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Filing Chapter 13 Bankruptcy is the only method 100% certain to guaranteed to stop a foreclosure ( for those who qualify). In chapter 13 the total of the mortgage payments you are behind at filing is paid over a 60 month period along with other debt, Chapter 13 not only can stop and repossession and garnishment but if timely filed we can recover your car or garnished Funds, ever after they are taken by the creditor.
Chapter 7 is the easiest and fastest way to discharge unsecured debt. It is commonly known as a straight bankruptcy or fresh start as there are no money payments made to the court as there are in Chapter 13. . Chapter 7 is also called straight or fresh start as it allows a debtor to discharge most unsecured debt and and is usually over in just a few months.
A “Chapter 20” bankruptcy is the practice of filing for Chapter 13 bankruptcy immediately after completing a Chapter 7 case. A Chapter 20 bankruptcy can allow debtors to discharge their unsecured debts through a Chapter 7 and then file for Chapter 13 to catch up on mortgage payments or pay off nondischargeable priority debts. But despite its benefits, a Chapter 20 also has many drawbacks and can be subject to bad faith filing objections
While loan modification cannot guarantee a foreclosure will be stopped in many cases the lender will remove home from foreclosure once a complete Loan modification package I submitted to the lender. That said Loan modifications, have many advantages over Chapter 13, most importantly missed payments are usually moved to the end of the loan, not repaid in five year.
Also loan modification, often lower interest rates and monthly payment, even convert adjustable rates to fixed rates none of which can be done in Chapter 13.
In many situations, bankruptcy can wipe out your tax debt, but your entire financial situation and timing has to be examined by an accounting, tax and bankruptcy professional. Bankruptcy can be a powerful weapon against the IRS, especially if it looks like an OIC might not work for you. The beauty of a “tax bankruptcy” (which is simply a regular bankruptcy the filing of which is timed to maximize the discharge of taxes), is it can also wipe out state tax debts; medical bills; credit cards; etc. Compare to an OIC that only addresses federal tax debts – not other debts that maybe troublesome to you.
Forty million Americans have student debt. Together, they owe more than a trillion dollars -- an amount that has doubled since the great recession. Americans now have more student loan debt than debt from credit cards, car loans, and home equity lines of credit. country, interests rates as high as 11, 12 and 13 percent..We have a student debt crisis -- and we need to solve it now. Call us to find out your options. .
Whether you're happy about the outcome of the election or not, one thing's for sure - the student loan landscape isn't about the change for the better.
Hopes for bankruptcy reform have been dashed.
There's virtually no chance for an overhaul of the student loan system that includes additional borrower protections. Many are betting the CFPB will play less of a role in the coming years, and some are going so far as to say the consumer watchdog will be dismantled entirely.
That means student loan borrowers are going to need us more than ever.
However a Chapter 13 can stop a Student loan wage levy and put the loan in deferment for up to five additional years.
Chapter 7 is the easiest and fastest way to discharge unsecured debt. It is commonly known as a straight bankruptcy or fresh start as there are no money payments made to the court as there are in Chapter 13.
In some cases if you have older debt of $10.000.00 or more, we can often negotiate reductions of the debt by 50%- 75%.
Rebuilding Credit After Bankruptcy
Will Bankruptcy Negatively Impact My Credit Score?
If you have made the decision to file for Chapter 7 or Chapter 13 bankruptcy, you have probably heard that it could have a negative impact on your credit score. Unfortunately, this is true. However, you should also know that the lingering effects of your bankruptcy do not have to be permanent. As long as you take the right steps to rebuild your credit after bankruptcy, it won’t be long before your credit score starts to bounce back.
There are many ways to rebuild your credit after bankruptcy, including:
Check your credit report annually and report any errors
If you don’t qualify for a credit card, apply for a secured card
Create a monthly budget and pay all of your bills on time
Avoid utilizing a large amount of your available credit
#1: Review Your Credit Report Annually
Once you have completed the bankruptcy process, it is important to know exactly where you stand. Start by requesting a copy of your credit report from all of the major bureaus: Equifax, Experian and TransUnion. You are entitled to one free copy of your credit report each year. If you notice that any of these reports contain inaccurate or inconsistent information about your debt or payment history, you can and should dispute it.
#2: Start Using a Secured Credit Card
One of the most effective ways to rebuild your credit after bankruptcy is to start using a secured card—since you may not qualify for a traditional credit card. With a secured credit card, you would deposit money into a savings account and use this deposit to secure a line of credit. Your credit limit would then be the amount of the deposit, minus any fees. Make sure you choose a card that reports to all three credit bureaus.
#3: Make All of Your Payments On Time
After filing for bankruptcy, it is imperative that you start paying your bills on time. Payment history makes up 35% of your credit score, so making on-time payments is one of the easiest way to rebuild your credit. If you have a tendency to fall behind on your bills, you should create a monthly budget – and stick to it. Now is the time to break bad financial habits. Sticking to a budget will also help you build up your savings.
#4: Pay Off Your Balance Every Month
You may have heard that carrying a balance is good for your credit score, but that’s not necessarily true. If your credit score was damaged when you filed for bankruptcy, credit bureaus want to see that you are capable of repaying your debts. For this reason, you should get in the habit of only spending what you are able to repay at the end of the month. Paying off your balance each month is a good way to break the debt cycle.
# 5. Many of our clients have a higher credit score within 12 months of filing than they did prior to filing. The average client with a 500 -550 credit score before filing can often see an increase to 600- 650, 12 months after filing.