Bankruptcy .. what they forgot to tell you!

If you filed Bankruptcy in the past, you have by now learned that there are differences in both the type of Bankruptcy, Chapter 7 or Chapter 13, and the diligence of Attorneys practicing Bankruptcy Law, as well as the information provided to the Attorney by the Consumer.

Many Attorneys do a complete job in a Bankruptcy, while others are not so good. What usually happens in a bad BK is that many items are left out of the BK.. many times the filing list is incomplete and accounts are left out of the BK. These items then re-report after the BK is discharged, and your Credit Score plummets.

Bad items after a Bankruptcy seem to hurt a Credit Score about 3 times more than the same item without the Bankruptcy on the Credit File. This prevents you from getting new accounts to build your Credit Score back up to where it needs to be to really get on with life. CCFG has done just this for others, and we may be able to do it for you, too.

Chapter 7 Bankruptcy relieves you from the obligation of re-paying creditors, it does not remove the accounts from your Credit Report, as many people think.

Chapter 13 is a repayment plan that gives you a few years to re-pay your creditors in a very structured way.

Let's look at a few examples:

Medical Bills .. the original bill and the Collection Accounts may be wiped out by a BK.

Car Repo .. The lender adds fees to the original Payoff, sells the car at Auction, it brings $30,000 less than the total amount owed .. Lender then submits to Collection the $30,000 amount to be collected from you.

Foreclosure .. Much like a repo, fees are added to the original account, the house is sold, and any difference between what is owed and the proceeds from any sale is technically owed to the lender by you as the borrower.

Again, just because you filed an account in bankruptcy, it does not remove the account from your Credit Report .. it does relieve you from the debt involved in the transaction. It does relieve you from future collection efforts on those accounts.

Both the Bankruptcy, and any associated Accounts may remain on your Credit Report for 10 years from the date of filing. This will drop your Credit Score, making it more difficult to obtain new loans. CCFG has seen many clients with BKs that "went away" well before that decade. No meed to remain Bankrupt for 10 years, when you know what can be done.

For more bankruptcy information, see www.bankruptcyerased.com

CCFG Does not offer Legal Advice, nor are we Attorneys. Always Consult a Legal Professional

Chapter 13 vs Chapter 7 Bankruptcy
A chapter 13 is a repayment plan enforced by the court system. You are placed on a budget, allowing for your expenses, and a plan is made for you to repay your creditors over the next few years.

Chapter 7 offers a total debt wipeout, your unsecured creditors are left with nothing, while your secured creditors have the option to sell the property that was pledged for the debt. (the car for an auto loan, the house for a mortgage, etc) A chapter 7 can still be obtained if your debts are high enough compared to your income.

You have the opportunity for Reaffirmation. Reaffirmation is basically re-signing the note usually involving secured property, for instance re-affirming on the mortgage usually involves a new mortgage contract.

Bankruptcy Alternative:
CCFG offers Debt Settlement and Negotiation programs that are well suited to unsecured debt, medical bills, collections, credit cards, etc. Our program offers free credit repair services to get your score back on track! If you cannot, or don't want to file bankruptcy, or are going to be stuck in the brutal Chapter 13 plan, our plan could be for you! Check it out on the Debt Setttlement Page!

Thinking of Filing BK?

File on every Derogatory Account! Get your Credit Reports from all three Bureaus, they do not share information with each other, and there are differences between them.

You can get your reports for free from annualcreditreport.com, you will find a link on our Contacts Page.

If you have Medical Bills, file on both the Hospital, and any subsequent Collection account. Remember the other items .. Ambulance, Emergency Room Fees, Surgery, etc.

If you are looking at Foreclosure, remember any Utility Accounts, Homeowners Association fees, etc .. these can go to Collection after the BK, and hurt your Credit Score greatly.

If you have any Bills from a decade ago that went unpaid, don't forget these as well .. if you are going to file, file right.

We at CCFG are not bankruptcy attorneys, but we have seen many BK disasters. We are not offering Legal Advice, just guidance on what to provide to your Legal Professional to make sure that your BK is the best is can be.

We do not share any of your personal information with any outside source. CCFG Credit Repair will not sell your name, address, phone number, or email address to anyone for any reason. And we won't call you or send you an email every week to entice you to join up.

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