Chapter 7 vs. Chapter 11 vs. Chapter 13
Before you decide on credit repair in Yonkers 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 Yonkers 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 Yonkers use a trusted credit repair companyCredit counseling is the most complete solution, using various resources to help a consumer solve their money problems. It also requires the most work from the consumer and does not promise quick relief. Tools include budgeting, educational programs, counselors and a personalized plan. Credit counseling may, but does not always, lead to a Debt Management Plan where a consumer pays money into an account and the agency pays their debts from that account.
Consumers can find a list of government approved credit-counseling agencies in the United States at www.justice.gov/ust/list-credit-counseling-agencies-approved-pursuant-11-usc-111.
Debt relief or settlement companies say they can reach out to one’s creditors and try to get them to lower a consumer’s balance, interest rates or fees so they pay less. Consumers can also try to do this themselves to avoid the fees that a company like this will charge them.
Debt consolidation companies offer consumers loans to pay off one’s debts in one lump sum. The low interest rates are tempting, but once a consumer goes through the application process they may find more fees. They may also be able to consolidate and pay off their debt through a second mortgage or home equity line of credit, but be very careful. As consumers are putting their home up as collateral, if they cannot make their payments, they could lose it.
Credit repair companies promise to clean up one’s credit report for a fee, but the chances they can do anything the consumer could not do on their own are slim. Consumers have the right to correct inaccurate information in their file, but nobody can remove accurate negative information. Only time and steady payments will repair one’s 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.