Chapter 7 vs. Chapter 11 vs. Chapter 13
Before you decide on credit repair in Chandler you may first need to decide if you should file for bankruptcy in CR or not ? Chapter 7 is the fastest. In many cases, this type of bankruptcy case can be completed in a few months. Chapter 13 cases, on the other hand, cannot exceed five years but usually last about that long. There is no time limit on Chapter 11 plans. It is an essential strategy to repair credit.
Both Chapter 13 and Chapter 11 may allow you to keep certain assets you may lose under Chapter 7. For example, if you own a recreational boat without debt, you may have to surrender that in a straight bankruptcy, but you may be able to keep it if you pay the trustee the value of the boat in your Chapter 13 plan.
Both Chapter 11 and Chapter 13 may offer more help with Chandler and mortgages. In Chapter 7, if you are behind on these payments and can’t catch up, you may wind up losing that property. Under Chapter 13, you may be able to catch up on those past due amounts over time. In some situations, homeowners can wipe out a second mortgage on an underwater home or negotiate a modification of their primary mortgage by filing for this type of bankruptcy. Chapter 11 may be especially helpful to small business owners or real estate investors with multiple properties by allowing them to restructure their debts or catch up on payments that are behind. Credit counseling can help with this.
Chapter 7 is generally cheaper than Chapters 13 or 11. With the former, you must pay your attorney upfront. With the latter, you may be able to pay part of your fee over time as part of your plan. Chapter 11 is generally the most expensive due to the higher filing fees and cost of the legal work involved.
In Chandler use a trusted credit repair companyHow can I tell a credit repair scam from a reputable credit counselor?
Answer: There are counselors who can help you with your credit report, and others who take your money but don’t help you. Warning signs for credit repair scams include companies that ask you to pay before providing services. The company may claim that it can guarantee a specific increase in your credit score or get rid of negative credit information in your credit report, even though the information is accurate and current.
Recognizing a credit repair scam
Warning signs for credit repair scams include companies that ask you to pay before providing services. The company may tell you it can guarantee a specific increase in your credit score or get rid of negative credit information in your credit report, even though the information is accurate and current.
If you see ads or receive offers to repair or fix your credit, it could be a warning sign if the company:
Pressures you to pay up-front fees. The company wants you to pay before it provides any services. A simple rule to follow is “Don’t pay upfront.” If the company uses telemarketing such that the federal Telemarketing Sales Rule applies, the credit repair company may not request or receive fees until it gives you a credit report generated more than six months after the promised results that shows the results. Under the federal Credit Repair Organizations Act, credit repair companies can’t request or receive payment until they’ve completed the services they’ve promised. Some companies will structure monthly payment plans to try to avoid this requirement. You should know that all forms of upfront payment before services are completed are illegal.
Promises to remove negative information from your credit report. The company tells you it can get rid of the negative credit information, even if that information is accurate and current. No one can do this.
Requests you dispute accurate information in your credit report. The company advises you to dispute all the information in your credit report, regardless of its accuracy or timeliness.
Refuses or avoids explaining your rights to you. The company doesn’t tell you your rights and what you can do for yourself for free. Disputing errors in your credit reports is a free legal right available to you under the Fair Credit Reporting Act; you don’t need to pay a credit repair organization to do it for you. Also, if you have just signed up for a credit repair service, you have the right to cancel your contract with any credit repair organization for any reason within three business days at no charge to you.
Tells you to not contact credit reporting companies. The company recommends that you don’t contact any of the nationwide credit reporting companies directly.
Credit repair companies are subject to numerous federal laws, including the Credit Repair Organizations Act and often the Telemarketing Sales Rule, both of which forbid credit repair organizations from using deceptive practices and from accepting up-front fees. These laws prohibit many deceptive practices by credit repair organizations. You may have a right to sue a credit repair organization using these laws.
Four ways bankrupcy could help youHow does credit repair work?
To get started, you simply pay $19. They get your credit reports and scores for you, then they load them into your online account, create a strategy designed personally for you, and start working on your credit immediately. You’ll be given login access to your online account where you can see your credit and all three of your credit scores, then one of their experts will begin working on your credit right away.
You may start seeing improvements to your credit in less than 60 days and continue seeing improvements in your credit each month for as long as you’re with them. They will continue to work on your credit until they’ve accomplished the best results possible for you. You can always cancel at any time.