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Bankruptcy Removal

We remove bankruptcies and raise your credit scores

Can I Remove a Bankruptcy and Public Records From My Credit Report?

The answer is yes.

Removing a bankruptcy and public records such as civil judgements, and tax liens may seem difficult to do but bankruptcies can be removed from your credit. The credit bureaus will lie to you and say that the federal bankruptcy courts have placed the bankruptcy on your credit file and that it cannot be removed. The real truth is that the federal bankruptcy courts absolutely in no way report their information to the credit bureaus. They do not have any alliance with the the bureaus meaning they do not execute any business with the bureaus.

Credit bureaus verify civil judgments and other public records the name, address and last four digits of your social security number only which is why they report so many mistakes. They also use a third-party database company that specializes in public records called Lexis-Nexis. This means any consumer can pull up a bankruptcy to obtain a copy of your Lexis Nexis report simply by making a request by mail to Lexis-Nexis. All three major credit bureaus use agents who work for outside companies to check multiple systems daily to see who has filed a bankruptcy.

Click here to book a free consultation and remove a bankruptcy from your credit report for only $499.99

Address For Lexis Nexis To Request Bankruptcy Petition:

Lexis-Nexis,
100 S. Fifth Avenue, Suite 300
Minneapolis, MN 55402

Click here to book a free consultation and remove a bankruptcy from your credit report for only $499.99

What is a Bankruptcy?

A Bankruptcy is the forgiveness of the debt which essentially makes the majority of all collection efforts illegal after a bankruptcy is filed.  In essence its a fresh start on a new budget. When a bankruptcy is filed the persona filing the debt keeps what is necessary to start fresh. The Debtor can lose property or any luxuries he does not need to start over and he or she abolishes the debt they didn’t need.

The debtor have a fresh start and a second chance financially at life. As long as the debtor has followed the required rules all is forgiven. It is important to follow the specific rules to get the discharge an if not you wont be able to get the disch arge. Filing Bankruptcy may seem simple but it important to understand what you can and cannot keep based on your current finances. A Bankruptcy petition is fundamentally a cash flow statement or family budget that shows your monthly income and expenses. You will have to put together a balance sheet that documents your list of assets and liabilities and a statement of your past transactions and financial affairs.

What can happen if your bankruptcy is not planned correctly?

A. It can create hours of work to correct causing unnecessary expense and waste time

B. It can create the Debtor to lose property by failing to remove judicial liens, etc.

C. It can cause the Debtor to spend years following the wrong strategy to eliminate debt

D. It can create an unsuccessful affordable budget to present to the judge.

What is a Debt Settlement or Other Options VS. Filing a Bankruptcy?

A debt settlement is not a bargain deal and will do just as much damage to your credit score as Bankruptcy. Very few people have had success with debt settlements as it only benefits the debt collector and ruins your credit causes you to spend money that you probably cannot afford. Now all you have is less money and bad credit which makes it harder for you to make money.

Filing a Chapter 13 also has a very high failure rate.

If most of a Chapter 13 plan is completed you may get an early hardship discharge. Another option is converting to a Chapter 7 or temporarily suspending payment plans but there are no options with debt settlements as you must complete the settlement agreement or you return to owing the entire amount owed.

Click here to book a free consultation and remove a bankruptcy from your credit report for only $499.99

Complications with Filing a Bankruptcy

A:  Debt settlement companies will file a bankruptcy and then your money is lost. They will file as nonprofit or charity agencies after paying millions to corporate officers who ran the charity.

B. Your credit is ruined for 7 years in both situations whether you file a bankruptcy or settlement and you will need to repair your credit after paying all that money.

C. You cannot make a creditor to accept partial payments  with a debt settlement but creditors have to accept a court approved Bankruptcy plan. A bankruptcy has the power of a the federal courts like redemption which allow you to buy your car and personal properties from the bank. Only a bankruptcy has the power to destroy debts and allow you to restructure. Some state laws allow the credit card to take the payment and sue anyway due to a lack of consideration.

D. A Chapter 13 plan requires you to pay all of your disposable income. This could be less than 10% for unsecured creditors and debt management or debt settlement plans require at least a 50% repayment whether you can afford it or not. Most Chapter 7 cases repay 0%. A bankruptcy will cost less, allow you to repay as little as 10% or less to creditors and take less time. Consult an attorney if you are likely to lose property.

E. Debt Settlement is taxed as income for the amount of the debt which is blocked. Banks turn in  the 1099 to the IRS for the amount owed is  forgiven. If a bank agrees to charge off $200,000, you will repay about $80,000 in taxes for the $200,000 of debt forgiveness just as if you earned the $200,000 in ordinary income. Bankruptcies do not cause a tax problem as you can consult with an accountant.  The only guaranteed way to avoid tax from a short sale or debt settlement 1099 is to file a Bankruptcy. Even if the mortgage company agrees to dismiss the debt as a settled debt they will 1099 the loss and the IRS will most likely issue an assessment.

F. Debt Settlement companies pay themselves high fees from the minute they receive payment. These fees are normally non refundable.

What to Do if You Have a Bankruptcy?

If you had a bankruptcy, check your credit report  for accuracy. The majority of credit reports are inaccurate for people who had a bankruptcy and typically the accounts that were included in the petition still report as open. This destroys your credit so it is imperative to get this negative information removed and deleted from your credit report.

Click here to book a free consultation and remove a bankruptcy from your credit report for only $499.99

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