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Once all your accounts are closed from the bankruptcy you will be able to refinance again with another mortgage lender and get those lower interest rates again. Your credit should be much better by now and the process shouldn't be difficult at all.
Chapter 13 will also eliminate a few additional debts that Chapter 7 won't. For example, if you've agreed to pay certain of your ex-spouse's debts or expenses in a divorce agreement that are not in the nature of spousal support, you can discharge that obligation. We'll have to carefully review your divorce agreement to give you a definitive answer on whether or not those obligations are dischargeable. Even then you can expect that your ex-spouse may object.
This is achieved by filing bankruptcy papers through the court system. Bankruptcy is a legal process. It is very important that you are well informed before making any decision associated with your bankruptcy claim. It is possible to process you bankruptcy on your own. There are easy-to-do kits on the Internet or from various other vendors. The question is: do you think you can handle a situation that affects your future or should you hand it over to a professional bankruptcy attorney.
The biggest constraint with a Chapter 13 bankruptcy is that you're unable to acquire additional debt until the time of repayment is over. The good news is that it will only take 3 to 5 years until your bankruptcy is complete. After that time, you can apply for credit again, although it may take longer to qualify for a home loan.
The net result of this is that large numbers of families are now facing debt they simply cannot afford to pay off. Banks are refusing to give loans to anyone who doesn't have a perfectly clean credit rating, which means families cannot move their debt or pay any substantial amount off.
Ask for a referral from a lawyer you trust, or look through the yellow pages. A good lawyer would handle calls and help get favorable debt-return options. Before filing for bankruptcy, the debtor would need to get a credit ""briefing"" from an approved agency. This will summarize the benefits of credit counseling. If this is not done, the bankruptcy case may be dismissed.
Always be honest and forthright when it comes to your bankruptcy petition. Remember that if you hide your valuable assets or income from your bankruptcy trustee, you may risk a number of penalties and complications. Among these is the possibility that you could be blocked from ever filing again.
Borrowers have to prove that paying student loans will cause financial hardship to them and their dependents. You have to go through several tests in the court to prove this. The most common one used by courts is the Brunner test in which it is checked whether the borrower can maintain a minimal standard of living for himself and his dependents or not, this financial condition will be there for a longer time during the repayment period and whether he has made efforts to repay the loan.