You can restore your credit in less time then you think after filing for bankruptcy.

Bankruptcy is a stressful experience but there is most definitely life after bankruptcy. Many people bounce back after bankruptcy and, through hard work and disciplined spending, rebuild their credit. If you are methodical and careful when rebuilding your credit after bankruptcy you can restore your credit (with decent rates) and even qualify to buy a home in as little as 1 to 2 years after bankruptcy.

A bankruptcy will stay on your personal credit history for as long as 10 years. Despite this fact, you can begin to restore your credit, the very day after your bankruptcy process is over and here is how:

1) Get credit again: How is it possible to get credit again?
a. Secured Credit Cards: One way to begin to rebuild your credit after a personal bankruptcy is to get a secured credit card and to use it. A secured credit card is a credit card that is secured against funds you have in a bank or on account with the credit card company. Most major credit card companies offer some for of secured credit cards. The rates are traditionally higher and the amount of initial credit they will extend will be lower (on average $200 - $500).
b. Secured revolving lines of credit: It is time to begin to rebuild a relationship with your bank. Open an account and make sure you place regular deposits in the bank. Keep an average balance that is greater than your total debt outstanding. After a short while, if you are able to do this - you will be able to get a secured line of credit or loan from a bank. If you use it and pay it back in short order, you will be demonstrating to a bank and to the credit reporting agencies that you are a responsible borrower who repays his / her debts.

2) Clean up your credit report: Credit reporting agencies monitor everyone's credit history. After bankruptcy, your credit report will be marked. What many people don't know is that some of the information that may appear on your credit report is can be dated or even incorrect. By obtaining a copy of your personal credit report once a year, you will be able to see who appears on your credit report. It will show you what credit cards you had or have, what your payment history is. Take a close look and if anything looks incorrect, contact the credit reporting agency in writing and notify them of the discrepancy and ask that it be corrected.

3) Budget your spending. One of the best ways to make sure you don't fall back into bankruptcy or behind on your bills is to spend less than you earn. As simple a concept as this may seem the temptation to spend is everywhere. What folks do after bankruptcy is to create a budget. What a budget does is clearly outline what expenses you have and what monies are going out each month. On the flip side, it will outline how much you have coming in. At the end of the day, be sure take in more money than you send out.

Bouncing back from a personal bankruptcy can be a difficult task but thousands of people are doing it each day. With the help of bankruptcy experts, debt counselors, prudent budgeting and some fiscal discipline - you will be able to bounce back faster than you otherwise might have thought possible.

Author: Chris Kalian

About the author:
Chris Kalian is a contibuting author. His backround in business and dedication to educating individuals on areas as important and diverse as bankruptcy, health insurance, insurance & finding money for college. Some of his content can be found at http://credit-card-bankruptcy.net/wordpress

Article source: Free Bankruptcy Articles.

If golfing just happens to be your cup of tee, no pun intended, it is but natural that you are going to be very choosy about your golf irons. Your putter, your woods as well as your golf irons can make all the difference between a good game and an average one. If you just happen to be a newcomer in the golfing field, you are going to be extremely surprised the moment you are faced with all those golf clubs and golf accessories in the market. Their job is to confuse you completely and make you wonder, if you are not better off not playing golf. Nevertheless, it is very easy to get to know more about the basics of golfing irons. Not every single golfing Iron is going to be useful to you and that is what it is only experience, which is going to teach you, which golf irons works best for you.
First of all you have to make sure that the first club you choose a suitable to the level of your skill as well as to your particular and specific preferences. If you are suffering from a troublesome elbow, you can go in for golf irons, which have a graphite shaft to reduce the impact of the club hitting the ball. This can be further reduced and lessened when there is a rubber piece inserted inside the head. Some professional golfers would not want anything to do with such golf irons, but they are quite useful.
You have to look at three points when you are selecting your golf irons -what is the design of the iron head, what is the type of the shaft and how flexible is the shaft. These three things combined together are going to make difference between a good golf iron and a rigid inflexible one which is definitely going to be a bad buy. The head design for your golf irons can either be large in size, midsized or the traditional style of head, which is like a blade. The beginner is going to use the iron with a large in size golf head, the intermediate can use the midsize golf head and the most advanced professional players can manage to do with the blade head. As a large sized head can manage to help you out if you do not hit the ball exactly right, with its cavity back design, you are going to be in confidence, especially as the center of gravity is quite low in this sort of golf irons. The ball is going to fly through the air easily, when you use this golf irons sort. The shaft can either be made of graphite or are made of steel. The flexible shaft has to be able to bend very easily the moment you swing it. And that can only be done by testing out a few golf irons to see which is best suited for your particular choices and needs.

Author: Bhrat Brij

About the author:
To know more Golf Irons, golf accessories or golf clubs, visit {a href=' http://www.golf-irons.org'} www.golf-irons.org

Article source: Free Bankruptcy Articles.

