While struggling with debt your credit can be affected as well. For many Americans, rebuilding their credit is just as important as paying off debt. WSFL Trusted Advisor Chad Van Horn, from Van Horn Law Group, has tips on how to recover from debt while repairing your credit.
Van Horn says a popular option right now is filing for chapter 7 discharge to clear credit card and medical debt. This gives you a fresh start to start building on. You can be done with the process in about 3 months, and then it will take about 12 to 18 months to rebuild your credit.
Another option that allows you to keep all your assets is a chapter 13 reorganization, he says. Under this option, you'll be making smaller payments, based on a payment plan, over a 36 to 60-month plan. Any debt left over after this will be discharged. This is good for things like car or mortgage payments you may have fallen behind on.
Debt negotiation is another option. The key to this is knowing what parameters exist when you're going into negotiations.
The law office can help people rebuild credit through https://www.720creditscore.com/
