Chapter 7 vs. Chapter 11 vs. Chapter 13
Before you decide on credit repair in Lincoln 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 Lincoln 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 Lincoln use a trusted credit repair companyDid you know that more than 500,000 Americans declare bankruptcy each year? While unfortunate, it’s helpful to know that you are not alone when it comes to dealing with a bankruptcy. Even after your bankruptcy is discharged, there is the aftermath to contend with as well; namely, repairing your credit.
With so many people experiencing bankruptcy and so much financial data going through the credit bureaus, the chance for error is great. That’s why it’s imperative that you review all of your credit report information for accuracy, particularly the data surrounding the specifics of your bankruptcy. We’ll walk you through why it works and what to do so you can start repairing your credit today, even with a bankruptcy in your past.
How does a bankruptcy affect your credit score?
Having a bankruptcy on your credit report can be devastating to your credit scores. According to FICO, for a person with a credit score of 680, a bankruptcy on your credit report will lower your score by 130-150 points. For a person with a score of 780, a bankruptcy will cost you 220-240 points. That one event immediately drops you several categories lower and impacts your ability to access credit, and yes, the higher your initial credit score is, the more it falls.
You might not be eligible for future loans or credit cards, and if you are, you’ll most likely end up paying much higher interest rates. Not only that, the amount you can borrow will probably become limited. While filing for bankruptcy may be the best financial decision at this point in your life, it’s still important to understand how and why it affects your credit.
There are promises and then there are factsHow long does it take them to repair my credit?
Every client’s situation is different. How long it takes depends on how many negative items are on your credit report and the responsiveness and cooperation of the credit bureaus and your creditors. Once you get signed up and they’ve reviewed your credit history, it will be easier for them to give you an estimation of how long it will take based on past clients’ results.
Do they offer a guarantee?
Yes, they stand behind their work 100%. They completely guarantee your satisfaction and have made their credit repair service risk-free. If you choose the month by month program, you can cancel at any time and you will not be charged for that month of service. That assures you that you will never have to pay for anything that you’re not happy with. If you decide to go with their flat-fee pricing, you will have a full 6-month satisfaction guarantee.
What items can be removed from my credit report?
It is possible to remove a bankruptcy, student loans, late payments, repossessions, hard inquiries, paid collections, judgments, charge offs, etc.? The answer is “yes” to all of those items. While it is not guaranteed that anything will be removed, it is possible to have any of those items removed.
Once items are deleted, can they reappear on my credit report?
It doesn’t happen very often; however, it is possible that a negative item that was recently deleted can show back up on your credit report. The FCRA requires that the credit bureau informs you before they re-report a previously deleted listing. They also have a limited time of 5 days to re-report the item once it’s been removed. Re-reporting the item after that is a violation of the FCRA which is why they rarely re-report items.
How much does it cost?
They have 2 payment plans. The first is a pay as you go, cancel anytime. You can try out the service for 7 days for just $19 and if you like the service, continue for just $59 a month. Or you can sign up for a complete 6-month program for just $299. Your satisfaction is completely guaranteed.