Is Mortgage After Bankruptcy Possible?

If you have recently filed bankruptcy, you may have some questions about his ability to get a mortgage. Here are some common questions about mortgages after bankruptcy:

How long after my bankruptcy has been discharged I expect to get approved for a mortgage? - Generally, mortgage lenders are willing to consider an approval for a mortgage after 2 years. Some lenders are more stringent than a wait 3 years to begin to consider funding. It is possible to obtain mortgage financing before 2 years from the date of discharge, can only end up needing a down payment or you may have to settle for an interest rate much higher.

"Can I get the best rates available?” Is it possible? - Not likely. The most likely way of obtaining a lower interest rate would have a large down payment. In addition, another factor contributing to what interest rate you qualify and how well you have paid your bills since the bankruptcy discharge.

What other factors can help me get approved for a mortgage? - Credit is only one of the few major factors to obtain a mortgage loan. Other factors include employment history, the debt / income, loan to value to households, income and down payment. So therefore, if you have credit problems, it is important not only to work on increasing your credit score, but to strengthen the other factors working for you in the loan process.

How long does a bankruptcy affect my ability to get a mortgage? - A Chapter 13 bankruptcy stays on your credit report for 7 years and Chapter 7 bankruptcy stays on credit for 10 years. However, from the day following the date of bankruptcy discharge, as your credit improves, improves your credit score. As you make payments over time, your credit score will keep rising and may be in the high 600 or 700, even before the declaration of bankruptcy has come off your credit report.

Can An APR Credit Card Save Your Money?

Under interest credit cards are available as alternatives to people with middle of the road at very high interest rates. If you have a credit card with high interest rates anywhere from 17% to 24% or more, you can not realize what it costs hundreds and even thousands of dollars each year in interest alone. Once you understand your credit and how it is affecting the debt situation, you will see how low interest or even 0% APR credit cards can be a much better solution.

Some banks are no longer moved. You may have to do some research to get a credit card low interest rates. Search online, check with your local bank and sort through direct mail offers.

Collect your bank statements for all credit cards low interest high. Include Visa, MasterCard, American Express, Discover, department stores, retailers, supermarkets and other revolving credit. You may also include your estimated monthly payment and the monthly financial burden.

When comparing the numbers of each card, you will be able to see which ones are costing more money. The higher the APR and better balance, more is going to pay off long-term interests.

Once you've discovered that credit cards are low interest and that are high, you need to sort from largest to smallest. In other words, if you have a high speed card with a balance of low interest may be less than a credit card low interest high balance. This step will help to focus on cards that are taking most of their hard earned money.

Fixed rates can be increased as much as you miss one payment and so on. Pay close attention to all the terms and policies, so be sure to read the fine print. Do not accept a credit card low interest until you are sure you understand everything that is involved.

Many consumers do not realize, but companies prefer to reduce your interest rate to lose your business. Tell them you have been offered a better deal on a credit card low interest rates. They can only match the offer, saving you time and effort to close and open a new card.

Now you can stop throwing money down the drain. Treasury of low interest or 0% APR credit cards and keep your good credit rating. Pay more than the minimum and keep up. As fast as you were able to lower the APR, which could jump to staggering numbers.

Can You Eliminate Your Tax Debt Through Bankruptcy?

You may have heard that even if you file for bankruptcy, no tax will be able to discharge income. This is simply not true. If taxes are large enough, you may be able to meet all or most of your tax debt. In many cases, the tax liability is not dischargeable because the debt is too new, as explained below, or because taxes are owed on any of the categories that can not be discharged in accordance with the Code of Bankruptcy.

As you may have discovered, the government has some powerful means to collect the taxes due. In addition to taking tax refunds apply to taxes owed, the government can garnish your wages, place a lien on their property, or even seize property and bank accounts, your home or car. Moreover, the longer you leave lying past taxes, the harder it is to pay because the government can continue to add to the debt with interest and penalties. Understanding what past due taxes will be allowed to discharge through bankruptcy can be complicated, so it's a good idea to talk to a lawyer about the past of the corresponding taxes in order to understand when and how bankruptcy can help. Basically, be allowed to meet tax debts that meet certain conditions specified in the Bankruptcy Code.

The first condition is that the tax must have been for three years before bankruptcy. Taxes for 2007, due on April 15, 2008 this requirement is met in bankruptcy filed on April 15, 2011 or later. But what if you get a tax extension? In this case, within three years will be the date of enlargement, not from the original due date. Thus, in the example above, if you received an extension in 2007 taxes until April 15, 2009, taxes would not be eligible for discharge on April 15, 2012.
The second condition is that the tax should have been filed two years before its bankruptcy filing. In reference to this rule, keep in mind that if you file an amended return, the two-year period begins from the date of such amendment.

Third, the tax assessment that preceded the bankruptcy for 240 days ahead of the tax calculation is not always easy, in general, depend on the practices of the relevant tax authority. In general, for federal taxes, the tax assessment will be around the date for filing the return if filed on time. In order to determine the exact date, may obtain a copy of your tax file.
Another condition is that the tax should not be submitted fraudulently. Finally, for a tax debt to be discharged should not be having attempted tax evasion.
If your back taxes meet these conditions, the declaration of bankruptcy can act as a powerful tool for tackling a difficult fiscal responsibility. A bankruptcy attorney will help you take into account their ability to fulfill tax obligations. If you have significant tax debt, do not rule out bankruptcy. Talk with an experienced bankruptcy lawyer today to see if it can meet your tax liability once and for all.