This Article is About
hard money
filing for bankruptcy
debt consolidation
debt relief
good job
debts
frustration
credit cards
How To Avoid Bankruptcy With Hard Money Commercial Loans
Join 1000's of Authors at StreetArticles Today!

When you are down with suffocating debt, you might feel bankruptcy is the way to lift you up on your feet again. But, you will not want to consider bankruptcy because of the risk of having it stay up to a decade on your credit report. Of course, bankruptcy will hurt your chances of acquiring a loan and securing reasonably priced situation such as landing a good job and so on. For this reason and many more, as a homeowner you will want to consolidate your debts by obtaining hard money commercial loans from a private party.

Hard money commercial loans are derived from the funds of private lenders and as a result, you have an easy time to consolidate your debts. One of the benefits of hard money commercial loans is that they are based on your assets, usually your home, so that your credit plays a small role in your bid for qualifying. Private lenders do not have to adhere to the underwriting guidelines of banks. So, they have the freedom to loan money to whosoever they wish.

Obtaining hard money commercial loans brings debt relief faster. Within a matter of a few years, debt consolidation can be relieved easily through hard money commercial loans. Obtaining hard money commercial loans helps bring down the interest rates of your debt to a level you can cope with quite easily.

You can therefore pay your principal without stress every month, thus helping speed your way to debt relief. Hard money commercial loans are unlike bankruptcy which stays on your credit reports for about 10 years and will still affect you in the years to come. Even though you need to tighten your financial belt if you want to obtain hard money commercial loans, you cannot compare this with the frustration you will suffer if filing for bankruptcy.

Consolidating your hard money commercial loans can help you save money in two unique ways. In the first place, getting hard money commercial loans lowers your interest rates, so that it saves you a ton of money on credit cards, which have interest rates that hover around 25 or 30%. In addition, you will also be able to save money if you choose not to declare bankruptcy.

On the other hand, when you finally secure a loan after bankruptcy, you will find out that the interest rates can be very costly. So, obtaining hard money commercial loans in no small measure helps you control your finances and you will be grateful for it!


Street Talk

No comments present
You May Also Like
Why Would I Use A Hard Money Investor?
That is a question that cross the minds of many real estate investors. Many, however, do not know much about hard money investors, or how they operate. We are going to try to clear up some of the confusion on this type of lending, and go over some of the…
By: Keith Gebhart in  Real Estate  >  Buying   Dec 21, 2011  
0
  Likes: 0

What Are Some Considerations Of A Hard Money Investor?
You may have heard of these types of investors and think that they are a good fit for you. But do you know what some considerations of using a hard money investor are? We will take a look below and see what some of the down sides to using these…
By: Keith Gebhart in  Real Estate  >  Buying   Dec 21, 2011  
0
  Likes: 0

How To Avoid Filing For Bankruptcy
Many consumers out there consider debt as a way of life. So overwhelming can it be sometimes that, bankruptcy appears to be the only answer. Because of the negative effect on your credit score, it is wise to consider ways to avoid filing bankruptcy. Once you find a bankruptcy alternative…
By: Scott Newman in  Finance  >  Debt Management   Dec 29, 2010  
1
  Likes: 1

Filing For Bankruptcy Without An Attorney
Many people still think filing bankruptcy without an attorney is not a possible thing to do. They think filing bankruptcy without an attorney is a wonder to do. Well, it is not, and you are allowed by law to do so! After all, this is a time when your financial…
By: Scott Newman in  Finance  >  Bankruptcy Personal   Dec 29, 2010  
0
  Likes: 0

Facts About Declaring Yourself Bankrupt
You may ask, “why should you give thoughts to declaring yourself bankrupt?" The point is that people often end up in bankruptcy because they are not able to pay their debts. As a result, people find relief in filing for bankruptcy as it helps them get rid of their debt,…
By: Scott Newman in  Finance  >  Bankruptcy Personal   Dec 29, 2010  
0
  Likes: 0

