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My graduates from my school being forts bad drop bags drop might drop bag drop drop.
You talked about FCO score, right, can you just explain the FIGHTO.
So FCO is fair Isaac credit company. They don't want to creates the whole score from all three viewers for you. They use the latest advantage. It will advantage ten vantage a that we're using that advantage ten. They use the latest vantage. So what is it? What is that? Because people might not know what So it's the way the scores created the data that's put into the score. So they don't pick every single like let's say your marketing spress card. Certain cards they pick up and they create
the score. So the department that's why I speak about department store card. They don't have your credit that much, So stay away from them, stay into the visa, the master guards and so forth. Those are the ones that create the scores for you. And then your payment history, how much new credit you have, utilization, that's all that's calculated to it.
Okay, okay, so all right, So as far as like, there's different factors that determine your credit score, right right, correct? What is some of the key fact is that people should be aware of.
One of the major factors I see this on everyone's credit report is utilization. Just like you were talking about. You know, you need to keep your utilization under thirty percent. Once you start hitting thirty one thirty two percent of that utilization, your score drops significantly and it takes two months two billion cycles for it to go up unless you call the bank, like you didn't ask them just to do a courtesy for you. A lot of people don't know how to do that, right or they don't
know they could do that. So one of them is keep the utilization very low thirty percent or below. Let's see, you have five cards and excuse me, and you instead of putting all the charges on one card, split it across three cards to keep it under thirty percent. Your score will stay high. Second thing is increase six increases a year. If you do more than that, your score
drops each increase two point five points. Right, and banks only give you what this the other banks give you you apply for in your scenario, if you do that now, it would have been hard for you to get all those cards, right because banks are tight on giving our credit. So banks won't give you what this the other banks will give you. So let's say you apply for City Bank or Chase today. You got to deny it. There's
an incre there. If a bank don't see a card open up, they're not going to extend your credit to you, right, So new credit.
All right, So thirty percent. So if you have ten thousand dollars in credit available, only use three thousand.
Correct.
That's pretty much.
Ah not with one last thing. Also, like if you're trying to build your score and you're in the six fifty, you're lingering around the six to fifty range. You shouldn't pay off your card in full every month because the bank needs to make the bank needs to make a little bit of interest off of you to report okay on your credit report. Correct, it's only until you're like a seven to fifty a highest score you can pay your card off in full because your score is already built.
But if you're in the six fifteen, you're trying to raise it, don't pay the card off.
Can you just explain that, because that's actually the first time I'm hearing that in detail.
Like, so you don't pay off the credit card on full every month like every other month. You could pay it off from the fall. Why not very well, because the bank wouldn't report okay on the credit report. On the slot that says okay, it'll say no data okay. No data is like no credit okay. So you had like trick the system that will make a little bit of interest off for you. Because remember the bank's in the business of making money, right, right, and that's why they charge these interest rates.
So they want to see that your valued customer over a period of time exactly, right. So if I have a thousand dollars and I matched out a thousand and I pay a thousand, that's not really showing anything.
Exactly, and that's not helping them to there, not making money. So there's no sentence. So I'm to report, okay, on the credit bord you have the report to have a zero balance, but you don't have that that okay, that green mark on your credit board is it is no data, okay. And then the way you see that is actually from the credit report from the viewers. You wouldn't see it on like a mortgage report or on your ownline report.
It's when you pull then actual report from the viewers is when you see that.
All right. All right, So now all right, so you got some framework and then you got some interesting stories to me and troub. But now we're gonna we're going to dive deep into the the to the world of credit and yeah, we're gonna hopefully drop some gyms that can say if you guys, a lot of time and money.
Depends the paths.
Get ready, all right, So now we're going to get into the part that most people aren't aware of on their credit card that are actually happening. But you know, when you make a late payment, or you miss a payment, or you miss a few there's something that's called a derogatory.
That's correct, that's god.
Could you want to explain the impact that that has and some examples of it.
Well, the derogatory session. Everyone has that on a credit report, right, So what do you make a late payment? And by the way, the way they report late payments these days have changed because back then right after thirty days the next day you were late. Now to give you a thirty day grace period. But if the payment is not made before five pm the twenty ninth of the next month, then you get reported the first thirty days. That's a derogatory,
right collections charge off. Let's say you had a credit card for five six years. You know you were paying for three four years, you ran into a hardship, you missed, you couldn't keep up with the payments anymore, you miss six months of payments, it gets charged off. That's a derogatory Public records lawsuits judgments to the loans follow on there as well. Yes, absolutely, because one here's the thing about student loans. Everyone keeps deferring the student loans and
that's actually you shouldn't be doing that. You should at least try to make some sort of payment plan with them. Because now one it affects your credit, your DTI because let's see, you think out six thousand, you defer it for five years. Now your loan is ten thousand. Now you're upside down with the loan one two your lay payments. Also, the report on the credit bord is the derolatory if
you miss the lay payment. So I don't suggest anyone try to put the payment in deferment for too long, but if you have to make sure you don't have a gap where it comes out of deferment and you're supposed to make a payment and go back into the deferment heed to avoid that.
