If you’re drowning in debt, you might consider filing for Chapter 7 or Chapter 13 bankruptcy. While bankruptcy provides relief from creditors and can curb legal action, it has a long list of consequences. For example, filing for bankruptcy damages your credit score, making it nearly impossible to get a loan.
Are you thinking of filing for bankruptcy in Montgomery? Here are things to consider about home bankruptcy in Montgomery:
How Home Bankruptcy Can Impact Your Credit Score
Filing for bankruptcy can be detrimental to your credit score. Bankruptcy can decrease your credit score by up to 240 points, depending on your current score. Chapter 7 bankruptcy stays on your credit report for ten years, while Chapter 13 bankruptcy stays on your report for seven years. Once you have bankruptcy on your credit report, taking out loans and obtaining credit cards becomes incredibly difficult. You’ll have to slowly rebuild your credit through secured credit cards, credit-builder loans, and other tedious tactics to improve your score.
Unless you have no other option, filing for bankruptcy in Montgomery isn’t the best option if you want to keep your credit score intact. We buy houses in any condition, and we’ll make you a cash offer so you can avoid bankruptcy.
Repossession of Your Assets in Home Bankruptcy
Once you file for home bankruptcy, your assets are at the mercy of credits and local legislation. Creditors can repossess your assets in bankruptcy if you use the assets as collateral for a loan. These assets are called “nonexempt” and include homes, cars, investment properties, and furniture. However, you may be able to keep your primary residence or preserve its equity if you qualify for a property exemption. There are also a few exemptions for household goods, vehicles, and personal items. If you’re facing legal issues and are considering bankruptcy, selling your home for a cash offer is an excellent idea.
Considering Bankruptcy? Sell Your Home to a Cash Buyer
Are you facing bankruptcy in Alabama? If so, you’ve come to the right place. RHED Key Properties is the number one source of cash home offers in Alabama. We will give you a cash offer within a few days (or sooner) for your house, making it a breeze to sell your house in Alabama. Moreover, there are zero fees to sell your home, and you can sell your home as is. There’s no need for expensive repairs, hosting open houses, or staging the home. We ask a few basic questions about your home, and after we have the necessary information, we’ll make an offer!
RHED Key Properties Will Make a Cash Offer for Your Home
We have made dozens of cash offers in Alabama, and we’re ready to make an offer for your home next. Here at RHED Key, we buy all types of properties in Alabama, including homes with liens and inherited property. When you sell a home to RHED Key, you can get cash in your hand quickly, which keeps you from having to file for bankruptcy. Our offer helps you get back on your feet and avoid bankruptcy’s long-term consequences. Get in touch with us today to get an offer for your home in Alabama.
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