Category Archives: Money matters

5 Chapter 7 Bankruptcy Benefits You May Not Know About

If you are like most people, you know that Chapter 7 bankruptcy can give you major debt relief. What you may not realize, however, is that Chapter 7 offers you quite a few additional benefits as well. Here are five facts to consider.

Photo by Melinda Gimpel on Unsplash

1. Immediate Relief

As any Rockville bankruptcy lawyer can tell you, Chapter 7 represents the quickest form of bankruptcy. You can expect only three to four months to elapse from the time you file until the time of your ultimate discharge.

2. Numerous Exemptions

Most people mistakenly think that they will lose everything they own if they file bankruptcy. Such is not the case. Not only does Chapter 7 include many exemptions that let you keep much of your property, but you can also keep your wages or salary.

3. Virtually Unlimited Debt Relief

Chapter 7 sets no cap on the amount of debt relief the bankruptcy court can grant you. You can, therefore, expect the discharge of virtually all of your consumer debts, including your credit card debts.

4. Automatic Stay Period

One of the biggest advantages of Chapter 7 in terms of relieving your stress is that once you file, the court issues an automatic stay. This means that all of your creditors must cease and desist calling you on the phone or sending you texts, emails, and/or snail mail demanding that you pay them.

5. Relatively Quick Post-bankruptcy Credit Reestablishment

While it is true that filing bankruptcy will result in the loss of all of your credit cards, in all likelihood this won’t affect you too much since most of your credit card companies have probably already canceled their respective cards. Once your bankruptcy period ends, it should take you no longer than a year or two to reestablish your credit. You can expect to pay higher fees and interest rates for your initial post-bankruptcy credit cards, but if you use them for small purchases only, paying the full balances each month, you can renegotiate their terms after as few as six months. You can also apply for new credit at that point, having already proved your financial responsibility and excellent payment record.

Mortgage Options for Everyone

Whether you’re buying your first home, upgrading homes or looking to refinance, you need to know what mortgage options are out there. Here are some basic facts on mortgages.

Image by mohamed Hassan from Pixabay

Home Mortgage

The most basic option is a standard home mortgage. These come in a variety of terms, from 10-years to 30-years. Also, there are different products available for those who are first time buyers. Often buyers in this category can get into a home with very little being required for a down payment.  Your credit score will be the biggest driver in determining the loan APR you receive. Talk to a Top Mortgage Lender like Sun West Mortgage to find out what products are available to you.


There are many reasons people refinance. Sometimes homeowners want to reduce the interest paid over time. By refinancing from a 30-year to a 15-year mortgage, you can save hundreds of thousands of dollars. The drawback to this option is that your monthly payments will increase. Another reason is to reduce your monthly payments. If you’re five years into a 30-year mortgage and have a financial crisis, by refinancing back to 30 years, you can take advantage of some of the equity you’ve built up. Also, you can refinance to take advantage of lower interest rates.

Know what your finance options are when it comes to your mortgage. Use this information to make good choices in the products you choose.

An Opportunity to Show That you Care

In a struggling economy it is only natural that everyone would be concerned about the way their finances are affecting them. You don’t have to go further than the local news report to understand that our credit as a country is being affected and the purchase of an incredible proof set of valuable coins could be the best way to invest in your future.

We all need money to survive and some of us need a lot more than others, which makes budgeting different for everyone. Seeking a loan to help us get through those tough months may be the only way to go when we hit a bottom ledge. With people filing for bankruptcy more often than not, some are avoiding banks as a way to save their money and choosing to purchase gold and silver coins instead.

While coins may be a great way to save our money, they also act as a generous gift to our loved ones. Family members looking for gift ideas to satisfy those important individuals on their list, have chosen to offer them gold coin collections as gifts. With the need to satisfy our Christmas gift list just a few months away, anyone on your list that is hard to choose for can now by easily satisfied.

There are a few people on our list that we want to give the best gifts to and those are the ones that we will want to offer items like coin box sets that can be saved for a rainy day. Parents thinking about anniversary gifts for their son and daughter in law will agree that a bicentennial coin collection will be the ideal gift to show their appreciation.

After satisfying your gift list it may be time to consider some coins as an investment for yourself. As we get older and we look towards our golden years, a pension may not be enough to satisfy our needs. These are the times when silver and gold coins can come in handy. The trick is to purchase them when we are younger, rather than waiting for retirement.

If you don’t know how to invest in your future you may want to spend your money seeking out the services of a financial planner. Many of the investors today will tell you that the best investment is gold and silver, which makes it a smart move to invest your money in these precious commodities.

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