How To Go Bankrupt While Saving Your Credit
How To Go Bankrupt While Saving Your Credit
There are a few ways to keep your credit while going bankrupt. I am going to use a typical example of a W2 employee with a complete lose of income or a downgrade of income for reason of bankruptcy. This example will fit the majority of my readers and so there for will be the first of a series of articles to come. The process of keeping your credit becomes trickier when you have a mortgage. This will only work for those who have regained at least some income, via new employment and a mortgage reduction that can be paid on time. It is not the mortgage reduction that makes the difference. Paying your mortgage on time is the important issues here.
W2 Bankrupt Strategy
A bankrupt W2 employee is essentially some one who has lost their job and as result is unable to pay their bills. There is a strategy for W2 employees to relieve some of their dept while keeping credit. This is a deliberate planning and a strategic maneuver for keeping your credit. This maneuver will only work if you already have credit and have some income to cover your mortgage payments on time and at least three revolving charge cards alive.
Pay At Least three Revolving Charge Cards
The key to this whole process of keeping your credit while going bankrupt lies in your ability to pay at least three revolving charge cards on time. It is erroneous information to believe that you have to charge off everything in order to go bankrupt. You can relieve your self of the larger credit card debt while keeping some of the smaller ones to keep your credit. The bankruptcy will completely relieve you of Charge-Offs on your credit report from unpaid credit card balances. Be sure to choose the credit cards that can be paid on time and illuminate those that can not in the bankruptcy.
Mortgage Reduction vs MAPS
If you are unable to reduce your mortgage payment through a normal Loss-Mitigation procedure, use MAPS to sell off your house quickly and buy another house with a smaller mortgage payment. MAPS, means Mortgage Assignment Profit System. The MAPS system is being used widely to sell off un-sellable homes by assigning the mortgage to another buyer. The MAPS process is beyond the scope of this Article. Used properly, the MAPS strategy can completely eliminate your need to go bankrupt and even make you a profit. Please do your due diligence.
Keep Credit and Buy Another House
I used this process as a loan officer. I closed a mortgage loan for a client the day after he went bankrupt. This was a very strategic maneuver to keep his 650 credit score and buy another house at the same time. Under writers these days will not go for this type of stuff. This strategy will not work for you if you can not pay your mortgage on time or assign it to another buyer. The best strategy is to use MAPS to unload your old house while you buy another one with smaller payments. This will allow you to keep your new home while going bankrupt for the old home, if required.
Planning For Bankruptcy
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, 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
http://www.jplenterprises.com, http://jplfinancial.blogspot.com, http://bit.ly/CreditSecretBible
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