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A bankruptcy wake-up call. (how loan servicers can fight personal bankruptcies)(Servicing Management)(Cover Story): An article from: Mortgage Banking

This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on February 1, 1997. The length of the article is 3979 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

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Title: A bankruptcy wake-up call. (how loan servicers can fight personal bank

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by BestWDW

Question by Laura: Can personal loan be taken after discharge from bankruptcy?
My friend was discharged some 4 years ago. Is it possible for her to take a personal loan? Will getting rid of credit cards be feasible or a bad idea?

Best answer:

Answer by grannywinkie
Sure, if her credit is good. Paying household bills even come into consideration with credit checks. Four years is about the time that she can start rebuilding her credit. The trick is to have better control and not apply for too many cards.

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Question by Pozko: What will happen to unsercured personal loan if i file bankruptcy? Will it stay or disapear?
I am not sure if i file for bankruptcy or not? I have about 20,000$ credit cards debts, and i have also 20,000 unsecured personal loan.

Best answer:

Answer by sfuller94
To be a candidate for Bankruptcy, your debts need to exceed your assets by a certain amount. It varies with each state. But, just because you declare bankruptcy, does not mean your debts disappear.

The courts can mandate a payment plan that you must follow. Remember that bankruptcy may stop the bill collectors from calling but it’s not without cost. A bankruptcy will stay on your credit for around 10 years.

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