Have you found yourself in a financial hardship? Are you thinking about filing for bankruptcy to wipe out credit card debt, medical bills or other debts? You are not alone. In 2016 there were almost 800,000 bankruptcy filings. Nearly 50,000 of which were in the state of Georgia. If you are considering bankruptcy you may feel that you have few to no options for preventing this from happening but there is hope. Selling your home quickly for CASH could prevent you from having to file bankruptcy.Filing for bankruptcy is an incredibly difficult decision to make. While it does provide a clean slate for many to get a fresh start, it does not come without severe consequences. If you are considering bankruptcy you have likely started to research how the process works and what the consequences are.
Types of Bankruptcy
There are two types of bankruptcy filings: chapter 7 and chapter 13. Chapter 7 bankruptcy is a liquidation filing which dissolves all debts from things like mortgage loans, medical bills and credit card debts. One must qualify for this filing, however, by passing the bankruptcy means test. This is done in one of two ways. Either your income falls below the average income for a household of your size in your state or, if it is higher, an average of your income for the six months prior to you filing bankruptcy is taken and then certain monthly expenses are deducted with the remainder being your “disposable income”. A court appointed trustee will then decide, based on this number, whether you can file under chapter 7. The higher this number is, the less likely you will be able to file chapter 7.
Chapter 13 bankruptcy is a reorganization filing which allows you to repay a portion of your debts over a 3-5-year period. A court appointed trustee works with you to set up a monthly repayment plan and strict budget that he/she will also monitor over the entirety of the repayment period.
Cost of BankruptcyFiling for bankruptcy can be quite costly. Some individuals may qualify for fee waivers or free legal advice but, if not, filing can cost anywhere between $0 and $2,500. Click here to see a detailed breakdown of filing costs.
Consequences of Filing Bankruptcy
While there are benefits of filing bankruptcy, there are also consequences. It does provide those with crushing debts a way to move on. Filing bankruptcy, however, is one of the most detrimental things for your credit score. A report of bankruptcy will remain on your credit report for 7-10 years and significantly lower your overall score. This can make purchasing things like a car or home extremely difficult if not impossible because creditors will be hesitant to extend credit or loan money to someone with a history of non-repayment of a previous loan.
We Can Help Prevent the Need to File Bankruptcy!
A common source of unpaid debt for many considering bankruptcy is their home mortgage. Whether you have been late with payments, missed payments all together, or simply know that you will be unable to make payments in the near future, we at Emmaus Property Investments, LLC can help. We can buy your property and eliminate a huge source of secured debt, allowing you to redirect the money you would spend on a mortgage payment to another source of debt. This could be a lifesaver, especially if you are facing foreclosure. We have the ability to buy properties in any condition and, in some cases, may even cover some of your moving expenses. We can evaluate your property and give you an absolutely no obligation cash offer the same day. Once an agreed sale price is decided, we can close in as little as 7-10 days, preventing you from missing any more payments. Selling your house to a real estate investment company may be an option to help prevent the need to file bankruptcy. We also cover all closing costs and commissions eliminating your need to pay anything out of pocket at closing.
It’s only one simple phone call that could prevent 7-10 years of life altering financial consequences.
Don’t hesitate, call us today!