by John G. Merna
Trick or Treat: Bankruptcy Treats – Part 2
Here are few of the little known treats that bankruptcy provides to help a struggling soul back onto the road of good credit and even purchasing a home.
Bankruptcy allows your credit score to recover. Think of the negative credit reporting when your are behind on your bills as sinking your credit “ship”. Bankruptcy is like the knife that cuts the anchor lose to allow your score to float back to the top.
Bankruptcy is the fastest and cheapest way to rebuild your credit. Think about it. To go through a consolidation or even settle your debt costs huge amounts of money over a long period of time in a hope that you may be debt free. With bankruptcy, chapter 7, you are debt free in 90 days or so for the small price of an attorney.
Bankruptcy can stop a garnishment, repossession, even foreclosure. The bankruptcy power that freezes everything is call the “Automatic Stay”. The minute you file the automatic stay freezes all creditor actions even garnishments, repossessions and foreclosures. When you add this power to the power bankruptcy has to help start your credit recovery, you realize what a true treat bankruptcy can provide to get you on the road to a bright financial future.
You can buy a house within 3 years after filing bankruptcy. To appreciate this fully, ask yourself how long before you could reasonably qualify and afford to purchase a house with your current debt? Probably longer than you think. You’ll have to pay off the bad debt first and then start working on getting a better credit score.
Bankruptcy is a business decision not a moral issue. Celebrities use it to break contracts. Businessmen use it to restructure companies so they can go forward making millions. The greatest success stories have risen out of financial setbacks and bankruptcy. Walt Disney, Mark Twain, Abraham Lincoln and so on. You only learn from mistakes and big mistakes generally are needed before big success.
We would be happy to scare away your financial ghouls today. Give us a call now at 800-662-8813. Have a happy and safe Halloween. Read Part 1 here.
Connect with us on Google+