Bankruptcy due to loans

[ProOwner]

Hi All –

Are you bankrupt due to an unfair loan?

I just heard about a new investigation into Countrywide Home Loans’ advertising and sales tactics and apparently they have been misleading customers toward high-cost loans.

If you recently purchased a home loan from Countrywide it is likely you were given a loan with high-costs and additional fees that are unnecessary.

Check out the following link for more information on this case and what is being said in recent reports about the company and its actions.
Countrywide Financial Corporation Investigation

[andylewis]

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[rachael24]

So you recommend Countrywide, ProOwner?

[marsh]

Personal loans after bankruptcy may be easier to get than before the bankruptcy due to the fact that the borrower is no longer obligated to pay debts, and therefore they will have a larger monthly cash flow. While it is not recommended that as soon as a debtor finishes his bankruptcy proceedings they immediately get in debt again, there may be a need to get funds that only a personal loan after bankruptcy can fill. This form of financial assistance will definitely carry a higher interest rate, as the borrower's credit score has just been lowered due to the write off of all outstanding debts. The individuals credit score will be low for up to 10 years, making it necessary to begin the credit rebuilding process with assistance from a financial company in the form of a loan.

The amount of financial assistance received after becoming bankrupt does not have to be large, just enough for the borrower to afford repayment and begin the rebuilding process. After a year of consistent payments, the individual will notice their credit score begin to rise. Personal loans after bankruptcy can really help a borrower get back on their feet and become an active member of their financial society again. A personal loan after bankruptcy can give a borrower a sense that they have paid dearly for their irresponsibility and the hope that another chance will make it right again, and prove their financial worth.

Individuals seeking good interest rates on the various forms of financial assistance may not be happy with what they find. Lenders are reluctant to offer a lower interest rate on a personal loan after bankruptcy because the risk is too high for default. When the lender's risk increases, so do the personal loans after bankruptcy interest rates. The best option a borrower has to receive a good rate is to provide some sort of collateral to be pledged as security on the loan. Collateral can come in the form of home equity, a car, boat, retirement plan, etc. If securing collateral is impossible, perhaps the option of getting a co-signer exists.

Personal loans after bankruptcy were designed to give the borrower another chance. Perhaps there is a friend or family member that is willing to give the borrower that same chance. These are still obligations that must be repaid. The Bible says in Ecclesiastes 5:4-5 "When thou vowest a vow unto God, defer not to pay it; for He hath no pleasure in fools: pay that which thou has vowed". When a Christian gives their word to repay a loan, they not only give it to the lender, but to God.

[marsh]

According to Suze Orman's b book: The Road to Wealth - The Answers you Need to More Than 2000 Personal Finance Questions ... pg 68 "No student loan can be dismissed because of bankruptcy, no matter when it was taken out or when it comes due. The only exception to this rule is if paying back a student loan will cause you what is considered undue hard-ship. But bankruptcy courts have very strict definitions of undue hardship. In many cases, if you meet those definitions, you would also qualify to have your loan canceled -- a far better choice."

[Laura75]

Great info marsh. One major reason for bankruptcies might be the fact that people take out personal loans and don't think of the long-term consequences. If I have a loan I can't live life on the fast lane if you know what I mean. I've met so many people who took out a loan just because they wanted a new car and said that the whole thing would work out somehow. That won't happen but some people have to learn it the hard way.