Where To StartStep #1 is to use our free bankruptcy evaluation below to get more information about bankruptcy.
Available OptionsAs with anything, the sooner you act, the more options you will have. Start on our free evaluation below.
Rebuild Your CreditAfter bankruptcy, your bills will be lower, but it's crucial to rebuild your credit ASAP. We'll help you there too!
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How Credit Counseling Works
Credit counseling is the process of reducing your debt, or changing the way you pay it back. Credit counseling can include negotiating with your creditors to eliminate as much as 50% of your debt, although a 10% - 30% reduction is more realistic. The negotiation may also include changing the terms of how the debt is paid back. For instance, credit counseling may take a revolving credit term and change it to a fixed 8%, two year repayment plan.
Our evaluation is 100% free and there is no obligation, so if you want to speak with a local bankruptcy attorney immediately, simply use the form on the left of this page.
By the revolving nature of a credit card, they are designed to take a very long time to pay back when making the minimum payment. Many credit card companies also start you with a very low interest rate to get you to charge up the card. After some time has passed and you've forgotten about the card, they raise the interest rate to make it nearly unaffordable. This is what causes many people to need the services a credit counselor or bankruptcy attorney can offer.
For consumers with excessive debt, the US Constitution allows them to get a "fresh start", by using bankruptcy. This allows them the ability to leave behind past financial problems and start over with a clean slate. There is a lot of work and they will need time to pass before their credit has recovered, but in the long run, it will clear up their past debts and give them a fresh financial start.
Since the bankruptcy laws changed in 2005, anyone who wishes to file for bankruptcy must first attend a credit counseling briefing. This is a class that will evaluate thier debt and determine if credit counseling will allow them to pay back their debt, rather than filing for bankruptcy. Credit counseling is a great way to reduce your debt and establish a shorter term to repay the loans.
By using the form on the left, you'll have the opportunity to speak directly with a bankruptcy attorney, as well as someone who can provide you with more information about credit counseling.
As with anything, timing and knowing the right information about bankruptcy is key to making a good decision and saving your credit.
"When I was considering bankruptcy, I met with a credit counselor and ended up going that route, rather than bankruptcy. In less than two years, I was completely debt free and I never had to have a bankruptcy on my credit report."
If you have fallen behind on payments or if you are trying to stop foreclosure, then credit counseling may be a good option to keep your home. Credit counseling can free up extra money for mortgage payments and enough to make sure all your monthly bills are paid at a more favorable rate. This method, furthermore, is less of a negative mark on your credit than bankruptcy and it can help you recover more quickly too.
Filing for bankruptcy doesn't have to be scary. Just make sure it's your best option before moving forward.
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Learn about everything you need to know about the Bankruptcy Courts here!
