NY Bankruptcy Law

2007-05-15 06:10:46

( Legal )



NEW YORK CITY BANKRUPTCY LAW

NY bankruptcy is a law protecting people who are financially incapable of paying their bills and still maintain their usual lifestyle. Although your aim is to declare that you are bankrupt, the manner to how you declare may differ from others.

If you have declared for bankruptcy, your lawyer will help you shape your future financially so you can fix your credit rating as soon as possible. For a while, creditors will be stopped from harassing you. Creditors will remind you less often and they will not be able to take possession to your properties. Truly, NY bankruptcy law can help you and will protect you.

CAN I APPLY FOR A LOAN EVEN AFTER I DECLARED FOR BANKRUPTCY?

You can still borrow money from lending companies as long as you are improving your credit score. Paying your bills on time, managing your existing debts and having a steady source of income can all help improve your credit rating.

Luckily, there are lending companies who are still willing to work for you even though you have already declared for bankruptcy. You just have to search around and find those companies.

The actual approval of your loan application depends on the lending company. Lending companies have minimum requirements before they will grant your loan application.

For mortgages, some lending companies will grant your approval if you have a credit score of at least 580. When purchasing a new car, you must have at least 600 or for some companies, 620.

On the down side, it would be difficult for you to find a credit company who will be willing to work for you. This is because bankruptcy is an issue most credit card companies avoid.

CAN I RECOVER FROM NY BANKRUPTCY SOONER?

The maximum number of years a person can be bankrupt is 10. But, with a good financial plan, you can make it shorter. Work hard to make sure you can recover from it sooner.


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