Many wonder what will be the effect of entering a structured debt relief program going forward. Before we get to the specifics, let me say that if you are looking at any one of these programs it means that you are suffering from debt oppression. So, before anything else, the most important thing you can do is to shake loose from the debt. Why are there so many different types of debt relief programs? Simple. Because everyone is different, and every debt problem is unique.
Here we go.
If you file a bankruptcy, Ch 7, which is really walking away from the debt and getting a fresh start, right now it will take two to three years before you can re-qualify for a mortgage.
If you want to purchase a car, you can almost do it immediately, depending on who you are dealing with.
If you do a short sale, the same rules as above apply. As an important note, there is now talk of shortening the waiting time and making it easier. For buying a car,same as above.
What about applying for that emergency credit card? You will begin to get credit card offers usually within 6 months of the event. They will be at a high interest rate, so tread carefully.
What about if you enter a debt settlement program? Chances are good that your credit is already negatively effected if you are entering a settlement program. As the debts are settled, your credit profile will begin to change.
If you are in a 4 year program that does not mean it will take 4 years to regain good credit. As each settlement is made there will slowly be an improvement.
You also need to know that credit restoration programs work. They can legally eliminate the negatives on your credit report in many cases.
If you are reading this and you need free counseling to help you decide what to do to eliminate your debt, here are phone numbers you can call for absolutely free debt relief advice.
Free Credit Counseling--- 877-766-2465
Student Loan Consolidation---877-766-2465
Free Ch-7 Bankruptcy Counseling-- 516-204-4640 (National Number)
Credit Restoration Counseling-888-586-2661 Inc.FREE Credit Report Review
Each of these numbers provides Free Counseling.
Yours Truly
Steven Ciantro
Consumer Advocate
American Debt Enders
Certified Credit Counselor
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Member National Association of Certified Credit Counselors
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877-766-2465
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Steven
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