If You Were Self- Employed Before Bankruptcy, Then You May Want To Consider Being An Employee

Category: Finance, Mortgages.

If you are considering remortgaging your home after Bankruptcy, there are many factors to consider in the decision making process. Becoming bankrupt.

Here we discuss some of the essentials topics that will enable you to decide if releasing equity from your home is your best option. If you are in a bad debt situation and are thinking of declaring yourself bankrupt, then the first thing you should do is get legal and financial advice to make sure that this is your best option. Once you have taken the decision to become bankrupt, or you have been declared bankrupt by your creditors, you will need to take some time to deal with the immediate consequences of bankruptcy and work out your next moves. Don t leap ahead to thinking about refinancing after bankruptcy if you haven t even decided if bankruptcy is the best thing for you. Think about what you want to achieve in the future. My options.

If your house has had to be sold, or part- sold in order to clear your debts, then you may want to look into mortgage refinance after bankruptcy so that you can see what your options are. If you have been declared bankrupt, but your period of bankruptcy has ended because all your debts have been cleared, you can look at your options for the future. If you were self- employed before bankruptcy, then you may want to consider being an employee. These might include: -Employment. This can remove the stress of self- employed earnings and can also put you in a better position when it comes to applying for loans or mortgage refinance after bankruptcy. -Debt. Expect some restrictions to be placed on you, even though you have been discharged from bankruptcy. The experience of being declared bankrupt should have convinced you to take a different attitude to debt, and make sound financial plans, with help and advice where needed, to ensure that you don t run into such big problems again. -Restrictions.

Most credit applications will ask if you have ever been declared bankrupt and you must answer honestly. Even after your period of bankruptcy is over, it is worth retaining some of the advisers you had to use. Your chances of getting a loan at standard rates may be affected by your bankruptcy for some time. -Advice. Not only will they know your financial background, but they should be well- placed to advise you in the future. If you are thinking about mortgage refinance after bankruptcy, then all the above considerations apply to you. Getting Advice.

A mortgage lender will want to know that you are serious about not returning to a position of bad debt and they will also be reassured if you are in full or part- time employment. If you don t already have a mortgage adviser, then talk to an experienced mortgage broker who can talk you through the mortgage refinance products that are available to you, and advise you on how to approach your application to get the best results. There will be restrictions placed on you because of your credit history and you will need professional mortgage advice to ensure that you get the best mortgage product for your needs. Whilst getting mortgage refinance after bankruptcy is a good idea, because it can give you access to lower interest rates than some other mortgage deals, you will need to take advice to make sure it s the right route at the right time.

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