With HOUSING continuing to tank, unemployment staying high and home values plunging - more and more people will be filing for Bankruptcy. Here is some info that might drive out the fear and help you save your home. REmember strategic default will now mean that you cannot get credit to buy a home for 7 years.
Eight credit-repair tips after bankruptcy Jennifer Waters's Consumer Confidential - MarketWatch:
"A growing number of consumers are taking the bankruptcy plunge. U.S. consumer bankruptcy filings for the year ended June 30 popped 21% to 1.51 million. Coupled with the nearly 60,000 business bankruptcies in the same period, filings reached a level not seen since 2005.
Some 422,061 bankruptcies were filed from April to June, pushing past the 400,000 mark for the first time since the fourth quarter of 2005. At that time, 667,431 bankruptcies were reported as consumers rushed to file before Congress changed the laws that tightened eligibility.
There's some good news for filers: There's no red 'B' written on your chest.
'Nowadays lenders pay greater attention to other factors,' Watts said. 'If you mind your Ps and Qs after the bankruptcy, you can restore your credit rating once the bankruptcy data finally falls off your credit report.'"
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