Credit Repair Services Help in Dealing With Bankruptcy
Bankruptcy is one of the biggest factors that can significantly drop your credit score. It can fling your score directly from 600 to 400 and even more. This number is devastating enough to ruin any individual's life, who might even find it difficult to get a loan.
You can look for credit repair services to rebuild your credit score in case of bankruptcy, but make sure you get the services of the best credit repair company. Recovering from the damage of bankruptcy is not an easy task in any scenario.
Credit Repair Services: Types of Bankruptcy
To make matters worse, you should know that are two types of bankruptcy:
Liquidation Bankruptcy or Chapter 7 Bankruptcy
In this type of bankruptcy, your trustee pays the creditor by selling all your eligible assets that meet the bankruptcy code. Liquidation Bankruptcy remains on your credit report for a long period of ten years or unless your debt is discharged.
Reorganization Bankruptcy or Chapter 13 Bankruptcy
Another type of Bankruptcy in which credit repair services help entrepreneurs is reorganization bankruptcy. In this type of bankruptcy, one's assets are not sold, perhaps he is ordered a repayment plan to follow. It can remain on your credit report for seven long years.
What Can You Do In Case of Bankruptcy?
Your first step should be to contact a bankruptcy trustee and file an official bankruptcy report. Your trustee can help you with further protocol. Next, you have to deal with the stain of bankruptcy on your credit report. If you think bankruptcy is the worst that can happen to your credit score, then you are wrong.
It is still better than the accumulation of debts, which means a constant decrease in your credit score. To recover your credit from serious cases of bankruptcy, we suggest you to get in touch with Moving Forward in Lifestyle.
About Moving Forward in Lifestyle
Moving Forward in Lifestyle provides the most reliable credit repair services in the nation and has all the technical know-how of the involved legalities. Our experts help you raise your credit score by disputing the delinquencies like late-payment, charge-offs, inquiries, bankruptcies, and more. Get in touch with us now to clean up your credit report.