Yeah, it's tough because I mean we covered it pretty extensively, Like we have millions of Americans that are trained industry, and it's like, you know, the first thing is like deferment, but it only lasts six to twelve months, right, and that that can affect you long term, right when it's time for you to now get the home like student loan payment as effected, you try to get the car student, right, they're going to see that on that derogatory.
Because they calculate the monthly payment into your income. Right. So let's say you know you only make I don't know, two thousand dollars a month or bi weekly whatever, and your monthly payments are all your expense including rent, food whatever, not that food, sorry, rent bills, credit cards, it's fifteen hundred. Now you add your student loans in there. Now you only have two hundred dollars left. How are you going to get get more extra? You aren't gonna come in,
you know. So it's a debt that you really don't want to carry with you, but we have to if you want to try to at least make some kind of payment towards it.
So what do the derogatories? Okay, so some of the common derogatory items are late payment.
Late payments, credit cards. Even I did a video about when you move out of your apartment, how to exit your apartment. Your Verizon bill, your contact is some bill, all that goes on your credit board. There's a way to shut everything off before you walk at that apartment so it doesn't travel. So what's the way that you So basically, make a checklist of everything that you have when you were living in an apartment, cable, phone, water
or whatever. A week before you move out, you're supposed to call those company and let them know you're leaving, to disconnect the service on this date and send you the bill. Right, a lot of people just walk out and leave everything the Verizon bill capabill. You're supposed to return those boxes. If you don't, you get triged. You're renting those boxes, you don't own them. That's a stupid way of having a debt on your credit report to
mess your credit up. Right, you can just return the boxes, play the final bill.
Right, Yeah, for sure?
So all right, So what the support serving?
Yeah?
What about taxling?
So taxling shows up on your credit but it was up to two years ago. They stopped reporting it, but it stays in the public record. So let's see applying for a mortgage, when they pull for your mortgage report, they put a Lexus nexus. Your taxis show up there, so it can affect you from getting the mortgage, but it's not in your credit report anymore, but it stays in public record. What's Lexus? Next? Is a company out
in Atlanta that carries all public record data for everyone. Okay, okay, for all the court system, bankruptcies, everything.
So what about credit card judgments? Of people have credit card judgments?
Oh, man, listen, that's a good topic. And how that happens. You know, Let's say you have a credit card. I go back to Chase because I did with them every day.
Right.
Let's say you have to Chase credit card for five years, three years, you paid it. After that you went into a harship. We can't paid no more and it went to collections and you didn't even pay it then, right before the statue limitation comes in, and every debt has a statue mutation, every state has a statue limitation. Right before the statute limitation ends, it goes to an attorney. They pick it up and o'bertaining a defaul judgment against you when you're wle for ten years.
So ten years, ten years, but it can be it can be wiped off all right, even if you so if you have the ten year judgment, it can still be like wiped off before that ten years.
Absolutely if it's resolved correct. If you don't resolve it, then it can reinue again.
How do you resolve it?
So you got to make an agreement with the judge, but not with the judgement attorney assume you they could either go back into the quarter and resolve it or resolve it over the phone. Make an agreements that I listen to. That's five thousand, you know, I can give you two thousand call it a day, all right, So death has to be resolved to resolved that that made me think about something because we let me keep it on the show.
Right.
So usually in our community, what happens is that you fall on the hard times, you don't pay your bills. They call you, and you don't answer the phone call. You try to ignore that.
But that's what that's that's what we're gonna do.
That's what that's how t do a judgment.
So start of it, all right, what's your advice for people that are doing that? Like I always tell people, you can't avoid problems. You have to face it right, So and then especially credit card companies, they'll work with you if you but people still mentally, I guess it's just nobody really wants to be embarrassed or they don't want to even kind of go through that if they know that they don't have the money to pay it. So you have, all right, you got yourself in a
bad situation. You can't pay your bill, you're laid on your bills? What what do you do? Like, what's the best is the thing?
