Bankruptcy Information

You may be asking yourself if the dream of owning a home exists after bankruptcy. Well, it does. However, there are conditions that must be met before you reach out and obtain that loan. And, the re-establishing of credit is just one. Getting a good loan after bankruptcy will depend on a number of considerations and the more you familiarize yourself with the considerations involved the more likely you are to position yourself with a good mortgage.

First let’s look at what constitutes a good home loan. While you may automatically click on the lowest rate, the lowest rate is not necessarily the best home loan or bargain. These low rate home loans often have many fess which make up the difference of the low rate, which are added on by the lending company. Be aware of these fees by reading the terms of the loan thoroughly and familiarizing yourself with the terms and conditions of the loan. This is not saying that the low interest rate doesn’t exist, it does, just be certain that you know the terms of the loan and that fees are not being added that other loans do not have. Read full post…

Tags: Bankruptcy, Bankruptcy Obtaining

Clients ask, what is a Single Asset Real Estate bankruptcy case?  If you or your company owns a single building or piece of land, cannot pay the lender and decide to file bankruptcy, then your probably have a “Single Asset Real Estate” case.  Special rules apply if you are thinking about filing bankruptcy under Chapter 11.  Lakelaw knows the rules related to Single Asset Real Estate cases and regularly represents people and businesses facing this situation.

A Single Asset Real Estate case can work for a property owner even in these troubled times.  But you have to understand the rules, parameters and guidelines if you want a Single Asset Real Estate case to work for you.  Chapter 11 can help you save your property.  However, Congress amended the Bankruptcy Code to make it easier for banks to foreclose on your property.  They convinced Congress that a company held just to own one parcel of real estate had no real reason to survive.  Congress

Read full post…

Tags: Asset Real, Asset Real Estate, Case, Real Estate

If you’ve ever watched television, you’ve probably seen at least one commercial for a furniture store that advertises zero percent financing for a given amount of time. This post explores what that means for you financially and how no interest can compare to paying cash.

What Zero Percent Means

While the specifics may differ depending on the store, the sale and the furniture you buy, zero percent financing usually means:

• You can take home the furniture the day you sign an agreement.
• You make payments regularly (usually monthly) until you’ve paid the total retail amount.
• As long as you finish making payments within the agreed-upon time limit, you pay no interest. If you follow the agreement and pay off your furniture before interest kicks in, buying this way is like getting an interest-free loan for the amount of the furniture. But s

Read full post…

Tags: Furniture

Having a copy of your credit score can most often mean the difference between going deeper into debt and getting out of it. Because most people do not keep track of their credit score, they often go into deep debt without even realizing it. Every time you are late making payments to a creditor or skip one all together, you are subjected to loosing points on your credit score. Your credit score is used to show creditors and lenders how much they can trust you to pay back your loans and/or purchases when credit is being offered. If your credit score is low, creditors are less likely to offer you credit because it shows that you are a higher risk customer.

Creditors have access to computers that will report all of your credit habits and transactions such as: bill paying, credit card payments, missed and skipped payments, and debt. The more you miss payments, the lower your score gets. The average person usually starts with a credit score of about 800 and every time you skip or miss payments, that number gets lower. Read full post…

Tags: Credit Score, Score

With the employment rate still fairly high and the economy showing little evidence of recovery, Americans are still eager for ways to stay afloat financially. Here’s a look at two different options and how they might work for your lifestyle.

Renting a Room for Extra Income

Whether you’re trying to stave off foreclosure or just hoping to earn a few extra dollars each month, you may have considered renting a room in your house. But before you make the final decision, make sure you know what you’re getting yourself into:

• Learn the law. State laws that govern landlord-tenant responsibilities are serious business and you should make sure to familiarize yourself with the laws where you live before offering up your home. You may be responsible for expensive repairs or required to register yourself.
• Get some references. You don’t want to live with anyone who will make your household uncomfortable, so ask for references and check up on them. It may

Read full post…