Generally the public may perceive the ability to get a mortgage post a bankruptcy as impossible or extremely difficult, at least for the period that the bankruptcy shows up on a credit report. However, in Alabama and across the U.S., under both Chapter 7 bankruptcy and Chapter 13 bankruptcy, it is possible to be eligible to apply for a home loan in as little as a year following the bankruptcy proceeding. This truly allows individuals the fresh financial start that they need.
Financial challenges are not considered a new concept conundrum in today's economy among many Alabama families. With increasing unemployment, which in turn decreases income, families across the country have had to work through hard times.
Even with substantial and often excessive salaries, college football coaches, like many other citizens, are struggling with debt. Chapter 7 bankruptcy may be an option. The Alabama Roll Tide football team demolished the Arkansas team 52-0. This loss is not the only struggle for the Arkansas coach who has filed for Chapter 7 bankruptcy for a fresh financial start.
With many in Alabama struggling with financial challenges, citizens are searching for ways to get into the clear. In Alabama, there is a growing trend in the loan industry: Many people are applying for car-title loans, which requires them to surrender their car title as collateral. If the loan is not paid back to the lender, then auto repossession may be initiated in order to satisfy the loan.