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Bad Credit: Options for Refinancing a Mortgage

Like many people, the recession hit me pretty hard. Thanks to a job loss, I got behind on some of my credit cards. Even though I did mange to make the mortgage payment every month, my credit rating nose-dived. While things did get better, I still wondered if it would be possible to refinance my mortgage with bad credit. After talking with a few lenders, I found out that my situation was not unique. I also found lenders who were willing to work with me. I managed to get terms that will save me money over the life of that mortgage. If your credit has taken a beating, don't assume that refinancing is out of the question. I'll share how I researched options and found a lender who offered a good deal. You could find that refinancing your mortgage is within your reach.

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Can I File Without A Chapter 7 Attorney?

Finance & Money Blog

Filing for a chapter 7 bankruptcy can be expensive. It comes as no surprise that thousands of people around the country are stuck in the situation of needing to file for a bankruptcy, but lack the funds to hire an attorney. If you're wondering if you need a chapter 7 attorney to file for bankruptcy, you're about to discover if you can undertake this process by yourself or if you should hire a chapter 7 attorney. 

A Brief Overview of the Chapter 7 Process

Understanding the entire process will help you decide if hiring a chapter 7 attorney is the right decision for you.

  • Means Test. Your first step when filing for chapter 7 is to conduct a means test. The federal government provides an official form that you can follow, however, you can find simplified versions of the test online. The test breaks down your income, expenses and debts to determine if your case would qualify for chapter 7 bankruptcy. If you have been accused of fraud, or you own many assets, you will almost certainly require an attorney to proceed.  
  • Credit Report. After you've taken the means test, you'll need to obtain credit reports from all three credit bureaus. You'll need all three bureaus because not all creditors report everything to all three, and if you don't include a debt in your bankruptcy, it won't be dismissed.  
  • Filling Out Paperwork. The most complicated and time consuming task in filing for bankruptcy is filling out all the paperwork. You can download a packet of all the paperwork you'll need and see if you can fill them out on your own. Once completed, you'll have to send the documents in by mail.  
  • Meeting Creditors. You'll meet with a trustee of your creditors who will ask you a number of questions. Answer these questions honestly and truthfully.  
  • Personal Financial Management Course. Lastly, you'll need to complete a course that aims to teach you about financial management. Attending this course ensures that you do not fall into the same situation again. Now, all you have to do is wait for your debts to be discharged.

If you choose to file without a chapter 7 attorney, you'll have to undertake the above process entirely on your own. However, when you work with an attorney, they can help you understand the ins and outs of the process, fill out most of the paperwork for you, and overall make the process easier. 

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17 October 2017