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Q:  Is there life after bad debt?

A:  Does life truly begin at 40?  I guess the answer to a life after bad debt question will depend on a few scenarios.  Here are a few things to keep in mind when your credit report will reflect changes when you fix your bad debts.

  • If you complete a debt relief program. Going through a debt relief program will damage your credit standing if it hasn’t already been due to non payment.  This will stay on your credit report for the next seven years from the date you stopped paying.  Though you can seek credit repair after your program, credit repair can only wash out accounts that have certain anomalies or inaccurate information.  the best way to push this down on your report is to re-establish new revolving credit but make sure not to get carried away.
  • If you filed Bankruptcy Chapter 7. As true as it may seem, Chapter 7 Bankruptcy will wipe out any and most unsecured debts from your credit report.  You can include lawsuits, judgments and any debts not listed on your credit report.  If you fail to include any debts and they are not discharged, the creditor can continue to collect on the debt even after the Discharge date from the court.  You may not include student loans and government debts in Chapter 7.  Any debts discharged from your credit report will state that it was discharged through Chapter 7.  Your credit report will also show the date of the Bankruptcy filing and when discharged.  Count 7 years from discharge date before it leaves your credit report. It’s like breaking a mirror.  7 years of bad luck they say.  However, you may be able to re-establish credit a year or two after the Bankruptcy discharge date and you will be able to get subprime loans meaning a bit higher interest.
  • If you filed Bankruptcy Chapter 13. Chapter 13 Bankruptcy will put you on a payment plan for a percentage or the full amount of what you owe depending on how solvent you are.  This means you will have to finish the payment plan set to you by the court before your debts are discharged and then you can start counting 7 years.  The process after the discharge date will be the same as Chapter 7 in order to recover and re-establish credit.

Ating lesson, Kung angbuhay ay weather, weather lang, panonaangbuhaypagkatapos ng utang?

If you need help in getting out of debt, call Debt Aid Consulting.  We help with Credit Repair while and after your program.  We do not use call centers which keeps your information safe.  We have a new program that reconstruct debts for half of what you would pay our competitors.  We also provide legal assistance that keeps collectors away.  We take Federal Credit Unions, Payday loans and high interest personal loans in our program too.  This is exclusively available for Debt Aid Consulting clients.  None of our competitors provide this program.  You are well protected.

We only provide Federal Trade Commission compliant programs.  Debt relief companies who charge non refundable upfront fees are in violation of the ban.  Go with Debt Aid Consulting!

Do not fall for marketing gimmicks saying that they have the right program for you.  Most marketing companies only have one program and will enroll you in that program whether it fits you or not.  So beware!

Ben Lou at your service!  I have over 30 years of real financial experience.  If you would like sound financial advice, call us at Debt Aid Consulting.  We do not use call centers like Financial Rescue.  No one has the right to put your information at risk.  Say no to LLC corporations in Canada!  Debt Aid Consulting is the first and only Filipino debt restructuring company incorporated in the US and Canada.

Now serving the Caribbean Islands!

Tawagnaposa 1-888-341-5234 at tutulunganponamin kayo.