That's funny we're talking about this A lot of people don't want to resolve to debt because they've been totally you don't have to pay it that back. It's going to disappear a lot of people. That's what a lot of people say. You know, oh, my friends, I don't want to pay it back. Is it true? Yes, you have to, right, but you have to answer the phone man like you can't. They'll work with you. They wanted to work at you.
This is I'm just the willing to work with your part is one hundred percent valid.
I have friends, and I mean personally, I've done it myself, like I've had I've seen my interest rate go up when I was in college to a point i was like, wait, oh, thirty thousand dollars.
I'm twenty one, right, and I'm like, I don't know what to do.
So I'm like I literally was listening to how I need to have and I promise you, and I heard Andree was talking about de consolidation and I called this company and I was like, all.
Right, well we'll do it.
And I did it, and like rather than paying at thirty right, they're the bankers are like, hey, can.
We get some money? Right?
So I'm like, all right, we agreed to an amount and I'm like, all right, I'll pay that off.
There's a difference between that consolidation debt settlement. Yeah, I am not into that consolidated. I don't think anyone should do it. And I'll tell you why. Once the debts charged off, you have to pay something, but not the full thing. The consumers don't know that the debt consolidating where they make you paid the whole debt over three years.
You kind of just paid it debt twice. Yeah, Well, because it went insurance paid it or wherever the bank resolved it, and that you paid the whole thing back again to the to the banks. It's once the deb's charged off, it's better to settle to them. Move on. You're five grand, we get that down to eighteen hundred. I would rather pay that and move on because your credit is still shot and you're not going to get the card back. Right, So I haven't paid twice.
Right, Yeah, I've seen people do it, like I've seen like like you just said, like, hey, I owe twenty listen, I have ten, right, and the bank is like, you know what, I'll take that ten rather than have nothing from you for the next five years.
So here's a trick behind a shot. Was talking about collection agencies and attorneys do skip traits. Well, the skip trace is where they pull your credit and they see that if you're paying like, what's it called skip trace, skip trace, skip t R a CE so skip trait skip trace works like this. They want to find you when you see where you are to serve your judgment. They pull your credit, they see you have this address,
that address, that address. That's how the marshals end up coming to your house and dropping a note off, right, so they see if you're paying any debts back. So now let's say you're completely shot, your score five hundred. You have every single debt out there. When they do that skip phase, they know you're completely bro or you seem to be bro. You have a better chance to get in a lower number in that settlement because they'll take anything to move on and resolve it and keep
it going. Right, if you apply for more this year, increy on there from a home mortgage company, or you're trying to buy something, you have money, everybody pops up. They want to settle, but they'll sell at a high number. And collection agencies work on commission end of the month. You get the best number.
Beginning the month, you don't that so end of the month, Okay, I don't want people to let that go over your head. Explain that.
Oh yeah, collection agency is working commission it's a fifty job. But your job is to you have to hit certain numbers. At the end of the month, you have to hit let's say your budget is thirty thousand. After to that you get commissioned. So that's why at the beginning of the month, let's we had a death for five thousand, they'll say, oh, we can only settle for forty five hundred four thousand. Come after the last five days of
the month, that same depth for eighteen hundred dollars. But you can't give off your credit report because the loss states whether you pay or don't pay something, it stays on your credit pord for seven years. That's where my company comes in. I make your seven years ninety days, so I'm able to make your credit jump right back to seven fifty eight hundred squeakily. Nothing ever comes back on your credit report.
No credit repair.
Oh yes, I'll talk about that. It's allowed.
Were off camp, you said that there's no such thing.
It's the credit credit for it doesn't exist. Right, it's a scam. Right, that's why every single company. Can I call the companies out or you don't care? No, I mean that's all your your mom and pop company, Lexington law, credit payer, dot com credits saying I want to spend this one else the name by the want too, and they all do the same thing, send dispute letters with
no letterhead. So yeah, to think about that. If I'm paying you ninety nine dollars, you said I'm gonna fix your credit, why is only the instructions on letterhead but not the level you sent to the credit beer on letterhead looks like I'm sending the letter one two. If you ever read those dispute letters, it's like your ten year old kid wrote it.
Right.
So, for example, let's say Verizon. You have a Verizon bill, you have Verizon home service, cable internet, whatever it is that you have a Verizon right for over a year, all of a sudden you moved out, You didn't pay the bill because you didn't return the box on the final bills, and you have this on your credit report. Verizon has a collection for you. They're gonna write a letter please validate this debt. I never had this debt? Well,
what do you have for the last twelve months? Because everything has a pay per trail behind it, right, So that's what a letter of it works. Not a letter goes to the credit viewers. The credit viewer sends it to the Verizon. Verison sends back your whole statement in the digital file, your checks that you made a slater. They even keep phone communication if you spoke to them. You spoke to us on this day, and that's all.
