Bankruptcy Unsecured Loan
What is a bankruptcy unsecured loan?
An unsecured loan is a loan without collateral loan. A collateral loan is also called a secured loan. A secured loan is connected to assets, a property for example. An unsecured loan does not have collateral, so it is not connected to an asset. An unsecured loan, since it has no collateral, has a higher interested rate because the risk for the creditor is higher.
A common type of unsecured loan is when a purchase is made on a credit card. Usually an unsecured loan is for a small amount of money, such as emergency medical issues, vacation expenses, college tuition, home improvement repairs, taxes. If you have unsecured loans and you think you cannot repay them, you may consider a bankruptcy unsecured loan. Filing bankruptcy unsecured loan is a difficult decision, you should consult a bankruptcy unsecured loan lawyer.
For a free 1/2 hour consultation with our expert bankruptcy lawyer Contact Christie Lee Law Office today about bankruptcy unsecured loan or give us a phone call 209-910-5291
What are the advantages of a bankruptcy unsecured loan?
Bankruptcy unsecured loan has some advantages. Bankruptcy is a method to deal with debts that you are not able to pay. Bankruptcy unsecured loan is a legal process. When declaring bankruptcy, the court may decide that some unsecured debts can be eliminated. Once a bankruptcy unsecured loan is filed, it is illegal for creditors and debt collection agencies to contact the debtor for repayment. This protection arises the moment the petition is filed with the court. Since bankruptcy unsecured loan is a complex legal process, you need the help of a bankruptcy unsecured loan lawyer.
Call us if you really need an bankruptcy unsecured loan lawyer.
What are the disadvantages of a bankruptcy unsecured loan?
The most disadvantage of a bankruptcy unsecured loan is the effect on your credit report. A bankruptcy unsecured loan will stay on your credit report for at least seven years. Having a poor credit record will have various consequences. Rebuilding a good credit record takes time. It will be harder to find a loan with a low rate.
Secured loans and some unsecured debts are not eligible for cancelation. Consult a bankruptcy unsecured loan lawyer to find out which unsecured debts are not eligible. Learn more about Non-dischargealbe debts. If you have declare a bankruptcy, it is not possible to declare another personal bankruptcy in the next coming eight years. All personal bankruptcies are published in a local newspaper, although not to many people read them.
Will I be able to get any credit card or loan after my bankruptcy unsecured loan?
After your bankruptcy unsecured loan, you will be discharged in less than 6 months. You will have taken credit counseling and these courses will help you to better manage your finances. You can fix bad credit report after your bankruptcy unsecured loan in order to get credit cards and loans. First you have to be sure that your credit report is accurate, you may need the assistance of a credit repair attorney to remove credits report errors that should not show under the Limitation Act. You can also improve your post bankruptcy credit rating by reaffirming secured debts.
Getting credit cards after bankruptcy unsecured loan is possible. You can use prepaid credit cards, unsecured credit cards, which have higher charges or secured credit cards. A secured credit card requires a cash deposit or collateral. If you are diligent about paying your credit payments on time, you will be able to obtain loans and mortgages after a few years.
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If you would like a free 1/2 hour consultation with our expert bankruptcy lawyer Contact Christie Lee Law Office today or give us a phone call 209-910-5291. Our office is conveniently located and open, 8:00am to 6:00pm. If you would like a weekend appointment, simply call and set one up. We are flexible with our schedule and most importantly want to get your problems resolved.
We have years of experience helping people file for bankruptcy under the US Federal Bankruptcy Law.
We primarily service clients in the Northern California region with our office in Stanislaus County. Many of our happy clients include residents from