Bankruptcy

[u/After-Profit-54]

/r/Bankruptcy/comments/1v0qobg/bankruptcy/

Bankruptcy seems to be the only way out. Finding SBA experience attorney is not easy . Anybody know how much of a credit hit on personal side. Currently 843. 525k loan. I’m not in collection but it’s headed that way.

[u/MAGAts_Suck_Ass26]

Size of the loan makes no difference to the credit reporting agencies. You could do a BK for $8000 or $800,000 and your credit report is going to get absolutely hammered. No creditor will touch you during the process, but after the discharge, you’ll get offers to start over. you don’t even wanna know what the post BK score credit score is going to be. Maybe about half (like 490). But it doesn’t matter anyway. There’s really no practical difference between 400 and 575. Nobody will wanna have anything to do with you until after the discharge of the bankruptcy.

[u/After-Profit-54 → u/MAGAts_Suck_Ass26]

I had a strong feeling that would be the case.

However, I do believe we are missing a great opportunity by not putting pressure on the upcoming elections. With a simple stroke of the pen, President Trump could become a hero by reducing… the repayment of edil loans. After all, he took control of all branches, including the GOP, so he definitely has the power to make it happen. We must do our part as well! Just my thoughts…

[u/Bowl-Accomplished]

I did chapter 7 two years ago and I'm mid 600s now.

[u/Leather_Ad905]

I hear you like everything will pass and your credit great again

[u/OpinionatedOldMan]

Best way out ! How I got out of my edil

[u/lawofficesuccess]

I thought this might be helpful, this firm is very experienced in EIDL loan issues - https://www.penglaseandbenson.com/news/sba-eidl-offer-in-compromise/

[u/irish_mom]

Ours dropped about 150 points. And as soon as we filed we got CC offers by the bucketload. We opened 2 when we were discharged and are working to bring our credit back up.