Basics of Medical Bankruptcy

Posted on February 16, 2021 by dayat

Have you heard of the medical bankruptcy? Well, you might think that this is all about being insolvent due to medical issues alone, and filing a ‘medical bankruptcy’ because of it. I cannot blame you for thinking that way because I also had the same first thought. It is a help for everybody, therefore it is a must that you have at least the basic knowledge about it. To help you be informed about this topic, here is some of the basic information regarding it.

Medical bankruptcy is a general term used to refer to the reason why a people need to file a bankruptcy. Actually, this is not a legal term. According to the its rules, if you are to file a medical bankruptcy, you need to either file Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. In this filing, you need to comprise all your debts including all your medical debts and other unsecured loans. After some examination and it is proven that you are insolvent, they will free you from all your debts and will be declared into bankruptcy. When you file for a certain bankruptcy, you are required to list down all of your creditors, including your medical bills. This only clear up that ‘medical bankruptcy’ is not all about your medical debts.

Based on the statistics, provided by an article in CNN, medical debts is one of the basic reasons why people file bankruptcy. As a matter of fact, about 60% of the filed bankruptcy is due to medical issues. And almost all of these 60% are the single mothers and elderly.

Having health care insurance is not insurance at all. According to some medical bankruptcy statistics, almost 80% of the bankruptcy filers have insurance. This may be due to the fact that, even people have health insurance, they still bear most of the payments for the bills which forces them to file for bankruptcy.

Some of the people think that when you file a bankruptcy, doctors can refuse to cure you. Well, according to the federal law, those hospitals receiving subsidy from the government do not have the right to refuse from accepting a patient who had filed a bankruptcy. More often than not, the doctor and the patient are making agreement on the amount that the patient can afford to pay the doctor even he had suffered from bankruptcy.

Medical Bankruptcy is available for all who needs and who seeks for financial help. But I am advising you that filing it must be your last resort. This is not just a simple way for you to escape from your creditors and debts. It must be filed if you really do not have a choice and you can’t really answer for your obligations.

It is undeniable that only a few really had the knowledge about this fact. As a matter of fact, this is a right of all individuals; therefore you must have the knowledge about it. In all cases of life situation, being well informed is one of the basic keys in giving solutions to the problem you thought will never be solved forever. The facts that I have presented are just the basics, if you wanted to have a full grasp about medical bankruptcy, research and be informed!

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Bankruptcy Personal Pros and Cons

Posted on January 16, 2021 by dayat

There are facts to consider before deciding to file bankruptcy personal. One of the most frequent reasons why people are afraid of bankruptcy personal is the fear of spending too much time in the court at hearings. Another reason is the unpleasant feeling that your financial matters are discussed as if under the microscope. On the other hand, bankruptcy personal can be the only way of eliminating debts and of having a chance to start a new financial life.

People tend to think that there are more bankruptcy personal cons than pros and this fact can be true especially in case of people with pessimistic life perspective. However, there are true facts that are considered cons and can be serious arguments for doing whatever it takes to avoid bankruptcy personal. One of these cons is that the debtor can loose all his properties or assets of value, equity in a home.

Bankruptcy personal is considered an expensive process, as trustee, courts and fees are to be paid from debtor’s assets. In case the debtor is a business owner, the employees can be dismissed and the commercial enterprise sold in order to pay the creditors. Hardy can a debtor obtain a so-called alternative to bankruptcy personal, as there are some requirements stated in the bankruptcy law. This type of bankruptcy personal allows the debtor to keep his valuable assets and pay the debts over a period of time if there is reliable reorganization plan presenting anticipated income.

Wise financial consultants sustain the idea that once experiencing bankruptcy personal the debtor starts taking seriously financial responsibilities, becoming organized and balanced concerning extravagant expenses. The debtor can be motivated to do everything in order not to suffer the same financial troubles. In a way, bankruptcy personal makes you wiser and more responsible regarding bills and expenses. On the other hand, bankruptcy personal is the only solution to escape headaches and nightmares of dealing with lots of creditors, debts and financial troubles of other nature. Bankruptcy personal removes the uncertainty, the worries and in some cases more expenses.

After bankruptcy personal getting a loan is a real adventure, as lenders tend to accept bankruptcy personal loans at least after two years have passed since the event. In some cases a down payment is necessary in order to obtain a bankruptcy personal home loan. In most of the cases when a post-bankruptcy personal loan is accepted the proof of a flawless payment history is necessary. In case the bankrupt is found dishonest or culpable some bankruptcy restrictions are imposed.

