A common question is, “how do I rebuild my credit?” The first step to rebuilding is taking care of your past due debt. Every late payment, co-signed mishap and judgment affects your credit. If you leave untreated, you could face a wage garnishment, judgment lien and a large hole to dig out of.
Debt settlement and payment plans do not work for everyone. In order to settle, you usually need savings to do so. Creditors will work with you if you can pay them in full, quickly. You could be better in a bankruptcy with Peter Francis Geraci and Geraci Law.
A Chapter 7 bankruptcy eliminates your debt and a Chapter 13 consolidates. In a Chapter 13, you can pay back what you can afford to pay. Upon discharge (of either Chapter 7 or Chapter 13) you have a fresh start!
What you do with this fresh start can help determine how quickly you rebuild. You should save money, make payments on time (on car notes, mortgages, etc.) and reestablish a payment history. You no longer need to rely on credit and can live within your means.
You can take the first step to becoming debt free by calling us. If you are looking for additional information about credit, please watch the free counseling video by clicking the link below.