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Going Bankrupt, Keep your Credit

Going Bankrupt, Keep your Credit

There are several ways to keep your credit while going into bankruptcy. Let's use a typical example of a W2 employee with a total loss of revenues or lower revenue due to loss of employment. This example is consistent with most of my readers and therefore will be the first in a series of reviews. The process of keeping your credit cards and credit becomes more difficult when you have a mortgage. This will only work for those who have regained at least some of their revenue through new employment or a reduction of their mortgage that can be paid on time. It is not the reduction of the mortgage that makes the difference. Paying your bills on time is what makes the difference.

W2 Employee Bankrupt Plan1

A W2 employee going bankrupt is essentially a person who has lost their job and is unable to pay their bills. This is a strategic plan for W2 employees to relieve some of their credit card burden while maintaining credit. This plan will work best if your income has dropped or regained employment with less revenue. This plan is a strategic move to maintain credit. This plan will not work unless you already have credit now and an income to cover mortgage payments on time. Make a plan to pay at least three credit cards. Plan on paying at least 3 revolving charge cards and I will show you haw to save your home.

Plan on Paying at Least 3 Revolving Charge Cards

Make a plan for maintaining your credit while the bankruptcy goes through. Keep it in your mind to pay at least three revolving charge cards. That is the key, your ability to pay at least three revolving credit cards on time. It is incorrect to believe that you need to charge off everything in the bankruptcy. You can relieve your self from the larger debts while maintaining some of the smaller ones to keep your credit. The bankruptcy will certainly relieve you of charge-offs on your credit report. Be sure to keep the credit cards that can be paid on time and get rid of the others in the bankruptcy.

Loss-Mitigation vs MAPS

If you can not reduce your mortgage payment through the normal Loss-Mitigation procedure, use MAPS to sell your house and buy another house with a smaller mortgage payment. MAPS, means Mortgage Assignment Profits System. The MAPS system is used to sell un-sellable homes by assigning the mortgage to another buyer. The MAPS process is beyond the scope of this article. Used correctly, the MAPS strategy can completely eliminate your need to go bankrupt, and even make you a profit. Please do your due diligence.

Keep Your Credit and Invest in Another Home

I am used this technique as a loan officer. I closed a mortgage loan for a client the day after he went bankrupt. We used a very strategic maneuver to keep his credit score of 650. We set up to close on another investment home the day right after he went bankrupt. Fewer underwriters these days will go along with this sort of thing. This strategy will not work if you can not pay your existing mortgage on time, or transfer liability over to another buyer. I recommend using the MAPS strategy for those who have completely lost their income. You can assign your existing mortgage payments to another buyer. You can then keep a hefty deposit and apply it to the purchase of a new house. You do not have to pay taxes on that deposit money because you are applying it to a primary residential property. This will allow you to keep your new home, and go bankrupt on the old house, if necessary.

Plan Your Bankruptcy

You should plan on going bankrupt and have an exit strategy that keeps you ahead of the game. There is a due on sale clause within your lenders contract that would normally prevent you from assigning your mortgage to another buyer. So what, would you rather go bankrupt or start taking control of your own future. Planning for bankruptcy these days can be as good as making a wise investment. Using this strategy in conjunction with MAPS can make you a more financially secure person. You can use this strategy to plan for bankruptcy and make a profit all at he same time.

 

Learn how to go from bankruptcy to perfect credit in 90 days.

About the Author

MY BIO

I have over twenty years lender broker and creative real estate acquisition experience. I was also a loan officer for Nova Star before they went under.

These are my related websites for this article.

http://www.jplenterprises.com http://jplenterprises.blogspot.com http://jplfinancial.blogspot.com

Mortal Kombat Story Mode Chapter 11 Kung Lao (Part 1/2)


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