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whan I can declared banckruptcy

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Icon Mini Profile haridas_badhe





Joined: 11 May 2009

Posts: 59

0.06 Dollars($)
Post Posted: Fri Jun 12, 2009 5:49 am    Post subject: whan I can declared banckruptcy
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Hi,
I going to unexpected medicle problem,which force me to in financial problem.As well as I cant offered EMI on home loan.

So can I declared banckruptcy ?
Is that give me problem in future..?
Please give me details of banckruptcy as well as elibigility...

Thanks In Advance..
Icon Mini Profile rita2
rita2




Joined: 23 Apr 2010

Posts: 286

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Post Posted: Wed May 05, 2010 3:54 pm    Post subject:
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Hi,

You can file bankruptcy but it will hit your credit score severely. It will also remain on your credit report for 7 years. Why don't you try to go for a loan modification? If you apply for loan modification, the lender will check your credit score, your source of income and credit history. In loan modification the lender will give an easy re-payment plan so that it becomes easy for you to pay off your debt. You can also go for bankruptcy 13. In chapter 13 you can keep your property and the court approves a new interest free plan of re-payment. Think about the options before taking any step and also consult with a good bankruptcy attorney to get detailed information.
Feel free to ask questions.
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