Unsecured Credit Cards The Complete Guide to Getting and Keeping Your Credit Under Control
Unsecured Credit Cards The Complete Guide to Getting and Keeping Your Credit Under Control
Mitch Wakem should be a pretty popular author these days, although he may have a reluctant audience. His book, How to Get Credit After Filing Bankruptcy, is a survival guide for one of the most traumatizing life events a person is likely to experience.And with the economy still in the tank, personal bankruptcy filings are expected to proliferate for some time. Personal bankruptcy filings in August 2008 numbered 934,009 for the previous 12-month period, according to a CNN report, up nearly 30 percent over the previous year. A July 24 (2009) Wall Street Journal article projected that personal bankruptcies could surpass 1.4 million in 2009.
Wakem starts with the basics, explaining the purpose of bankruptcy and how people who file for bankruptcy protection essentially turn over their finances to the court until the matter is settled. He clearly spells out the differences between Chapter 7 (liquidation) bankruptcy and Chapter 13 (reorganization) bankruptcy, the two most common forms of personal bankruptcy. Chapter 7 is the more complete bankruptcy and, especially since the enactment of a 2005 law, much harder to qualify for.
He includes answers to a wide-ranging list of FAQs about bankruptcy, including how long your credit rating will be damaged and to what extent (Answer: It depends). And he dispels a few myths along the way.
In Part 2, Wakem lays out how to rebuild your credit after bankruptcy and how to avoid repeating mistakes that might have gotten you in trouble to begin with. He also offers advice on dealing with credit counselors and equity-based debt-consolidation loans, among other things.
Wakem takes a complicated subject and makes it understandable, which is no small feat.
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Unsecured Credit Cards The Complete Guide to Getting and Keeping Your Credit Under Control
