Repair Credit in Birmingham
Credit repair in Birmingham is an important service because more than 500,000 Americans declare bankruptcy each year? While unfortunate, it’s helpful to know that you are not alone when it comes to dealing with a bankruptcy. Even after your bankruptcy is discharged, there is the aftermath to contend with as well; namely, repairing your credit.
Having bad credit is an unfortunate problem that many families face, especially in this current economic climate. Having a bad credit score can have a very negative impact on your financial health and can result in higher interest rates, loan rejections, and more interest. That’s why thousands of people have turned to credit repair companies to repair their credit and improve their credit scores.
Get good information to improve your credit in Birmingham
Chapter 13 Bankruptcy
Chapter 13 is a reorganization bankruptcy designed for debtors with regular income who can pay back at least a portion of their debts through a repayment plan. If you make too much money to qualify for Chapter 7 bankruptcy, you may have no choice but to file a Chapter 13 case. However, many debtors choose to file for Chapter 13 bankruptcy because it offers many benefits that Chapter 7 bankruptcy does not (such as the ability to catch up on missed mortgage payments or strip wholly unsecured junior liens from your house).
In Chapter 13 bankruptcy, you get to keep all of your property (including nonexempt assets). In exchange, you pay back all or a portion of your debts through a repayment plan (the amount you must pay back depends on your income, expenses, and types of debt). For this reason, Chapter 13 is commonly referred to as a reorganization bankruptcy. Typically, Chapter 13 bankruptcy is for debtors who can afford to make monthly payments to get caught up on missed mortgage or car payments or pay off nondischargeable debts such as alimony or child support arrears.
How do I find a reputable credit counselor?
Most credit counselors offer services through local offices, online, or on the telephone. You can find a list of approved credit counselors online.
Once you've developed a list of potential counseling agencies, check them out with your State Attorney General’s office, and local consumer protection agency.
Finally, ask the credit counseling agency for free information about their services and what they provide.A reputable credit counseling agency should be willing to send you free information about itself and the services it provides without requiring you to provide any details about your situation. If a service doesn’t do that, consider it a red flag and go elsewhere for help.
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