The fact that the debtor should pay on time his bills after bankruptcy personal can be a good fact, giving the opportunity of starting fresh and of becoming organized and responsible. One of the pros of bankruptcy personal is that creditors are forced to accept less money than the debtor owes.

Except the impression of experiencing a microscopic inspection of the financi

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Post Bankruptcy Personal Loans: Fast Approval Despite Bad Credit Histories

Posted on January 16, 2021 by dayat

Traditional lenders certainly are reluctant to lend money to anyone who has been declared bankrupt at least 2 years prior to an application. But it is possible to get post bankruptcy personal loans.

The logical behind the thinking is fair, with lenders entitled to be cautious about approving applicants seeking approval with poor credit histories, but it is worth noting that bankruptcy does not mean an end to income and financial responsibility.

What this means is that receiving personal loan repayments is still possible, especially when the specific hardship which prompted bankruptcy proceedings has been overcome. And if this is the case, the lenders can still feel confident in granting loan approval.

The Truth of Your Situation

But how can someone that has been declared bankrupt not find themselves avoided by a lender, whether they are traditional lenders or online lenders? Knowing the truth of the bankruptcy situation is the key. Once this is understood, the route to a post bankruptcy personal loan is clearer.

The lending world has a vast variety of lenders in it, and there are some lending firms that specialize in post bankruptcy loans. In fact, given that such applicants have no existing debt to figure into the equation the chances of default are extremely low. For that reason, approval with poor credit histories is plausible.

Also, lenders are willing to accept that bankruptcy was likely the only way out of an impossible financial situation.

Recent years have seen the number seeking bankruptcy increase, so it no longer reflects terribly on a personal loan applicant.

The Significance of the Debt-To-Income Ratio

So, what is the fuss about not having existing debts anymore? That question might seem strange, but the explanation is pretty straightforward. Like any other loan, a post bankruptcy personal loan needs to fit within the debt-to-income ratio set by the lending industry.

The ratio states that a maximum 40% of available income can be used to repay debts. But since there is no existing debt, that means the repayment sum each month can be quite high. This automatically means that, even with a large loan, getting approval with poor credit histories is easier.

For example, if an applicant earns $4,000 per month, then the maximum to commit to repaying loans is $1,000. With no other debts, it means the repayment on the personal loan can be $1,000, thereby making a 3-year loan of around $30,000 affordable.

How To Qualify

It is worth noting that post bankruptcy personal loans are staggered according to the period of time that has elapsed since the ruling was made. So, it is extremely difficult to get a loan 3 months after being declared bankruptcy, but not so difficult after 2 years.

However, loans of perhaps no more than $3,000 are available for the first 12 months, and after that $5,000 up to $10,000 can be secured. Of course, getting approval with poor credit histories is never guaranteed, but collateral can make a huge difference.

However, it is advisable to take out small personal loans as soon as possible because repaying them allows the borrower to begin to rebuild their credit rating.

Also, getting approval is easier when a clean break is made. So, close your bank account and open another, switch credit card companies and do not forget to look closely at what your mistakes were in the past to avoid committing them again

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Post Bankruptcy Personal Loans: How To Get The Green Light

Posted on January 16, 2021 by dayat

It might seem that the hardest thing in the world to do is to secure a loan after having been declared bankrupt. In fact, there are options available to bankruptees, and those who have recently come out of that status. But when applying for a post bankruptcy personal loan, there are certain issues that need to be addressed.

There is no point in denying that bankruptcy does not have a negative effect on the status of loan applicants. Lenders are more cautious about submissions from them, but it is worth noting that they are interested mainly in understanding the reasons for bankruptcy rather than the fact itself. That is why loan approval after bankruptcy is possible.

So, what are the points to consider and factors to pay most attention to when seeking a personal loan in these circumstances? Few are really any different to normal, but qualifying for the loans in the first place usually requires some extra effort if lenders are to trust your commitment to repaying a loan is intact.

Your Negative Image

In truth, that image of irresponsibility is the first matter that needs to be addressed before applying for a post bankruptcy personal loan. While lenders are willing to hear applicants out regarding the reasons for filing for bankruptcy, they are still concerned that that route is seen as an easy option when things get difficult.

