The Truth About Bankruptcy

by Mar 15, 2021

In a bid to avoid bankruptcy, you tried to cut back on the way you spend. You sold stuff to settle debts. You changed the type of food you eat. However, despite everything, you would still have to file bankruptcy.

To prevent this, you should sell your properties at their highest market value. You shouldn’t be too desperate to accept cheap offers. In case you want to sell your home, you should only sell to credible home buyers that will buy your home fast. At RC Property Group, LLC, we already understand your financial struggles and that you need a large amount of cash for your home to help you out of your current condition. You don’t even have to spend extra money repairing the house; we will buy in as-is condition, and you will get the right price for your home.

Facing bankruptcy at any point in life is always emotionally challenging and stressful. At times, it’s just inevitable. It requires serious thought, and we don’t want you to have surprises along the process. Below are some things you need to know before you start the unwanted bankruptcy journey.

What Is Bankruptcy?

Bankruptcy is simply understood as a court proceeding where you tell a judge you won’t be able to pay up your debts. After this confession, the judge and court trustee will examine your assets and liabilities to decide whether to discharge those debts. If the courts find out that you truly don’t have any means to pay back your debt, you declare bankruptcy.

Bankruptcy cancels a lot of your debt, but not all of them. Although when you declare bankruptcy, you will not be allowed to borrow money and will stop returning any money to your lender. It can also stop the foreclosure on your home, repossession of property, or garnishment of your wages.

Even after you’ve declared bankruptcy, the court can order you to pay back certain debts. Each bankruptcy case is unique, and only a court can decide the details of your own case.

about Bankruptcy

Types Of Bankruptcy

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Chapter 13

Chapter 13 means that the court approves a refunding plan to pay back all or some of your debts over three to five years. You get to keep your assets and given time to bring your mortgage up to date, although you have to strictly follow the refunding plan laid by the court. This type of bankruptcy stays on your credit report for a duration of seven years.
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Chapter 7

Chapter 7 means that the court sells all your assets for cash so that you can pay back some of your debts. In a case like this, it is best to sell your property to us at RC Property Group, LLC. No realtors, no commissions, no hidden fees, and no repairs. We will purchase your home directly at the highest possible rate so that you can be relieved of bankruptcy.

What Are The Consequences Of Filing Bankruptcy?

This means that your name and other personal information are available to anyone who wishes to look at them in the court records.
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Your Bankruptcy Becomes Public Domain

This means that your name and other personal information are available to anyone who wishes to look at them in the court records.
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Filing For Bankruptcy Is Expensive

The filing fee for both chapter 13 and chapter 7 is no less than $300. Taking the attorney fees into consideration, the required fee increases.
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Buying A Home Will Be More Complicated

Unless you are paying, it can take up to 4 years to qualify for a mortgage loan.

What Should I Do Before I File For Bankruptcy?

  • Organize your paperwork
  • Explore options
  • Try financial coaching
  • Get professional help

How RC Property Group Can Help You Mitigate Your Bankruptcy Situation!

Facing bankruptcy can be a terrible experience, but not a death sentence. A lot of times, the bankruptcy court will ask you to put all your houses for sale to settle your debt. However, working with RC Property Group, LLC, is the best decision for you at a difficult time like this.

We understand your condition and are ready to help you. We can purchase your home directly, make you an all-cash offer (often within 24 hours). You can be sure of a hassle-free transaction when you work with us so that you can move on to live the best life that you deserve.

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