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-  Question: As you well know, the economy is not that great at the moment. I was one of these people who thought that it wouldn’t affect them, but it finally did and I now have to claim bankruptcy. My plans are to live off of cash for a few years and in the future hopefully rebuild my credit.

Can I get a loan and credit cards after bankruptcy?

Answer: Bankruptcy is a devastating event that can occur in any person’s life. The effects it has on a person’s credit score is similar to the effects caused by foreclosure. A bankruptcy will stay on your credit report for 7-10 years.

The simple answer to the question is yes, you can get loans and credit cards after bankruptcy, but they are not at all the same as loans and credit cards you would get before you filed bankruptcy. It’s pretty much impossible to get a mortgage loan right after bankruptcy, even from FHA. Bankrupt

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Recently, in In re Brubaker[1] a Florida bankruptcy court held that funds related to checks that had not cleared were property of the estate under section 541(a)(1) of the Bankruptcy Code.[2] In Brubaker, the debtors wrote several checks before filing for chapter 7 relief.[3] As of the filing date, these checks had not cleared, and therefore the funds remained in the debtors’ bank account.[4] The bankruptcy court rejected the debtors’ argument that these funds transferred on the dates that the checks were presented to the recipient, and thus were not property of the estate. Instead, the court noted that funds do not transfer until the checks are honored. Thus, the court held that funds remaining in the account were property of the estate since the debtors’ bank had not honored the checks.

Under section 542(a) all property in “possession, custody, or control” of the debtor at the start of the case must be delivered to the trustee.[5] The court looked at the UCC for guidance in determining “control” under section 542(a).[6] Under the UCC, a check is simply an order for the bank to pay the recipient a stated sum of money on demand.[7] Until the bank issues payment, the debtor has the ability to close the account or stop payment of the check.[8] Since the checks in Brubaker had not been cashed at the time of filing, the funds were in debtors’ control and remained part of the estate.[9] In Barnhill v. Johnson (In re Barnhill)<

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More than 9,000 Illinois homes went to foreclosure auction or were repossessed in September 2010, according to the Chicago Tribune. RealtyTrac has reported that mortgage lenders are continuing to drive foreclosures through the system in order to ameliorate their backlog of failed loan modifications.Across the country, for the third quarter of 2010, the number of foreclosure auctions totaled over 372,000, the highest quarterly number since the company began tracking five years ago.During the same period, the 288,000 bank repossessions have also hit a third quarter record. The article opines that these numbers may start to decline for the remainder of the year “as lenders voluntarily suspend foreclosure sale actions while they determine the extent of improper documentation and errors that have dogged loan servicers.”If your family is struggling with everyday financial difficulties or if you are facing possible foreclosure of your home, filing Chapter 7 or Chapter 13 personal bankruptcy could help you make a fresh start. For Full Article…

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Pride can stand in the way of asking for help with debt.  The only thing pride gets you in this case is stress, anxiety and terrible debt.  You may even lose your home due to pride.  There’s no shame in asking for a little help and guidance when it comes to your debt and credit.  Money Management International in Houston, Texas has a staff of experts that not only understand how debt works, but they also understand your needs.  They have the knowledge and resources to get your debt negotiated and settled as fast as possible and they can even help you with a debt management plan.

UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF CALIFORNIA –

GUIDELINES REGARDING RESIDENTIAL LOAN
MODIFICATIONS ON RELIEF FROM STAY MOTIONS
AND IN CHAPTER 11 AND CHAPTER 13 PLANS

(San Francisco and San Jose Divisions)

Introduction

The court has numerous Chapter 11 and 13 cases in which creditors holding first lien mortgage loans secured by borrower occupied principal residences file motions for relief from stay and/or debtors have filed or will file applications to modify the terms of such home mortgage loans. D

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