Why Folks In Kentucky and Indiana Choose To Avoid Bankruptcy

 Unless you enjoy tedious legal processes, avoid bankruptcy....

From: Kate Rieger, President
Second Opinion Solutions Group, LLC
Corydon, Southern Indiana
Monday 07:14am

Kate Rieger IN and KY Choose Debt Settlement

Unless you enjoy long, humbling processes avoid bankruptcy.  The process - like any legal proceeding - is far from painless. You are better off spending your hours settling your debt.

You will have to justify your bankruptcy filing, exposing all your financial
history to a judge and opening it to objections by creditors.

Bankruptcy is sometimes the first method people choose. Well, it may well relieve the burden, but it's far from easy. It should be the very last consideration.

Here's some things to think about before jumping on bankruptcy...

Long-Term Impact of Bankruptcy - 10 Years

Besides the ten years of bad credit to deal with there are multiple long-term impacts that you'll want to consider carefully and then avoid bankruptcy.

You will lose any credit cards that have outstanding balances and others may choose to close your accounts. You'll also find it near impossible to get a home loan or other large credit line.  FHA is about the only home loan available anymore to people with bad credit.  Lenders require you show good credit behavior for at least 12 months and the bankruptcy must be at least 2 years old.

Also, not all debts are covered by filing bankruptcy. Student loans, back taxes within the past three years and select other debts are generally exempt from bankruptcy protection.

That situation will persist for 10 years, during which time you will need to maintain a near perfect credit record in order to work your way back to a useful level of trust. Potential creditors will regard any bankruptcy as the most negative criterion on any credit report - even beyond a low FICO score.

Beyond the credit impact, you may actually be required to forfeit real assets - a boat, expensive jewelry and other items - depending on when they were acquired. Most states make an exception for the primary residence and your auto. If you have secondary property, that may not be protected.

Finally, of course, the bankruptcy procedure itself is not free. Courts always have required fees and if you use an attorney that too will cost you. That can add the final straw to an already very bad financial situation.

On the upside, you will obtain relief from debt collection efforts (provided they receive notification). Your wages can not be garnished and any foreclosure action will be stopped. By taking action sooner rather than later, you will start to build a new credit history that can be better than the past one.

If your are interested in getting access to legal counsel to decide whether you should avoid bankruptcy, please contact me here.

I invite you to start your repairing your credit today by enrolling in this free mini-course entitled "Extreme Debt Reduction & Credit Score Boosting Strategies That 98% Of Borrowers Will Never Know -- And How You Can Learn These Strategies Too..."

You can literally be adding points to your scored today by  with the 7 easy lessons that you can refer back to at any time. To start this free, online mini-course, please complete the short form below and you can start immediately -

Yes Kate - I want to start today!

What others are saying...

Hi Kate,

I do want to thank you so much for your quick and thorough responses to my questions. I am amazed at the amount of information you manage to deliver. Your  program is terrific.

You give an awful lot of personal attention that can never come from a computer program.

Thanks for everything - I mean it!

Melissa

Louisville, KY

Dear Ms Rieger,

God Bless You!

You treated me like I was someone important.  I thank you for that and for showing me how to improve my FICO scores. You are truly amazing!

Sincerely,
 

Roberta D.

Jeffersonville, IN  

Credit Rejuvenations Rocks!

Dave

Warmest Regards,