The field of bankruptcy intersects with the field of credit, which is crucial for qualifying for a loan.
"Keep paying for stuff" is another way of saying, keep good credit practices, like those of the 10 commandments for Applying for a Real Estate Loan:
Online Info: File for Bankruptcy - 11 Bankruptcy Commandments - 4 of 11
4. Thou shalt keep paying for the stuff you need/want to keep.
Note: When you consider whether to file for bankruptcy and start online gathering information, after starting your research, feel free to call me, bankruptcy attorney Laura Buchanan, at 323-686-5400 ext. 2 for more information. As of the date of this post, one cannot simply file for bankruptcy online. You need to file papers at the Court. If you use an attorney, they will file electronically for you.
Bankruptcy is an opportunity for a person to turn their financial life around. It is not a free pass. You need to keep making payments on property that (a) you need to keep, (b) you can afford, and (c) secures your debt, such as your home or car.
BUT only keep tha property if you can afford it without borrowing more money or using your "exempt" property, meaning property that bankruptcy law allows you to keep.
This is the fourth Bankruptcy Commandment in this series.
"You may have a fresh start any moment you choose, for this thing we call 'failure' is not the falling down, but the staying down."
Laura Buchanan, Attorney
Richardson | Buchanan, A PROFESSIONAL CORPORATION
Direct: (323) 686-5400 ext. 2
2301 Hyperion Avenue, Suite A
Los Angeles, CA 90027
Richardson Buchanan, A PROFESSIONAL CORPORATION, is a debt relief agency pursuant to Federal Law § 528 of Title 11 of the US Code. We provide legal assistance and help people file for bankruptcy relief under the Bankruptcy Code. The material on our blogs and websites is for informational purposes only and is not intended to be legal advice or a substitute for legal advice with regard to any particular situation or legal proceeding. The transmission or receipt of any information on our blogs or websites will not create or constitute an attorney-client relationship. DO NOT submit confidential information to our website or blog. These are public and will be seen by others. The information on this blog or our website may be characterized as an advertisement.
Information is general and may not address your particular situation. Do not rely solely on this or any information you find on the internet. You should consult relevant professionals directly about your situation.
Lisa Delzompo (951-704-4559)
"May your home always be too small ... to hold all your friends!"
CA Dept of Real Estate, Real Estate Broker License #01379811;
NMLS Identifer #331744
REAL ESTATE: www.SandToSeaProperties.com. Covering northern San Diego, Oceanside, Temecula, Murrieta, Riverside County and desert areas of Yucca Valley, Joshua Tree and Twentynine Palms, CA.
LOANS: PRW Lending, Inc. Call direct 951-704-4559, or email me at lisa(@)sand2sea.us
Information is deemed reliable but is not guaranteed. Information is general and may not address your particular situation. Do not rely solely on this or any information you find on the internet. You should consult relevant professionals directly about your real estate, financial, etc., situation.