Bankruptcy 101
I am writing this section on Bankruptcy and what it actually does for you after you file and reap the benefits from it.
Yes, its not right to accrue debts and not pay them back But we all know this is not a perfect world the only think perfect in their world is the saving grace From our Lord Jesus Christ.
As far as filing bankruptcy I cant give you legal advise legally…because I am not an Attorney but I can tell you why I know about Bankruptcy because of my experience working in the Bankruptcy servicing on the creditor side NOT credit cards just mortgage and also from working in a Bankruptcy Law Firm totaling over 8 years of knowledge.
First Questions will Bankruptcy stop Collections Calls, YES
Second will Bankruptcy allow me to settle me debts for less, YES
Thirdly will Bankruptcy wipe out charged off debts and auto deficiencies, YES
Also, will bankruptcy increase or hurt my credit?
Filing bankruptcy and discharging your debts in the bankruptcy will remove you responsibility to pay them back and it is required that creditor trade lines on your credit be shown as discharged in Bankruptcy or included this removes some of the negative from the normal charge-off or Foreclosure.
You might have to call the bureaus once you file to request that these accounts are listed in Bankruptcy because you know the creditors are not willingly going to do so.
You have the right according to the FCRA to have them listed as included or discharged in Bankruptcy.
One thing I can tell you is that yes you might feel bad at first for filing Bankruptcy but the relief you will get after filing and discharge of the debts IE no more calls and or Lawsuits and to get that monkey of debt off your back feels great.
Is Bankruptcy moral you ask well here is a verse from the Bible: Deuteronomy 15
1 At the end of every seven years you must cancel debts. 2 This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite.
If you should have any questions I would be glad to help you can email me at
crestoration@inbox.com or us the contact form below.
Bankruptcy 101
Oh the dreaded word Bankruptcy, no don’t say bankruptcy I couldn’t do that?