If you'd like to reaffirm your personal liability for a secured debt even after a discharge from Chapter 7 bankruptcy, a reaffirmation agreement is what you need to sign with the lender. Reaffirmation agreement is usually executed for secured debts such as mortgage, car loan, RV loan etc.

What is the reaffirmation agreement?

Reaffirmation of debt is a voluntary agreement on the part of the debtor to keep paying his mortgage or other secured debts even after receiving a discharge order in Chapter 7 bankruptcy.

The Reaffirmation agreement is not required by the Federal or State laws or the US Bankruptcy Code. By signing the agreement, the debtor becomes legally obligated to pay the portion of the debt for which he has received a discharge under Chapter 7 bankruptcy.

When to file the agreement?

Reaffirmation agreement should be filed prior to the date of discharge of debts so that it can be enforced. The time period for filing the agreement is limited to 60 days after Section 341 Meeting of the debtor with his creditors in the presence of the court, the trustee and bankruptcy attorney.

The Reaffirmation Agreement must be approved by the bankruptcy court or it should be signed by a declaration of the debtor's attorney. Otherwise, it will not be considered as valid. The agreement should include details of your income and expenses and a signed statement where you admit that you can afford the payments under Reaffirmation.

Can mortgage lender foreclose even if I reaffirm?

When you reaffirm mortgage, it implies that you've agreed to pay off mortgage dues even after you've received a discharge from bankruptcy. As long as you catch up the dues and do not fall behind, the lender will not initiate a foreclosure.

What if I fail to make payments under reaffirmation?

If you fail to pay off the mortgage after you've reaffirmed, the lender can obtain a judgment against you in order to place a lien on your assets or garnish your wages. Moreover, you won't be able to discharge the debt you've reaffirmed. This is because you cannot file Chapter 7 bankruptcy in the next 8 years.

Can I cancel the agreement?

You can cancel the reaffirmation agreement within 60 days after it is filed at the bankruptcy court. It should be canceled prior to the discharge order being issued. You need to inform the mortgage lender about your decision to cancel the agreement. Once you withdraw from reaffirmation, the lender should return you any payments you've made so far under the agreement.

It's good to reaffirm your mortgage as it has a positive impact on your credit score. This is because reaffirmation allows you to pay off any unpaid mortgage balance and fulfill your obligation. However, make sure you can afford the payments before you sign on a reaffirmation agreement or else chances are that you may lose your home in foreclosure.

Author: Jessica Bennet

About the author:
Jessica Bennet is an experienced financial writer associated with Mortgagefit.com. She has been guiding the Community through her writings and suggestions in our Community forums. So if you have any question regarding bankruptcy then please contact her.

Article source: Free Bankruptcy Articles.

Many individuals are very hesitant to file for bankruptcy but with the amount of debt the average consumer is facing these days, the economy of the world is not what it once was. Individuals in the United States seem to have the most debt because it is so easy to buy most anything you want on credit.

Most of the debt individuals have accumulated is due to their vehicle and their home. This type of debt is referred to as secured debt because there is a physical item attached to the loan. Should the loan not be repaid according to the terms the lender can take possession of that property.

Credit cards fall under the category of unsecured debt because they have no collateral attached to them. This is the second highest type of consumer debt there is right now. The fact that credit cards are so easy to obtain and use is one of the major reasons why so many people are facing financial struggles. Ironically, credit cards were designed to help consumers be able to have a way to cover expenses during an emergency situation.

Yet it is the process of using credit cards that has been put into motion by the credit card companies that keeps consumers in the continuous cycle of debt. In fact, many consumers find themselves a slave to their credit card debt and that is when they look to solve the problem by filing for bankruptcy. How do credit card companies do this? The fact that they allow consumers to make a very small minimum payment on their account each month results in the balance taking years to pay off.

Each time an individual falls for a low monthly payment on their credit cards they are one step closer to financial disaster. The amount they owe doesn't go down much with the payment and if more charges are made the balance actually increases. When an unexpected circumstance happens such as losing a job or illness the credit card may get used even more. Yet the individual is slowly losing their ability to make even those low minimum payments. The accumulation of secured and unsecured debt that an individual has may result in the decision to file for personal bankruptcy.

Author: Caleb Liu

About the author:
If you found this information on Personal Bankruptcy useful, you'll also want to read about Bankruptcy Code.

Article source: Free Bankruptcy Articles.

'The world economy is experiencing a setback'
'There is a global recession'

Well, these statements are used very loose these days, but do we really know what happened and how?

Here is a small story to understand how economy works:

The Story>>

Once there was a little island country. The land of this country was the tiny island itself. The total money in circulation was 2 dollars as there were only two pieces of 1 dollar coins circulating around.

