Is Bankruptcy A Deal Killer?

Is Bankruptcy A Deal Killer?

Your chances are 60 percent that you can get it removed before 10 years–the same statistic as with foreclosures. It once took me eight frustrating years.

You can’t remove foreclosures, bankruptcies and tax liens yourself. Please get an attorney.  One client who had claimed bankruptcy thought all her loans were in there as well. I had to tell here the three things that aren’t included: Student Loans, Child Support and IRS tax liens.  Her attorney never told this to the woman.

Don’t rely on others to take care of your past mistakes–be proactive. Find a good attorney right away.

Lates are pretty easy to remove.  When you apply for personal credit always read the agreement’s fine print.  You’ll find that you have signed your rights away.  Banks have the right, if you are one or two days late that you were late 30, 60, or 90 days.  If possible, go to your creditors and tell them you want a copy of the original application.  See if you did in fact sign your rights way.

One way to use the copy of your agreement against the credit companies is to remove lates. People can leverage their knowledge to clear up credit.

Can you ever get credit without a personal guarantee?  No, because with The Patriot Act you must now sign your personal signature regardless because of this law.

In addition, if you talk to any banker they will want to know what they can hold as collateral to limit the risk of you defaulting on the loan.  You will either have to have personal credit, assets or something that will guarantee the credit.

I’ve never seen a lending corporation that did not ask for a guarantee.  Even Enron, when they were going down, were still using their pension plan as a guarantee to continue to get money. You have to have something; obviously, if you don’t have property, then you will rely on your personal credit until you do.

This alone can get you several thousand dollars if you work a system correctly.