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September 2012 Archives

Obtaining a mortgage after filing for bankruptcy

As discussed in the previous blog, Chapter 13 bankruptcy is a type of reorganization bankruptcy, where the debtor enters into a structured repayment plan over a period of three to five years. This is opposed to Chapter 7 bankruptcy, which is a liquidation bankruptcy. Both Chapter 13 and Chapter 7 bankruptcy have their benefits. In fact, many of the negatives associated with filing for either Chapter of bankruptcy are simply not true.

Reorganizing debt through Chapter 13 bankruptcy

For many years, bankruptcy was viewed rather negatively by most financial consulting firms. Some in the industry referred to it as the "10 year mistake." Today, however, the American Bankruptcy Institute reports that bankruptcy was unavoidable for nearly 1.5 million individuals and more than 35,000 businesses nationwide. Tennessee residents consider filing for bankruptcy relief should know that attitudes have shifted, and many view bankruptcy as a viable way to ease the strain of debt.

Bankruptcy exemption for student loans is not without exceptions

Tennessee families are all too familiar with the difficulty young people face after graduation. According to the Department of Education more than 3.6 million students entered into the repayment period on their loans between Oct 2008 to Sept 2009, and more than 320,000 fell behind in repayment of those loans by one year or more by the end of September 2010.

Keeping a healthy credit score after filing Chapter 13 bankruptcy

It is fairly common to hear people discuss the effect personal bankruptcy filings can have on credit scores. The fact is that those who are in financially difficult circumstances have probably seen an impact on their credit score already, and things could worse if they don't take steps toward debt relief. If someone is concerned about their credit score before and after filing for Chapter 13 bankruptcy, it is important to know there are ways for Tennessee residents to improve their credit scores.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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