New Jersey Mortgage Company Loans Rates: Bankruptcy
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.
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.
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