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Posts Tagged ‘buying a home’

How long will a Bankruptcy ruin a person’s credit?

If bankruptcy is unavoidable, you can file either a Chapter 7 bankruptcy, also known as a “liquidation bankruptcy,” or a Chapter- bankruptcy, also known as a “reorganization bankruptcy.” Chapter 7 will allow you to discharge your debt, while Chapter- provides a way to repay your debts using a negotiated repayment plan.

Will Bankruptcy Affect Your Credit History Adversely?

Filing for bankruptcy will stop creditors from trying to collect the debts you owe, but WILL NOT give you a clean financial slate. Bankruptcy will seriously affect your credit report and credit worthiness. Consequently, obtaining a loan or line of credit in the future will be extremely difficult.

Today, we are witnessing the most serious recession of the past decades. Midst this crisis, people try to live their lives normally, organize their time and space and make dreams about the future. Buying a house is among these dreams. Mortgage brokers are also trying to survive the unfriendly conditions and even expand their businesses, promoting the products available in the marketplace. Even if you as a broker are already actively marketing, there are still new options you might try, or ideas you have not yet implemented that can turn past clients and prospective clients into current business.