Why Some Lenders Love to Loan Money to Post-Bankruptcy Borrowers
Oftentimes, borrowers are left with little choice other than to file bankruptcy. There are many reasons why your finances might have gotten in such a horrible shape that you had to exercise your right to file for bankruptcy protection. Thousands of new bankruptcy proceedings are filed daily in our country.
Commonly, borrowers have either los their jobs due to companies that are folding due to the financial crisis and weak economy or they have suffered illness or injury that prevented them from working – and therefore got far behind on many financial obligations. Whatever reason you had for filing bankruptcy, you now have an opportunity to rebuild your financial picture and become a better borrower.
Your (Surprising) New Borrowing Image
Potential creditors that view your credit report post bankruptcy will have a different opinion of you as a borrower than they did just a few months ago before you filed your bankruptcy proceeding. You have shown the borrowing world that you are subject to turn your back on the creditors who have trusted you in the past and walk away from debt that you have run up. This is a negative image that will haunt your reputation for the next ten years with some creditors.
On the other hand, because you now have a clean slate upon which to write your financial future, other creditors see you not as a liability to be avoided, but Read more
Practical Credit Management Tips – Riding Out the Recession
While our country is in the midst of a serious recession, families also face their personal financial crisis every day. Big business and banks are being rescued through government bailouts, but where does the main street consumer find his personal bailout?
This is not the time wait and see what the government can do for you. Quite frankly, we have to bail ourselves out. Some of the options may not be pleasant. Many choices are uncomfortable. But remember, expecting ‘the comforts’ before we could pay for them is what has got us into our financial crisis.
Assess Your Current Situation. Read more
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