Bankruptcy can be an option for a fresh start if you're swimming in debt. However, bankruptcies sink your credit and stay on for up to 10 years. Luckily, there are alternatives to bankruptcy. The easiest option? Identifying & disputing errors w/help from a pro like Credit Glory.
Why might bankruptcy be an option (& what does it mean for your credit)?
Debt can be overwhelming, and if you're looking for a fresh start financially, bankruptcy might be an option. The most common forms of bankruptcy are ch 7 & ch 13. Ch 7 (also known as liquidation) clears some — & potentially all — debt from your name, but you have to hand over some assets. Ch 13 gets rid of some of your debt but lets you keep your property.
While bankruptcy might sound like a solution to debt trouble, keep in mind it hurts your credit. Bankruptcies sink your credit score by more than 100 points & stay on for up to 10 years! Poor credit makes qualifying for loans and new lines of credit difficult. Often the only ones available have expensive, high-interest rates. Luckily, you have other options.
Better alternatives to bankruptcy
While bankruptcy might seem like your only option for dealing with debt, there are alternatives.
- Negotiate a settlement - In some cases, you may be able to negotiate a settlement with the debt collector. Debt settlement agreements often allow you to make a lump-sum payment in return for settling the debt. However, it shows up on your credit report that the debt was not paid in full — which hurts your score.
- Verify the debt - Debt records aren't always accurate — and you don't want to be stuck with a debt that isn't yours. Having the debt verified is essential. Not only does the collection agency have to provide proof it's yours, but if they don't, you can dispute it.
- Dispute the debt - If there's no evidence proving the debt is yours, you can dispute it. Sending a dispute letter to credit bureaus with evidence for your claim to get it removed. An easier alternative is having a credit repair company (like Credit Glory) dispute it for you.
Bottom line (& next steps)
While you can check your credit, look for errors, and dispute them yourself, it takes time (& hard work). Looking for an easier alternative? Consider working with a credit repair expert — like Credit Glory. They do the work for you, so you don't have to.
Why repair your credit w/Credit Glory vs DIY?
Removing inaccurate negative items helps improve your credit (& boost your score). DIY credit repair is a headache. Partnering w/Credit Glory is often a simpler alternative. Why?
- Easier - Making a mistake disputing DIY costs you. Credit Glory helps you build a strong case for disputing inaccurate collections (& boosting your score).
- Saves you money - An unsuccessful dispute leaves you stuck with debt (& poor credit). Credit Glory helps you boost your score — which means saving money on loans (& interest rates).
- Top-class customer support - Credit Glory has best-in-class customer service to answer questions and keep you updated. Credit Glory even offers an industry-leading 100% money-back guarantee (if no errors are removed in the first 90 days).
Start building your credit (& boost your score) w/help from Credit Glory
Disputing negative items on your credit report is hard work! It takes a lot of time, effort, organization, and follow up. The good news? Our team of credit repair professionals is here to simplify everything! Let your dedicated credit repair expert relieve you of the stress, hassle, and time needed to fight your inaccuracies and boost your credit score (FAST!)
Credit Glory is a credit repair company that empowers consumers with the opportunity and knowledge to reach their financial dreams in 2021 and beyond.
Call us at (855) 938-3044 or set up a consultation to get started, today!
Get Your Bankruptcy Removed Professionally
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (833) 766-4803 or setup a consultation with them. They also happen to have incredible customer service.
Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.