applicant's point values add up torepparttar 111943 right score.

Scoring, of course, is done for one reason. A creditor just wants to know thatrepparttar 111944 odds are high he will get his money back. Scoring systems are fine for those people who fit right intorepparttar 111945 right profile, but what about those who don't but could pay off their monthly obligations just as easily and reliably asrepparttar 111946 next person? If you are one of those people who just doesn't "fitrepparttar 111947 mold," you'll simply have to make a few adjustments in your application so that you fitrepparttar 111948 scoring profile of what a creditor is looking for in a final total.

HOW CREDITORS RATE AN APPLICATION

The first thing you should know is that every system is different. That in itself can work to your advantage. You could be rejected by one company's scoring system and approved by another. One creditor's system will give you many points for a good answer, and totally ignore a question that gives a negative answer. Another creditor can simply reverserepparttar 111949 process.

Keeping in mind that creditors use different scoring systems, we will list onlyrepparttar 111950 most important questions and briefly review how a response can affect your total score. The following categories are listed fromrepparttar 111951 highest to lowest awarded each response.

RESIDENCE- The longer you have lived in one placerepparttar 111952 better. Stability is given high points.

HOME OWNERSHIP- The best possible housing situation is to own your own house, even if it is mortgaged. The worst is: renting an unfurnished apartment, living with your parents, living in a trailer or motel.

GEOGRAPHIC LOCATION- Scoring systems are adjusted for differences in geographic locations. For examples, home ownership may not score high in an area where there is a high incidence of credit problems, reoccurring employee/employer differences, low income, etc.

EMPLOYMENT-The longer you have been onrepparttar 111953 jobrepparttar 111954 better.

OCCUPATION-Occupations can be divided into many categories with a high to low score within each category for different occupations. Sometimes an employer is scored, instead ofrepparttar 111955 occupation ofrepparttar 111956 applicant.

AGE-Older is not considered better until you pass age 40. Under 25 torepparttar 111957 end ofrepparttar 111958 30's receiverepparttar 111959 lowest scores. The rational is that people under 25 haven't proven they are a good credit risk. People in their 30's are still raising a family, buying a home, and tied down with enormous expenses. This is alsorepparttar 111960 time most people declare bankruptcy.

INCOME- The higher your incomerepparttar 111961 more points you will receive.

TELEPHONE-Having a telephone is an indication of stability. Give yourself more points.

AGE OF AUTOMOBILE- No auto is a low score, butrepparttar 111962 newerrepparttar 111963 vehiclerepparttar 111964 higherrepparttar 111965 score.

DEPENDENTS- One to three indicates responsibility and stability. After three, points drop rapidly.

CITIZENSHIP STATUS- Non-citizens receive negative points.

BANK ACCOUNTS- You receive high points if you have a checking and savings account.

CREDIT REFERENCES

IN-HOUSE RECORDS- A good payment record will earn you more points.

CREDIT CARDS- The more major credit cards you haverepparttar 111966 better.

BANK LOAN- A current bank loan will increase your score.

FINANCE COMPANY LOANS- You will receive negative points for each finance company loan.

TWO POWERFUL STRATEGIES THAT CAN GET YOUR APPLICATION APPROVED

Credit checks are requested by banks, lenders, and other creditors to see if there are negative items in your file. The more negative items you have,repparttar 111967 less your chances of credit will be. As we have seen, creditors look for stability and reliability in an applicant. A steady source of income will receive a high score, but even more important than an income amount is a creditors belief and perception that you are both willing and able to pay back a debt.

In other words, even if you fail to pass certain criteria or formulas, your application can still be approved on another level that will get yourepparttar 111968 credit you want no matter what a scoring system profile says.

Extending credit to customers isrepparttar 111969 wayrepparttar 111970 creditors make money. If you convince them you are a good risk they will give you what you want. Basically, there are two ways you can achieve that goal.

1) You can bypassrepparttar 111971 normal scoring methods that are used by impressingrepparttar 111972 person your application that you are sincere, reliable, stable, and haverepparttar 111973 ability to make monthly payments on a loan or credit card account.

2) You can tailor your answers torepparttar 111974 applications questions and in that manner fir intorepparttar 111975 right scoring mold of what a good credit risk is, according torepparttar 111976 formula they are using.

That doesn't mean you should lie on your application. It simply means you should be aware that being compatible with certain stereotypes will work in your favor. remember, a creditor can still verifyrepparttar 111977 information you list in an application. Still, many peoplerepparttar 111978 truth to put themselves in a favorable position. For example:

1) Some applicants will list their parent's, a friend's or a relative's address as their own residence and indicate they have lived there for years, knowing it probably won't be checked.

2) Provided an applicant has a friend or employer who will go along with the, he can list a position and salary they don't really receive. Then whenrepparttar 111979 creditor calls to verify employmentrepparttar 111980 friend will support whatrepparttar 111981 application has claimed to be true.

3) Another way applicants instantly increase their salary is to set up their own corporation. After issuing themselves private stock with an inflated value, they listrepparttar 111982 stock as part of their salary.

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