1. There were 3 citizens living on this island country. Anne owned the land. Bob and Chris each owned 1 dollar.

2. Bob decided to purchase the land from Anne for 1 dollar. So, now Anne and Chris own 1 dollar each while Bob owned a piece of land that is worth 1 dollar.

> The net asset of the country now = 3 dollars.

3. Now Chris thought that since there is only one piece of land in the country, and land is non producible asset, its value must definitely go up. So, he borrowed 1 dollar from A, and together with his own 1 dollar, he bought the land from Bob for 2 dollars.

> Anne has a loan to Chris of 1 dollar, so his net asset is 1 dollar.

> Bob sold his land and got 2 dollars, so his net asset is 2 dollars.

> Chris owned the piece of land worth 2 dollars but with his 1 dollar debt to A, his net residual asset is 1 dollar.

> Thus, the net asset of the country = 4 dollars.

4. Anne saw that the land he once owned has risen in value. He regretted having sold it. Luckily, he has a 1 dollar loan to C. He then borrowed 2 dollars from Bob and acquired the land back from Chris for 3 dollars. The payment is by 2 dollars cash (which he borrowed) and cancellation of the 1 dollar loan to C. As a result, Anne now owned a piece of land that is worth 3 dollars. But since he owed Bob 2 dollars, his net asset is 1 dollar.

> Bob loaned 2 dollars to A. So his net asset is 2 dollars.

> Chris now has the 2 coins. His net asset is also 2 dollars.

> The net asset of the country = 5 dollars. A bubble is building up.

5. Bob saw that the value of land kept rising. He also wanted to own the land. So he bought the land from Anne for 4 dollars. The payment is by borrowing 2 dollars from C, and cancellation of his 2 dollars loan to A.

> As a result, Anne has got his debt cleared and he got the 2 coins. His net asset is 2 dollars.

> Bob owned Anne piece of land that is worth 4 dollars, but since he has Anne debt of 2 dollars with C, his net Asset is 2 dollars.

> Chris loaned 2 dollars to B, so his net asset is 2 dollars.

> The net asset of the country = 6 dollars; even though, the country has only one piece of land and 2 Dollars in circulation.

6. Everybody has made money and everybody felt happy and prosperous.

7. One day an evil wind blew, and an evil thought came to C's mind. 'Hey, what if the land price stop going up, how could Bob repay my loan. There is only 2 dollars in circulation, and, I think after all the land that Bob owns is worth at most only 1 dollar, and no more.'

8. Anne also thought the same way.

9. Nobody wanted to buy land anymore.

> So, in the end, Anne owns the 2 dollar coins, his net asset is 2 dollars.

> Bob owed Chris 2 dollars and the land he owned which he thought worth 4 dollars is now 1 dollar. So his net asset is only 1 dollar.

> Chris has a loan of 2 dollars to B. But it is a bad debt. Although his net asset is still 2 dollars, his Heart is palpitating.

> The net asset of the country = 3 dollars again.

10. So, who has stolen the 3 dollars from the country ? Of course, before the bubble burst Bob thought his land was worth 4 dollars. Actually, right before the collapse, the net asset of the country was 6 dollars on paper. B's net asset is still 2 dollars, his heart is palpitating.

11. Bob had no choice but to declare bankruptcy. Chris as to relinquish his 2 dollars bad debt to B, but in return he acquired the land which is worth 1 dollar now.

> Anne owns the 2 coins, his net asset is 2 dollars.

> Bob is bankrupt, his net asset is 0 dollar. ( he lost everything )

> Chris got no choice but end up with a land worth only 1 dollar

> The net asset of the country = 3 dollars.

**End of the story**

Some Learnings >>

There is however a redistribution of wealth.
Anne is the winner, Bob is the loser, Chris is lucky that he is spared.

A few points worth noting -

1. When a bubble is building up, the debt of individuals to one another in a country is also building up.

2. This story of the island is a closed system whereby there is no other country and hence no foreign debt. The worth of the asset can only be calculated using the island's own currency. Hence, there is no net loss.

3. An over-damped system is assumed when the bubble burst, meaning the land's value did not go down to below 1 dollar.

4. When the bubble burst, the fellow with cash is the winner. The fellows having the land or extending loan to others are the losers. The asset could shrink or in worst case, they go bankrupt.

5. If there is another citizen D either holding a dollar or another piece of land but refrains from taking part in the game, he will neither win nor lose. But he will see the value of his money or land go up and down like a see saw.

6. When the bubble was in the growing phase, everybody made money.

7. If you are smart and know that you are living in a growing
bubble, it is worthwhile to borrow money (like Anne ) and take part in the game. But you must know when you should change everything back to cash.

8. As in the case of land, the above phenomenon applies to stocks as well.

9. The actual worth of land or stocks depend largely on psychology.

Author: http://www.Deskforu.com

About the author:
http://www.Deskforu.com is an innovative concept of 'Web desk' combined with powerful Pixel advertising. Our mission is to provide effective and economical ways for Internet Advertising.


