Is a re-organization of debts typically between one, three, and five year terms. Our lending source will only require that an individual receive written permission from the trustee and/or the bankruptcy court and that your plan has been confirmed.
This individual usually has no revolving or installment credit history. Buyer typically has no credit bureau score, however, there are lending sources available for this type of buyer.
This individual has gone to a profit or non-profit organization in an attempt to pay back creditors in full at a reduced rate and/or payment. There are lending sources available for this type of situation.
This situation is one that most lenders will shy away from because of the high risk of bankruptcy. There are three forms of resolution: resolving the credit issues through repayment of debt. Resolving the debt through bankruptcy or not acting on the situation at all resulting in a continuation of excessive unresolved derogatory debt. There is limited means of financing available for this type of customer. A lender willing to finance this type of customer will require a large cash down payment and a shorter loan term resulting in a higher monthly payment.
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