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New Jersey Mortgage Company Loans Rates: Bankruptcy

You may feel your debt is overwhelming and bankruptcy is the only way out, or you may feel it is the easiest way to start over. Bankruptcy may be your best option, but it is something to consider carefully, as bankruptcy can impair your abilities to take out a New Jersey mortgage loan.

Before filing, you must make sure that the kinds of debts that you owe are dischargeable (i.e. eliminated or erased by the bankruptcy). For example, if you used the equity in your house as collateral for a loan, the loan may not be eliminated in bankruptcy.

Credit card debt is typically erased after a successful bankruptcy. Another concern of course is your credit rating, however if your credit is already quite bad, filing bankruptcy may actually improve your credit rating. This is because after filing you will have less debt and can't file again for 6-7 years, both of which makes you a better credit risk.



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