Article source: Free Bankruptcy Articles.

F�r alle Betroffenen hier ein Musterbrief um die Kontok�ndigung r�ckg�ngig zu machen:

Absender Datum

An

- Rechtsabteilung -

Betr.: Beschwerde wegen K�ndigung meines Kontos Nr.

Sehr geehrte Damen und Herren!

Ich bin seit ........... Kunde Ihrer Filiale in .............. .

Am ................. wurde mir das o.g. Girokonto gek�ndigt.

Auf meine Nachfrage wurde mir keine / folgende Begr�ndung gegeben:

Gegen die K�ndigung lege ich hiermit Beschwerde ein mit folgender Begr�ndung:

Gem�� der seit 1995 g�ltigen freiwilligen Selbstverpflichtung des Zentralen Kreditausschusses, dem auch Ihr Institut angeh�rt, haben Sie f�r jeden B�rger auf Wunsch ein Girokonto bereitzuhalten.

In meinem Fall liegen keine in der ZKA-Erkl�rung genannten Hinderungsgr�nde vor.

Ich bitte daher um R�cknahme der K�ndigung meines o.g. Kontos und um Weiterf�hrung auf Guthabenbasis und setze daf�r eine Frist bis ................ .

Sollte dies bis dahin nicht geschehen sein, reiche ich Beschwerde bei der f�r Ihr Institut zust�ndigen Schiedsstelle in Berlin ein.

Eine ordentliche Klage, aufbauend auf der aktuellen Rechtsprechung, behalte ich mir vor.

In Erwartung Ihrer gesch�tzten Antwort verbleibe ich

mit freundlichen Gr��en

Ich hoffe es hilft Euch weiter. Gru� Micha
Schuldenberatung - Weg mit den Schulden

Author: Michael Karl

About the author:
M: Karl, owner of the site: http://schufafrei.singledad.de

Article source: Free Bankruptcy Articles.

Bankruptcy is a long and complicated process, requiring a lot of paper work to be done, which can be extremely stressful. The hardships experienced here can be amplified exponentially if the person filing for this 'status' has no idea on where to start. For the amateurs or those unfamiliar with the system of filing for such, bankruptcy questions run through their minds all the time. That's completely understandable, because I haven't heard of anybody that can walk through the entire process without difficulty. Some frequently asked bankruptcy questions include this: will my wife or husband be affected if I file for bankruptcy? The answer to that would depend on whether or not your husband or wife signed any agreements that directly tie her to the bankrupt accounts.

If she hasn't, then the answer is: no - he or she will gain 'immunity' to it, or in other words, he/she won't be affected. But that isn't the only factor that comes into play, because the 'rule' of 'immunity' does differ from state to state, therefore its best that you consult a lawyer specializing in this field before you start celebrating (for some strange reason). The next bankruptcy question that's ever so annoyingly asked is if the guy filing for it can do it on his own, and if he wouldn't need the help of a lawyer. The answer to that would be hell yeah! Yes - you can go about the process by yourself, that is if you know what you're doing, and aware of all the risks involved for not 'stating your case' properly.

If you don't have a clue as to what on earth you're doing, overwhelmed by endless paperwork, and what's going to happen, then it's best you hire yourself a bankruptcy lawyer. This is a guy that KNOWS what he's doing, everything that's needed to be done, and makes sure the 'flow' runs smooth and clean (unlike you). How much would hiring a guy of that profession cost? That's another one of those frequently asked bankruptcy question, in which I'll gladly answer: that'd depend on a number of factors, like who you hire, and where you're from, but the usual price ranges from 1 to 2 grand (US dollars).

Moving forward, for some reason, many people ask whether or not their student loans will be discharged. Here's the answer to that: you'd be lucky if they were. Many cases do not discharge them, and are usually only discharged in extremely pathetic situations of hardship. Hey, that brings up another frequently asked bankruptcy question, which is: what debts aren't eradicated when filing for bankruptcy? First and foremost, the debts which you don't list on the paper aren't eradicated (obviously). Other debts that aren't erased include the support you have to pay to your spouse after separation (not getting rid of her that easy), child support (them too), as well as tax debts.

Moving on to the last question, which is 'will I be selling my house if I were to file for bankruptcy?' The answer to that would depend entirely on the chapter you belong to, and the equity of your house. A lawyer can help you choose the best options that'd be in your favor.

Author: Rick Goldfeller

About the author:
The author of this article Rick Goldfeller is an underground Financial Analyst who has been successfully running campaigns for several wealthy clients. Rick finally decided to go public and share his knowledge and experience through his website http://www.finanzine.com. You can sign up for his free newsletter and join his coaching program.

Article source: Free Bankruptcy Articles.