Hey Guys, Kevin here with Family Credit Repair. And today we’re going to briefly talk about credit repair verses a bankruptcy.
When weighing your options of trying to decide if you should fix your bad credit or declare bankruptcy, here are three basic guidelines that can help.
One: What is your real financial situation? Most debt issues can be settled and fixed using credit repair. But for all the other issues, a common rule of thumb is, if you owe more than 3 years of your income, you may want to consider declaring a bankruptcy.
Two: What will your living situation be like and are you prepared to rent? If you declare a bankruptcy, you won’t be able to purchase a home until about 2 or 3 years.
Three: If you file bankruptcy, it will stay on your credit reports up to 10 years as a black mark. Which can end up costing you 10s of thousands of dollars.
As with all major financial decisions, it’s always recommended to have a professional look at your credit and help you make the best decision for you and your situation.
But no matter what happens, don’t let the stress of debt, control your life. You have options and our credit consultants are here to help.
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Have a great day