When assessing your application, lenders will take a careful look at why bankruptcy was sought, and this can affect their impression. For example, if there was a history of purchasing, it suggests a foolish attitude towards money. But if there was an unexpected redundancy, then it suggests bad luck. The latter reason is most likely not to impede the quest for loan approval after bankruptcy.

Also, setting about improving your credit rating before submitting your personal loan application can play a big part in getting the green light. This can be done by taking out a small payday loan and repaying it immediately. These are indicators rather than any grand gestures.

Other Moves To Improve Credit Rating

The issue with bankruptcy is that it effectively bans the bankruptee from securing credit deals for a period of time – usually 2 years. However, the stigma remains for up to a decade, so there is a challenge in securing a post bankruptcy personal loan.

The only reason that a payday loan might be secured is that it is granted on the back of an upcoming paycheck, with payments taken directly from the bank account of the borrower. It means the chances of default are extremely low. But there are other steps that can help to secure approval after bankruptcy.

For example, take out a secured credit card. This is easy to get as the card limit is covered by a deposit, so banks are willing to grant them despite bankruptcy. Repaying the interest every month without fail also sends the right image, thus helping when it comes to applying for a personal loan. Opening a savings account and making deposits in it regularly is also a good idea.

Use A Cosigner

Finally, arguably the best thing to do to convince a lender to grant a post bankruptcy personal loan is to find a cosigner. This is someone who promises to make repayments if the borrower is not able to make it, so there is a guarantee that the repayments will be made without fail.

If the cosigner qualifies for approval – with an excellent credit history behind them and a good income – then it is easy to secure approval after bankruptcy. However, it is essential that the right person is found – and this can be the challenge. But to get a personal loan under the circumstances, it is the best bet.

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Securing Post Bankruptcy Personal Loans: How To Practically Guarantee Approval

Posted on January 16, 2021 by dayat

It is always a little misleading to claim that any loan application can be guaranteed approval. In truth, no loan can be guaranteed since lenders generally assess applications on their own specific merits. But there is no doubt that a loan application can be made difficult to turn down – even applications for post bankruptcy personal loans.

The fact that someone with bankruptcy on their recent credit record could secure a loan is unexpected. We are led to believe the stigma that comes with such a black mark sticks, so we have little or no loan options for at least 2 years. But getting loan approval despite bankruptcy it is possible if the right boxes are ticked.

In fact, applicants that have recently come out of their bankruptcy term actually have an advantage over other applicants. So, qualifying for and securing a personal loan is nothing to be shocked about – as long as some compromises are accepted, of course.

Qualifying For A Loan

So, how is it possible to qualify for a post bankruptcy personal loan? It is actually a lot easier than people think. For a start, as with all loans, the credit history of the applicant plays a minor role in an application process. More realistic issues take precedence.

Getting loan approval despite bankruptcy comes down to confirming a secure employment status and providing proof that the loan can be repaid. What problems there may have been to justify bankruptcy is completely irrelevant. So, if the applicant has held a full-time job for a period of 6 months prior to applying, and the income is large enough, then approval chances are strong.

Once an ability to make repayments (basically, that they have a reliable income) is confirmed, then there is little reason to deny the application for a personal loan. Besides, there is a hidden advantage that makes approval very likely.

The Hidden Advantage

It is something of a shock to know that someone who has emerged from bankruptcy can possibly have an advantage over those who have not. After all, bankruptcy effectively means that the obligation of repaying debts in full was sidestepped. But getting a post bankruptcy personal loan is arguably easier to get approved.

The reason is that because all debts have been wiped out as a result of bankruptcy, there is no existing debt to consider. It means that the debt-to-income ratio is extremely strong, and all credit commitments can be focused on the new loan. So, getting loan approval despite bankruptcy is somewhat logical.

Still, lenders are no fools, and know they can take advantage of the situation. So, despite the lack of existing credit obligations, and therefore a smaller chance of defaulting, they will still charge higher interest rates on a personal loan.

Terms To Look Forward To

So, what kind of terms can an application look forward to when seeking a post bankruptcy personal loan? The interest rate will be higher, and the size of the loan itself is usually small – usually between $3,000 and $5,000.

But it is possible to get larger loans, on condition that some security is provided. It may be provided through a type of collateral, or it could be provided as a result of a cosigner being added to the application. Whatever its form, it makes getting loan approval despite bankruptcy practically guaranteed.

It is also possible to improve personal loan terms by providing signs of credit score improvement. For example, take a deposit credit card. It is easy to get since the card with granted on the back of a cash deposit, but it h

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