Chapter 7 vs. Chapter 11 vs. Chapter 13
Before you decide on credit repair in Laredo 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 Laredo 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 Laredo use a trusted credit repair companyHow do I find a reputable credit counselor?
Most credit counselors offer services through local offices, online, or on the telephone. You can find a list of approved credit counselors online.
Once you've developed a list of potential counseling agencies, check them out with your State Attorney General’s office, and local consumer protection agency.
Finally, ask the credit counseling agency for free information about their services and what they provide.A reputable credit counseling agency should be willing to send you free information about itself and the services it provides without requiring you to provide any details about your situation. If a service doesn’t do that, consider it a red flag and go elsewhere for help.
Three steps to good credit: Credit repairBefore signing up for any program, consumers should be sure to do their homework. Check for a business review on the company at BBB.org. Do an internet search for the company’s name along with “reviews” or “complaints” to see what people are saying about them. Consumers should also check with their state’s Attorney General or local consumer protection agencies.
In the U.S., consumers have rights and are protected by the Credit Repair Organization Act, enforced by the FTC.
Legitimate companies adhering to the Act must provide:
? A written contract detailing consumer’s rights and the services to be performed.
? A three day cancellation period with no charges.
? Details on how long it will take for consumers to get results.
? An accounting of all costs and fees.
? Any guarantees that they are making through their marketing