Chapter 7 vs. Chapter 11 vs. Chapter 13
Before you decide on credit repair in Garland 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 Garland 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 Garland use a trusted credit repair companyCan a bankruptcy be removed from your credit report?
The credit bureaus have active campaigns online to make you think that it’s not possible. They pretend to be helpful, but they have ulterior motives. They don’t say it outright, but the way they word their interpretation of the FCRA makes people think that it can’t be done. The worst thing about that is that a lot of the top credit sites parrot the information which makes for a lot of misinformation online. However, as you will see below, bankruptcies absolutely can be removed from your credit report.
Removing a bankruptcy requires filing separate disputes with all three credit bureaus. Because of the way the credit bureaus work, you have to word your disputes carefully to avoid having your dispute deemed “frivolous”. While the FCRA offers protections for consumers, credit bureaus have the right to ignore anyone that they feel is abusing the law. Credit repair companies are experts at disputing negative items on your credit reports. They specialize in getting bankruptcies deleted from your credit report. They can also removed the accounts “included in bankruptcy” like charge offs and collections. Read my story below to see how I got my bankruptcy deleted.
Three steps to good credit: Credit repairChapter 7 Bankruptcy
Chapter 7 is a liquidation bankruptcy designed to wipe out your general unsecured debts such as credit cards and medical bills. To qualify for Chapter 7 bankruptcy, you must have little or no disposable income. If you make too much money, you may be required to file a Chapter 13 bankruptcy (discussed below).
When you file for Chapter 7 bankruptcy, a trustee is appointed to administer your case. In addition to reviewing your bankruptcy papers and supporting documents, the Chapter 7 trustee’s job is to sell your nonexempt property to pay back your creditors. If you don’t have any nonexempt assets, your creditors receive nothing. As a result, Chapter 7 bankruptcy is typically for low-income debtors with little or no assets who want to get rid of their unsecured debts.