LIFE AFTER BANKRUPTCY Las Vegas, NV – Bankruptcy is an uncomfortable subject for a variety of reasons. The most obvious is the potential havoc it can wreak on your finances. Running a close second is the negative stigma which is often attached to the process. This negativity is important to mention because strong emotions can sometimes lead to unsound financial decisions with devastating results. Bankruptcy becomes a viable option for someone who is “upside down” in terms of cash flow. In other words, when a person has more money going out each month than coming in, bankruptcy should be considered if no reversal of this negative cash flow is within sight. The longer someone waits to explore the various options available, the more serious his or her situation may become. One of the worst things people can do in this situation is to borrow more money to try and pay off their debts. On paper, this is clearly an unwise financial decision. In the real world, however, it is very common for individuals to pursue this strategy in an attempt to buy time and hold off on filing for bankruptcy. On the surface, this is certainly a noble notion; however it can often compound the problem and serves only to delay the inevitable. For many homeowners in the midst of this upside down cash flow, speaking to a qualified mortgage professional is a much better option. An experienced loan officer can objectively look at your finances and help you determine if restructuring your mortgage would not only help, but possibly even alleviate any need for bankruptcy. If bankruptcy is the only option, seek out a reputable bankruptcy attorney and credit counselor. A qualified mortgage specialist can provide references for you as well, as he or she works with these professionals on a regular basis. Reliable references are essential in this case because experienced professionals greatly increase the odds of a successful bankruptcy experience. It’s that simple. When filing for bankruptcy, be completely honest and accurate regarding every aspect of your financial situation. This includes any changes to your income which may occur throughout the process. Bankruptcy is a federal procedure, adjudicated by real judges, and scrutinized by representatives who coordinate with the Department of Justice, the FBI, and the IRS. Here are some additional steps you can take to make the bankruptcy process as painless as possible:
Save all paperwork regarding your bankruptcy, and keep it organized. This will prove beneficial after your bankruptcy as you now have all of the pertinent information in one place. Also, be sure to write down your discharge date. It’s surprising how many people forget to do this.
Establish a household budget. This can be accomplished in many ways, but there are several inexpensive computer programs available which do an excellent job.
Throughout the bankruptcy, do your best to not only live below your means, but to save as much cash as possible. You never know what you may need it for once the process is completed.
Be prepared for a barrage of junk mail. There will be sharks on the loose who are hoping to capitalize on your need for credit.
Tips for Rebuilding Credit:
If you must buy a car, focus on transportation as opposed to style. Buy an inexpensive, used car, and try to get a loan for it. It’s a good idea to figure out what your budget allows in terms of a dollar amount first. This means obtaining financing prior to looking for a car.
Get a secured credit card. Secured credit cards allow for the cardholder to deposit a said amount of money into an account, thus establishing the spending limit of the card. Missed payments result in deductions from the account. Some of these cards will reward responsible borrowers by upping the limit without an additional deposit. Some will even convert the account into a traditional credit card. (Be wary of offers of “easy credit” or any card which asks you to call a 900 number. You will be charged for the call.)
Meet with a credit repair specialist. Not only can they help you clean up the damage to your credit report, they can advise you on specific ways to rebuild the credit you lost as well.
While it does take time, there is definitely life (and credit) after bankruptcy. Some mortgage lenders will even lend to you within a year or so after a bankruptcy. If you’re in serious financial trouble, the trick is to get the help and advice you need from professionals you trust.
Author:Mike Nolan Phone: 252-207-4898 Dated: June 15th 2014 Views: 3,744 About Mike: Mike is the Broker-in-Charge of Waterfront Properties OBX and has been successfully involved in real...
Waterfront Properties OBX is a privately owned company specializing in sales, leasing and land development of residential and commercial real estate on the Outer Banks of North Carolina (OBX).
Michael P. Nolan, Broker-in-Charge, has been successfully involved in real estate on the OBX since 1989. Mike was involved in the initial and / or development of the following premier communities and businesses located on OBX: Pirates Cove, Corolla Light, The Currituck Club, Pine Island, Old Nags Head Place, The Berkley Manor, Beachside Landing, Ocean Trail Realty and Ocracoke Island Realty to name a few.
Mike was the first resident of Pirates Cove community in 1988. He toured Rees Jones, famed golf course architect, the first time Rees saw the property now known as The Currituck Club on Feb. 18, 1995. Mike managed the sales and marketing while Rees Jones, Inc designed and developed The Currituck Club golf course from a combination of dense woods and sand dunes into one of the top 50 new resort golf courses in North America by Golf Digest magazine in 1997. Mike also developed Old Nags Head Place, a community of homes located within Nags Head with an architectural design reminiscent of the original Nags Head landscape, with cedar siding, exposed rafters and preservation of the indigenous live oakes within the community
From Corolla to Ocracoke Island, Mike's expertise in all facets of real estate sales, development, leasing and investment are available for buyers, sellers and investors to explore the many opportunities the OBX has to offer
"August 24, 2013.....
Subject: Michael P Nolan, NC Real Estate Broker.....
Over the past 10 years I have known Mike as my real estate broker, and then as a family friend. As my broker, Mike made the process of selling my property a very easy process. From start to finish, all details of the transaction were done with complete professionalism. Since then, Mike has continued to be a friend of the family. Rarely do you meet and work with someone that continues to care after the work is done, but Mike is there always with a helping hand. His real estate experience on the Outer Banks for over 20 + years has been very successful, with the main reason, Mike’s determination to help his clients needs and make sure that they are protected in this ever changing real estate industry.
I highly recommend Mike Nolan as a real estate broker to help both buyers and sellers looking for property on the Outer Banks of NC. His knowledge and experience are the mark of a true professional. For the security of your investment, you can trust Mike.
Ms. Janet D. Anderson
Kill Devil Hills, NC