Knowing from personal experience when someone is contemplating whether to file bankruptcy or not the perception of I will not be able to get any credit forever, these goes the thoughts of every buying a house. And of course there is the option of Chapter 7 or Chapter 13. What is the difference?
Chapter 13 is when there is NO chance or climbing out of debt, millions of Americans got caught up in the mortgage collapse since 2005. Million of Americans lost there homes when the mortgages went upside down with no chance of every reversing itself to right the major collapse we have experienced.
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For those who were counting on the equity in their homes we also devastated but not only losing a house but also your nest egg all at one time. Partner that with person loss of a job or business closed down or perhaps a divorce you would be a perfect candidate for Chapter 7 and a whole new start.
Once bankurtupcy is filed it will take a year or to before you are able to get a low credit limit card and start to rebuild your credit, it has taken me now in my third year after filing and also paying a low credit limit card (and annual fee as well $59 and is what you have to pay to get the ball rolling any times, to me a small price to pay to get your credit back on track.
After 18 months of paying before the due date and also paying off the balance (no interest as well) my credit score went from 525 to 625 in that year, now I just got a no annual fee Capital One card with a $2000 limit and my credit score jumped to 675 (consider good credit) all within a matter of 2 years.
The best part of course is starting over. Whether its from a failed business, failed marriage or your mortgage that went underwater, you are able to get a new start and get rid of what has happened to over 100 Million Americans over the past 6 years and move forward and start over.
Chapter 13 is for situations that allow for concessions to lower payments on debt if there is a chance to pay off the creditors. Chapter 13 is much more compliance and very strict guidelines must be followed as well.
Filing bankruptcy cost will vary greatly as well, I have found here locally in Detroit the average fee with court cost will be around the $1000 area. Chapter 13 with be considerably more, as always check with a bankruptcy attorney (I would talk to at least 2) and find out exactly what option may be best for your situation.
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