Tag: filing bankruptcy Archive
The Meaning of Surrender in Terms of Bankruptcy
Justin Harelik
July 1, 2016
When you’re filing bankruptcy, the word “surrender” doesn’t actually mean surrender. Bankruptcy has a way of altering the meaning of words that we all think we know under normal circumstances and surrender just happens to be one of them. For instance, many bankruptcy petitioners surrender their car or their property. ...
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The Four C’s: Analyzing a Credit Application
Justin Harelik
June 29, 2016
There are four major elements of a general underwriter’s guidelines in reviewing and analyzing a credit application for the lender. We like to call it the Four C’s: credit, capacity, collateral, and character. The Four C’s: Credit – The applications you submit immediately after bankruptcy, at the beginning of your ...
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What Makes Up Your Credit Score?
Justin Harelik
June 28, 2016
It’s one thing to decide that you are going to rebuild your credit score after bankruptcy, but it’s another thing to do it – particularly when you aren’t sure where credit scores come from. What makes up your credit score? Payment History (35%) Outstanding Debt (30%) Age of Your Credit ...
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Tell Your Bankruptcy Story: Your Very Own Sound Bite
Justin Harelik
June 27, 2016
According research, over 80% of bankruptcy petitioners have dealt with: illness, divorce, or unemployment. What’s your bankruptcy story? Prepare your very own 30-40 second sound bite explaining why you filed for bankruptcy protection. This is important because as you begin your quest towards a credit score of 720, you are ...
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Filing Bankruptcy: When To Stop Making Payments to Creditors
Justin Harelik
May 31, 2016
When you decide to declare bankruptcy, you must make a comprehensive list of all creditors to which you owe money. Every one of them must be listed in the paperwork as bankruptcy is designed to treat all creditors fairly in regards to payment and nonpayment. Depending on the petitioner’s specific ...
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Walking Away from the House Post-Bankruptcy
Justin Harelik
May 25, 2016
“Walking away from the house” has become a common enough phrase that it is regularly bandied about amongst the public. This is a result of the recession in recent years that resulted in so many losing their homes, finding themselves upside down in their homes or considering moving out and ...
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Receiving an Inheritance Post-Bankruptcy
Justin Harelik
May 23, 2016
Bankruptcy in and of itself is a simple idea. It is the process by which a consumer applies for a discharge of debts due to severe financial strain. The complexity occurs when you realize that those consumers are people who are living their lives. They experience surprises, unplanned events, complications ...
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Addressing the Consequences of Fraud with Bankruptcy
Justin Harelik
May 20, 2016
The majority of card fraud occurs in the United States. In fact, research conducted by Barclays indicates that 47% of worldwide card fraud occurs in the U.S. even though we only claim 24% of the worldwide card volume. In 2014, 31.8 million U.S. consumers had their credit cards breached. That ...
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Bankruptcy Basics: Halting the Garnishment of Your Paycheck
Justin Harelik
May 16, 2016
Bankruptcy petitioners always have a reason that they filed for bankruptcy. In every instance it was because they had too much debt to handle, but in almost every instance there was also that one last problem or situation that caused them to make the leap to petition the court for ...
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Bankruptcy Does Not Discharge Criminal Debts
Justin Harelik
May 13, 2016
If you are facing a major amount of criminal debt and feel you have no way to feasibly cover the financial burden it imposes, you may be considering bankruptcy as a solution. The first thing you should know in this situation is that bankruptcy does not discharge criminal debts. The ...
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