What is a Bankruptcy

Bankruptcy is the process which involves a court declare an individual or a business that is unable to repay its debt, or fulfill its debt obligations, grant either a full or partial write off, or reschedule its debt obligations. The process involves a trustee. A Bankruptcy has long term implications on the individual or a business enterprise including securing future credit. A Bankruptcy is reported to the credit bureaus and stays on the individual or business enterprise's credit report for a specific time frame depending on the type of bankruptcy. There are two types of Bankruptcies, a Chapter 7 and a Chapter 11 Bankruptcy. The following links explain in detail and the difference between the two types of bankruptcies. 

Related Topics:                      What is the Length of time a bankruptcy will show on a credit history?            What Information is included on a credit report?              What Factors are used in determining a credit score?             Under what Circumstances is it acceptable to deny credit/loan?    What is a Credit Score             What is a Credit Check                          What are Jumbo Loans?            Conventional Loans           FHA Loans             VA Loans             USDA Loans          An Adjustable Rate Mortgage             A Fixed Rate Mortgage            Construction Loans             Graduated Payment Loans          

_____________

Apply Online       Check Loan Status      Upload Documents    Call Us: (214)699-4790


Back to Consumer Mortgage FAQ's