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So after you finally got to the point where you couldnt do it anymore and you decided that you had to file bankruptcy, what happens?

Well, if you file Chapter 13 you will, of course, still be paying back your debt at reduced rates. But you may still have most of your assets.

If you filed Chapter 7, you may have lost some assets but youre essentially free and clear.

The bankruptcy will stay on your credit report for 10 years and everyone will tell you that it is near impossible to get credit for awhile.

But watch you mail the next day and the day after that and the day after that. The car dealers want you to buy a car. Theyll help you finance. They want you despite the fact that you just declared bankruptcy.

It may be at higher terms however.

There is more to life than just cars, though.

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Prospective employees will always want everything to go in their favor while looking for a job.  They wouldn’t want any part and parcel of their past catching up with them or jeopardizing their employment prospects.

For some of these people their credit report is the only skeleton in their cupboards.  But unfortunately, for those who are job hunting it would be a bad time to have a poor credit and prospective employers would be looking at conducting credit checks on you.  It is especially the case if the job vacancy requires handling of money, sensitive material, and personal information.

Although it has been debated that using credit reports to take decisions while hiring employees is an unfair practice, it is still widely used by most employers, according to Chi Chi Wu, National Consumer Law Center, as it was stated in a testimony the previous year in front of the U.S. Equa

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Conventional wisdom has long been that when you buy a new car it loses value as soon as you leave the lot.

And that is probably still true.

However, there may be some distinct advantages of buying a new car rather than a used model these days but only if you plan on financing the purchase.

The fact is that right now you can get a new car loan at some of the lowest interest rates in years, while a used car loan will cost you more in interest. That would be about 4% or less on a new car and 8% or so on a used car.

And that makes a huge difference in your monthly payment.

Also nearly 15.4% of new auto loans will charge you 0% interest, especially if you are looking at an American made model.

So at this point in time, if you are financing a car, you may just be better off buying the new one.

And you can enjoy that “new-car” smell for less.

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Several companies are using credit reports of their employees as a standard to measure and predict their future responsibility to the company. But recent studies showed that credit reports can also gauge if the employee will be honest or not in certain conditions and situations.

Employers can correlate how their employee will be responsible inside the company by looking at their credit reports. Some companies said that if employers look at the credit reports of their employees, they can see how the individual can be responsible in meeting their monetary obligations. This can be a good indicator if their employees can also meet their responsibility in the company such as demands to meet the deadline and other work-related stuff.

Also, credit reports include the individual’s important backgrounds that can possibly affect the welfare of the company. I Full Article…

James Farrell, president and chief executive of financially ailing Evergreen State Bank, has filed for personal bankruptcy protection. Farrell and his wife, Kathleen, filed Chapter 7 bankruptcy in the U.S. District Court in Madison, Wisconsin, listing assets of less than $50,000 and estimated debts of between $1 million and $10 million.From an article by Judy Newman on http://host.madison.com/wsj, “The Farrells’ attorney, Denis Bartell, said that Mr. Farrell bought a large amount of stock [2,000 shares] in the privately owned bank a number of years ago, and ‘borrowed heavily’ from Johnson Bank and Middleton Community Bank to make the purchase.” Bartell continued, “’…Unfortunately, the world has changed and the stock is worth far less than what he owes on it.
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So what is going to happen with the housing market?

Many people want to repair their credit so that they can actually buy a house and the truth is that the housing market affects us all, whether we rent or own, the housing market affects you unless you are living under a viaduct and if that is the case then housing is even more important just not accessible.

So what is going to happen with the housing market?

Well, interest rates have increased to about 5% up from 4.61% last week. Some analysts’ suspect that the rising interest rates will spur some buying because of the fear of rates raising even more and 5% is still relatively low. House prices are also down, so the combination of low interest rates and low house prices may be a good sign.

Except that house prices are expected to decline further. Several million homes are still in the foreclosure pipeline and have yet to hit the market. I Full Article…