Several respected financial analysts predict that the U.S. will continue to experience a decline in the number of bankruptcy filings in 2015. Some data suggests an estimated 800,000 bankruptcy petitions will cross the judicial bench of district bankruptcy courts across the U.S. this year.
Becoming familiar with your spending habits, debt ratio, and understanding how lenders view your financial snapshot may very well be your best defense against future bankruptcy or foreclosure action. It all begins with fiscal responsibility, supported by a sound credit report, but how many Americans actually request and review their credit report on an annual basis?
A bankruptcy is like a fresh start for someone who is buried in debt and filing for bankruptcy can have a major impression on your life and credit score. Taking some small steps post-bankruptcy can help to allow you to rebuild your credit and establish good habits for the future.
While the unemployment rate has been trending downward since the apex in the beginning of 2010, it does not mean that everyone is in a better economic situation. If you are still struggling with a personal financial crisis, then there are certain steps you can take to get back on the right track.
Most people do not have an idea of the type of debt that they have, and some debt can be considered good, depending on what kind it is. It is important to know the difference between the different types of debt, specifically secured and unsecured debt. Secured debt and unsecured debt may even affect your credit score.
There is a lot of talk about how important it is to maintain a good credit profile. If you have poor credit, it can be a challenge to achieve many things that can be made so much easier by maintaining your credit worthiness. However, the problem may be that you do not fully understand what affects your score and how different things can hurt your score. According to Yahoo Finance, it can be simple to understand.
For people considering bankruptcy, a major concern is how badly your credit score will be affected. Since bankruptcy stays on a debtor’s record for either 7 or 10 years, it is a reasonable concern. Since Chapter 7 bankruptcy wipes out debts, it stays on your record for a longer time for at most ten years. Chapter 13 bankruptcy is a payment plan that is more controlled, so it only stays on record for u