Free Credit Report Repair Guide

Sound advice for getting your first car post BK.

4 keys to post-bankruptcy borrowing
1. Clarifying your priorities
2. Identifying the right kind of deal
3. Re-establishing your credit
4. Being diligent in your search

Getting your first post-bankruptcy car loan

technorati tags:Bankruptcy

Bankrate.com has published the 12 myths about
bankruptcy. A good read and reminder to get a control of your spending and create healthy financial habits.

1.    Everyone will know I’ve filed for bankruptcy.
2.    All debts are wiped out in Chapter 7 bankruptcy.
3.    I’ll lose everything I have.
4.    I’ll never get credit again.
5.    If you’re married, both spouses have to file for bankruptcy.
6.    It’s really hard to file for bankruptcy.
7.    Only deadbeats file for bankruptcy.
8.    I don’t want to include certain creditors in my filing because it’s important to me to pay them back someday and if the debt is discharged, I can’t ever repay them.
9.    Filing for bankruptcy will improve my credit rating because all those debts will be gone.
10.    You can’t get rid of back taxes through bankruptcy.
11.    You can only file for bankruptcy once.
12.    I can max out all my credit cards, file for bankruptcy and never pay for the things I bought.

Everyone will know I’ve filed for bankruptcy.

technorati tags:bankruptcy myths, bankruptcy

There should be balance in power but for now it looks like the strength of the Credit Card lobby was able to strike a win. The consumer who in the end will end up with the short end of the stick. This is a very good article on the effect of the new law. Check out the link below to read the full story.

Last fall, following years of intense lobbying by the credit card companies, Congress passed the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005″ (BAPCPA). While U.S. bankruptcy law was very debtor-friendly prior to BAPCPA, it has become much more pro-creditor today.Bankruptcy law must balance two conflicting objectives: helping debtors who experience adverse shocks by discharging some of their debt, and promoting credit availability by enforcing the obligation to repay.

Bankruptcy Reform Gave Creditors Too Much

technorati tags:Bankruptcy Reform

For the first four months of 2006 the number of bankruptcy’s declined to a 20 year low. Maybe the new laws imposed at the start of the year really are working to stop the number of bankruptcies? Not so fast in the courts are now seeing 2000 new fillings a day. This is up four times the filling in November 2005.