Listen, we know you’re tired of climbing over mountains of debt, dodging collection calls and missing out on life because of poor credit? And we also know you’ve been trying your hardest to get your finances back on track.

But right now, you’re at a crossroad about a decision that has you suffering from sleepless nights and stressful days:

Should you repair your credit or file bankruptcy?

But after reading today’s blog post, you’ll be able to rest easy. Grab your pen and paper and keep moving down the page to uncover the pros and cons of each option so you can make the BEST decision for you and your family.

THE PROS AND CONS OF REPAIRING YOUR CREDIT

If your credit score is preventing you from qualifying for loans and securing better interest rates or your credit report is full of errors and old collections, credit repair may be right for you, especially if you’re still able to pay your bills every month.

Consider this:

Fact #1: Credit Repair Can Be a Lengthy Process

If you choose to repair your credit, the process can take at least a few months, if not longer. You may also have to go through several rounds of disputes with credit companies and agencies.

Fact #2: Unsecured Debt Can’t Strangle You Forever

After a certain amount of time (3 to 5 years in most states), you’re no longer obligated to pay a defaulted debt. In these situations, filing for bankruptcy is pointless. Check your state’s statute of limitation before opting for bankruptcy.

Fact #3: Credit Repair Can Get Your Life Back on Track

When done under the guidance of credit experts, credit repair can be a great way to get your life back on track. You’ll finally have the credit portfolio and finances to qualify for your dream home mortgage, a car loan and, most importantly, put more cash in your pockets by reducing the interest you pay. PLUS, it’ll end annoying calls from creditors.

THE PROS AND CONS OF FILING BANKRUPTCY

If you’re feeling overwhelmed by the amount of debt you have, aren’t able to keep up with payments and are constantly being chased down by collection agencies and creditors, then filing for bankruptcy may be an option for you.

Consider this:

Fact #1: Bankruptcy Can Severely Damage Your Credit Score

While it can provide relief by clearing out all debt, you are essentially erasing (or reducing) your credit history. Additionally, bankruptcy remains on your credit report anywhere from 7 to 10 years and can make it difficult to secure loans in the future.

Fact #2: Bankruptcy Will Stop Creditor Lawsuits and Garnishments

If you’re being faced with lawsuits from creditors over debts you owe, declaring bankruptcy can alleviate the stress that often comes from ?. Collection agencies and creditors are no longer allowed to call you, garnish your paycheck or continue suing.

Fact #3: Co-Signers May Still Have to Pay Up

If anyone previously co-signed for you on a loan, they may still be responsible for the debt depending on what type of bankruptcy you file. Keep this in mind before deciding on bankruptcy.

So, what’s the BEST move for you? The best thing to do is to arm yourself with ALL the facts about credit repair and bankruptcy so you have a full understanding of what to expect and how either choice can affect you immediately and in the future.

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Choosing to repair your credit or file bankruptcy can have a lasting effect on your finances and lifestyle. Because we don’t want you to jump into a decision you’ll regret later; we’re here to help you sort out the facts and take a deep dive into what makes the most sense for your situation.

Schedule your complimentary personal credit consultation today: www.flyycredit.com/consultation

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