How To File Bankruptcy Yourself
There are two ways to file for bankruptcy. You can either see a lawyer to help you through the legal procedures or file bankruptcy yourself. You will save a lot of money if you know how to file bankruptcy yourself. If you know how to file bankruptcy yourself, you will…
By: Rebecca Keats in  Finance  >  Bankruptcy   Dec 29, 2010  
0
  Likes: 0

How To Prevent Bankruptcy
There are many things you have to know about learning how to prevent bankruptcy. All boils down to learning how to prevent bankruptcy if you must be able to manage your finances well. You need to find out if there are some things you need to do so as to…
By: Scott Newman in  Finance  >  Credit Tips   Dec 29, 2010  
0
  Likes: 0

Bankruptcy is A Cash Management Technique
Filing for bankruptcy does not make you a bad person. Filing for bankruptcy does not make you an irresponsible person. Filing for bankruptcy does not make you a person that is avoiding their financial obligations. Filing for bankruptcy does make you a person who wants to keep their financial obligations…
By: Scott Oberholser in  Finance  >  Personal Finance   Aug 07, 2011  
0
  Likes: 0

End Payday Loan Debt
Like most people we’re all feeling the effects of the economy – with the loss of jobs, companies that were supposed to be invincible have even gone out of business. Not to mention the looming fiscal cliff which happens at the end of this year – and if we go…
By: Leo E in  Finance  >  Debt Consolidation   Dec 20, 2012  
4
  Likes: 5

Debt Consolidation Loan Strategy
Are you one of many Australians who have reached the end of the year to find that your credit card debts are spiraling out of control and you are struggling to meet the minimum monthly payments required by the credit providers? This situation can be attributed to the fact that…
By: Singh in  Finance  >  Debt Consolidation   Feb 06, 2016  
0
  Likes: 0

Reduce Paperwork And Manual Entry With Debt Management And Collections System
The management of debt is a thorn in the side of any business. Unless appropriate measures are taken, debt management can easily outstrip the actual debt in terms of cost. This is why systems for debt management and collections are so critical to businesses that transact in debt, and this…
By: billing tree in  Finance  >  Debt Consolidation   Dec 25, 2013  
0
  Likes: 0

Debt Consolidation: Is it the Solution to Paying Off Debts?
Handling debt is always challenging for several people. So when there are ads that express that you could be debt-free and get lower monthly bills, the first thing that comes to your thoughts is that this may be the solution to getting out of debt. It seems that it's a…
By: Jay20 in  Finance  >  Debt Consolidation   Jul 01, 2015  
0
  Likes: 0

Relief from Debt with a Consumer Proposal
Debt can hamper your future and prevent you from achieving your dreams. Everyone passes through a rough time financially, whether because of businesses failing or paying for the hospitalization of a loved one. There are a few ways you can make the payment terms of your debt favorable, you can…
By: Imee Candyline in  Finance  >  Debt Consolidation   Jan 08, 2014  
0
  Likes: 0

How Accounts Receivable Management Debt Collection Software Tools Can Help
An effective program can enable the company to realize quicker and earlier collections of any outstanding payment through responsive execution of the software. The AR management software provides speedy evaluation to identify the best effective strategy for collecting the debt, using the lowest cost method available. The AR department’s negative…
By: billing tree in  Finance  >  Debt Consolidation   Dec 02, 2013  
0
  Likes: 0

Tax Debt In Dallas Tx: Never Be Without An Attorney
The IRS does not make tax reporting easy, particularly if you own a business, or have multiple incomes. Keeping detailed and accurate records is time consuming and complex, and you can end up owing money, no matter how hard you work to prepare. You can deal with tax debt in…
By: Dennis Colon in  Finance  >  Debt Consolidation   Aug 04, 2015  
0
  Likes: 0

Article Views: 2379    Report this Article