Credit Repair in Mesa

Chapter 7 vs. Chapter 11 vs. Chapter 13

Before you decide on credit repair in Mesa 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 Mesa 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.

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In Mesa use a trusted credit repair company

credit repair bbb Chapter 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.

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Mesa

3 Easy Steps Towards Credit Repair

credit repair help How can I rebuild my credit after bankruptcy?


The most important thing you can do to rebuild your credit after a bankruptcy is getting it removed from your credit report. Equally important is learning and changing your personal finance habits so that it doesn’t happen again. This might involve reviewing your income and expenses or bulking up your emergency fund to prevent future financial hardships. The most important ongoing habit you can begin is to pay all of your bills on time because your payment history accounts for the largest portion of your credit score. Even a single 30-day late payment can cause a significant dip, so imagine how bad it could be if you regularly miss a payment.


Your other best bet for rebuilding your credit after bankruptcy is to avoid accruing new debt. Depending on what type of bankruptcy you filed, you probably had much of your debt discharged. Even though the bankruptcy itself is a major negative item on your credit report, consider the rest a blank slate. Avoid racking up additional debt because that also has a significant impact on your credit score. Yes, a bankruptcy isn’t a fun process to go through. But look on the bright side and consider it an opportunity to start fresh with your finances.

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