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HomeBlog BlogDo You Want The World To Know You’ve Had A Bankruptcy?
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Do You Want The World To Know You’ve Had A Bankruptcy?

November 27, 2012 by National Debt Relief

Panicked looking man with tie askew and coat half offIf you’re reading this article, you’re probably having a problem with debt – and maybe a very big problem. Maybe your credit card debts have gotten out of control or you’re facing a huge mound of medical bills. You might be in trouble with several credit card providers and personal loan companies. But none of this really matters. You want to get out of debt and you’re thinking about declaring bankruptcy.

It’s not an ultimate solution

You may have seen ads were you could get a bankruptcy done for $400 or $500. Many of them promise to get you debt free, a new start, a fresh start and so on. Don’t believe these ads. While a bankruptcy will discharge many of your debts, it cannot discharge all of them. In fact, it cannot even get rid of all of your unsecured debts.

What a bankruptcy can and cannot do

Most people who declare bankruptcy choose a chapter 7 bankruptcy. It is a “liquidation” bankruptcy as its purpose is to liquidate your assets to raise money to pay off your creditors. A chapter 7 will eliminate credit card debts, medical bills and most personal loans. However, it will not get rid of student loans, past taxes owed to the state or federal government or child support and alimony.

What you can and cannot keep

As mentioned above, the purpose of a chapter 7 bankruptcy is for your assets to be liquidated so that your creditors can be paid. However, there are some assets that are protected from liquidation. You should be allowed to keep your home, your automobile, any tools required in your job, your retirement fund and your personal possessions, including your furniture.

However, there are caveats. In most states, you are allowed to keep the equity in your house so long as it is not more than $50,000. You may also be allowed to keep $3,000 of equity in your automobile or $6,000 if you and your spouse jointly file for bankruptcy. What happens if you have, say, $100,000 in equity in your home? Then the bankruptcy judge or referee could order your house to be sold so that you would be basically out in the street.

Treasured possessions

If you choose a chapter 7 bankruptcy, you could also lose your most treasured possessions. That could be jewelry you inherited from your parents, a boat, motorcycle, a travel trailer or your collection of rare coins or vintage recordings.

The whole world will know

One of the worst things about declaring bankruptcy is that it will be a public record. Anyone who wants to know about your history, including potential employers, mortgage companies, finance companies and the like will be able to see that you have had a bankruptcy. Some employers simply will not hire people who have had a bankruptcy as they believe this reflects poorly on their character.

10 long years

In addition to being a public record, a bankruptcy will stay in your credit report for 10 years. You may have a very hard time getting a new mortgage or buying an automobile for the first few years and it could come back to haunt you eight or nine years later. You will probably be inundated with offers for credit cards just a few weeks after you complete your bankruptcy but these will be cards that come with incredibly high interest rates.

Try debt settlement instead

Debt settlement is a good alternative to filing for bankruptcy because it can get your balances and interest rates reduced and will not have as serious an effect on your credit report as would a bankruptcy. We can contact your creditors and negotiate settlements that will probably save you thousands of dollars. We can also help you with a payment plan that will enable you to become debt free in 24 to 48 months. Call our toll-free number today for more information about debt settlement. It could be just the answer you’ve been hoping for.

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National Debt Relief
National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
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"When I first decided to go with National Debt Relief and I..."

Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/17/2021 Charlotte: Our call may be recorded. What actually made you decide to work with our National Debt Relief as opposed to other providers? GLYNN: Well, when I first decided to go with them and I talked with the representative, I got a favorable impression of him. And since we've gone with him, we've had very good experience with them. Charlotte: Can you tell me about the program that our National Debt Relief signed you up for? GLYNN: It's a debt consolidation program. Took our credit cards and then working to pay them off. So far, they paid one of my wife's off and one from me. Took the harassing phone calls that we were getting and got them to stop and got creditors to wait on their payments so we could get money to pay them. Charlotte: What did you think about the enrollment process you went through? GLYNN: Enrollment process? Well, it was, I guess... Charlotte: Like how easy or difficult did you find the enrollment process to be? GLYNN: It was no [unclear 0:02:52], just what we could do, and looking at our financial situation, what we was able to do. It's just that, mainly, I was the point where I was fixing to go bankrupt and I didn't want to do that. And this was a way to, I guess, not to go bankrupt. But it still left that option open. Charlotte: In what ways would you say that this program has worked for you? GLYNN: Well, I guess the biggest thing is it stopped the harassing phone calls that we have been getting sometimes five or six times from the same creditor a day. It gave us an opportunity of being able to, I guess, set up a fund that we can use to eventually pay off our credit cards and our debts. Charlotte: About how far would you say that you were in at this point? GLYNN: At the time we signed up? Charlotte: At this point right now. About how far are you in the program? GLYNN: Well, it's, [0:05:00] I guess, about -- I would say I think I was like nine months. And like I say, they were able to pay off one of my wife's credit cards and are working on another one and was able to pay off one of my credit cards, and hopefully be able to pay off another one. Charlotte: Walk me through the interaction with your National Debt Relief negotiator. Give me a little insight on what that experience was like with that representative. GLYNN: Well, he helped us go through and get signed up on a program. He helped us with the getting, I guess, a financial report to establish a savings account to be able to use to start paying our debts off. We didn't know what to do or how to go about doing it. Charlotte: Is there anything about your National Debt Relief negotiator that really stood out and impressed you at all? GLYNN: Yeah, his manner and I guess he was polite and he didn't put down on us. And he led us and showed us the direction we need to go. Charlotte: Is there anything about this process that you would have liked to have seen handled differently? GLYNN: No, not really. Charlotte: If you had to rate this experience on a scale of one to five, and five is that you would recommend to friends and one is you were pretty dissatisfied, how would you rate it? GLYNN: I would rate it at a 5. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? They just like to know what their customers felt about... GLYNN: If you think they're good enough to post. [chuckles] Charlotte: I will send over a link so that you can have it as a record for yourself also at glynncoates@gmail.com. How would you say that your life has been impacted by working with National Debt Relief? GLYNN: Well, it's taken off a lot of the burden off that we were under. We was to the point of, "Just go ahead," and getting a lawyer to file bankruptcy. But this has given us an opportunity to pay some of our debtors back. We made the debts under good face and circumstances beyond our control, it got out of hand. And so, we were trying to -- we wanted to pay them back, [0:10:00] or as much as we can so that, I guess, more ease in our minds. Charlotte: If a friend or a family member were asking you about National Debt Relief, what would you tell them? GLYNN: I'd tell them if they was needing, that they were good to work with and they continued to try to help and work with us. Charlotte: Our call is recorded.

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Glynn Coates
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