William Bronchick outlines the effects of Bankruptcy, Foreclosure, and Credit
March 21st, 2010Bankruptcy occurs when a person or a business is unable to make regular payments to the creditors. A number of restrictions are imposed on the financial life of the bankrupt person, making the life after bankruptcy a challenge. Foreclosure results when the mortgagor is deprived the right to his property due to the inability to pay regularly. Clear understanding about the disadvantages of foreclosure and bankruptcy can benefit people in planning their finances in a better way so that they never need to face this situation. The effect of foreclosure can be losing the ownership of the property. One prominent way of improving one’s credit scores is to clear all the bill payments.
William Bronchick is a well-recognized name as one of the most experienced and proficient real estate advisers in the Unites States. Attorney William Bronchick provides some useful personal bankruptcy counseling to individuals and explains the effects of bankruptcy, foreclosure, and credit. He tells about the items that are exempted in bankruptcy including mobile home to $15,000 disability, health aids, crime victims’ compensation, unemployment compensation, life insurance payments of dependents, etc. Some debts remain even after bankruptcy such as federal and state income tax obligations less than 3 years old, student loans that became due less than 7 years ago and debts from restitution from criminal convictions and drunken driving, etc.
William Bronchick further guides that the only method to improve the credit history is by making a commitment to pay the bills regularly and timely. William Bronchick advices on carrying a copy of the credit report while shopping for a loan and avoiding multiple department store cards.
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About William Bronchick
William Bronchick, CEO of Legalwiz Publications, is a nationally known attorney, author, entrepreneur, and speaker. Mr. Bronchick has been practicing law and real estate since 1990, having been involved in over 1,000 transactions. He has trained countless people all over the United States to become financially successful, speaking to audiences of as many as 16,000 at “Get Motivated” events sharing the stage with names like Rudy Guliani, Steve Forbes, and Colin Powell. His best selling book, ‘Flipping Properties’ was named one of the ten best real estate books of the year by the Chicago Tribune. William Bronchick is also the co-founder and President of the Colorado Association of Real Estate Investors and the President and Chairman of the College of American Real Estate Investors.
