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Archive for August, 2009

Q: I’m thinking about filing bankruptcy. How do you think this will affect my credit when buying a home? Do you think the credit is affected more when taking 7 years to pay off old debt or to file bankruptcy and start rebuilding credit right away?

A: Well, that’s a tricky question. It really depends on how long you have had the collections or negative items (old debt). If they are very recent then I would recommend doing the bankruptcy then fighting everything with some aggressive credit repair.

Otherwise if the items are pretty old and haven’t refreshed their information in awhile it may be better to just fight them right now with credit repair and create a plan to get everything paid off over a period of time. Also, it would depend on how much you owe. If you owe enough that it would take 5 – 7 years to pay everything off…vs. a bankruptcy that could wipe everything out in 3 – 6 months…then I think it’s more clear on what to do.

Also, go to www.KentonBecker.com/creditrepair to take a look at the new credit repair attorney that we are working with. He has an average credit score increase of 127 points in 3-6 months!

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