Rashad Blossom’s Blog

Obtaining a Mortgage After Bankruptcy 

Obtaining a Mortgage After Bankruptcy 

Qualifying for a mortgage loan with a traditional lender can be difficult, but an FHA (Federal Housing Authority) loan is easier to get than other mortgages. Most mortgage lenders require a waiting period after the bankruptcy filing to apply for a loan. There is no waiting period for Chapter 13 bankruptcy and a two-year waiting period for a Chapter 7 bankruptcy with an FHA loan. FHA loans also have fewer credit requirements.

The Benefits of Bankruptcy 

The Benefits of Bankruptcy 

 Whether or not bankruptcy will work for someone varies on the individual and their needs. First of all, it’s essential to determine the type of bankruptcy filing someone is eligible for. This depends on how much debt you have, whether you own a home and other factors. Some folks worry about the kind of impact bankruptcy could have on their credit report or future access to loans or credit lines. Filing bankruptcy may also prevent someone from getting low interest rates in the future. For those filing for Chapter 7, their assets may be on the line as the case is worked out. 

The Process of Filing Bankruptcy

The Process of Filing Bankruptcy

Bankruptcy involves more than paying a filing fee and listing creditors. It’s paperwork-intensive, quite complicated and should involve you consulting with a bankruptcy attorney. The Process of Filing Bankruptcy Before beginning the bankruptcy process, here is what to...

Red Flags That May Indicate an Upcoming Bankruptcy

Red Flags That May Indicate an Upcoming Bankruptcy

To start, what is bankruptcy? Bankruptcy is a legal process that a debtor has entered into to solve their financial problems. In the United States, bankruptcy has become one of the most popular alternatives for resolving debt issues. Because of this, many consumers...

Bankruptcy Alternatives Amidst the Pandemic

Bankruptcy Alternatives Amidst the Pandemic

The pandemic has affected almost everyone financially in some way. Many people do not have friends they can borrow money from seeing as most of the people they know are also experiencing financial turmoil. The government has tried to alleviate the problem by offering...

How to Budget After Filing for Bankruptcy

How to Budget After Filing for Bankruptcy

When you file for bankruptcy, you are in for a long journey to rebuild your finances and financial stability. But once you have survived your bankruptcy, it’s important to put specific measures in place to get your financial situation back on track. How do you rebuild...

How to Come Back From Bankruptcy

How to Come Back From Bankruptcy

Filing for bankruptcy is never a good feeling or an easy thing to do. The prospect of trying to restore your financial stability and your credit can often become overwhelming. For those who have gotten to the other side of the bankruptcy tunnel, it can often come with...

Important Bankruptcy Terms to Know

Filing bankruptcy is often stressful and confusing. You have to know which bankruptcy chapter to file, then deal with the legal proceedings that follow. It doesn’t have to all be bad, however—make things easier by learning some of the legal terms you’ll hear during...

How to Alleviate Debt from the COVID-19 Pandemic

How to Alleviate Debt from the COVID-19 Pandemic

The COVID-19 Pandemic plunged millions of Americans into financial chaos. The sudden decrease in income has made it difficult - and for some impossible - to pay expenses. Here are some tips for alleviating your debt during the COVID-19 crisis. Contact Your Creditors....