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That's the foible. I have it in my office when you speak to these companies. Oh my clients quota right. So anyway back to the whole credit period and the letters thing doesn't work because if he has a paper trail one, there's no such thing as fixing credit. Every consumer has a right to dispute something on their credit if they believe it was reported erroneously or inaccurately, that's you're right.
So from my understanding, it's like correct me if I'm wrong. They write a letter where you everybody has the ability to write a letter to a company disputing something. If they don't respond to that dispute, it has to come off right. So that's kind of what they do because they know most people are they don't want to do it themselves, so they do.
It for them correct. And the reason and the other thing is that in the industry, there's something called servicing a debt and owning a debt. Let me explain that for you. I'll say it again, servicing a debt and owning a debt, owning a debt. There's only four companies in the industry that buys debts Portfolio Recovery, Midland Funding, MCM, and Calgy Portfolio. Those four companies buy debts and they
give you thirty days to resolve it. If you don't resolve it, they get it the fault judgment against you. In an attorney attorney serves you you gotta show up in court. Blah blah blah, I shouldn't say blah blah, blah. But the second thing is servicing a debt. So let's say Verizon come back to Verrison. RGM Acquisition is a collection agency. They don't own the debt. Verizon sent the debt to RGM to for them to call you ten times a day. They don't have the man power to
do that. So now when you send these letters, the collections agency was never supposed to be there. That's why the collection agency will come off your credit. That's all the letter does. But the debt comes back around ninety days later from to another agency, so the debt is never really leaving you, so that everything has to be resolved. So back to the word of credit re peer. Yeah, it doesn't exist anyone. Everyone has a right to contest something if it's not accurate on your credit re board,
but not out of ten times. All these banks and these they're so squeaky clean with their data now, like it's very minimum room for errors.
That's important. Man.
You gotta educate yourself, right, Like, rather than paying ninety nine dollars, you can do yourself.
Do it yourself.
Read for about two hours a day, figure it out. Man, it's valuable. So like you're saving your time and your money not supporting.
All right, Okay, so now we're going to go into our new topic, our new section.
We got a whole new segment that we're calling it ten for ten.
So we got ten questions.
Hopefully you can give us ten answers and it's courtesy of Instagram.
Pretty much our follow us.
We laid it out there that we're gonna have credit as an episode and we got a crazy response. Yeah.
Yeah, there's so much to learn about this credit industry, how it works, like how credit is built, how you get approved for credit card. There's a whole dollarge based on that. We're just touching like this.
Yeah, so we took we took ten and hopefully we can get ten answers questions.
We're gonna we're gonna, yeah, we're gonna jump right into it. So yeah, let's do it, all right. So, yes, this is a new segment that we're gonna do. Hopefully we do it every show. Yeah, maybe not every show, but depending on if it's an education show like it is right now, where we're actually bringing somebody in every show
with the educational show. But if this is a show where we're bringing an expert in, we're going to start a new segment called ten for ten right, because as I always say, it's not our podcast, it's your podcast. It's a public's podcast, and the platform is to educate. So we're taking ten questions from our listeners and we're going to answer those questions, right, and it's all on Instagram.
So we'll put a post up a few days before and we'll ask you know your your questions, and then you guys just comment in the comments section and then we'll pick ten questions and then we'll we'll do.
It, so asks the expert.
Yeah, for sure, for sure. So we're going to start out with the first question is from I underscore am Underscore Asia shout out to her. She wants to know how do you establish business credit?
All right, that's a good question, and there's actually a big that's a big topic actually. So everyone seems to think that business credit that once you register a company name and you have a website and a bank account, you have business credit. Actually don't have business credit. You're still PG and everything under your social. Business credit runs separately from your social it's established on the tax id.
It has to standalone by itself, has to sit by itself when you PG something that goes on your personal credit GG with personal guarantee. Okay, excuse me. It's when you PG something, it sits on your credit, on your personal credit. Want it affects your DTI because if it's like an American Express charge card, you're swiping thirty thousand a month. Remember low debt, high score. That's affecting your score.
And two it makes your credit score drop. Right, So business credit has to stand alone by itself on the tax sidy. How do you establish it for There's a ten step process. One you have to be the tax iid the bank account. You have to be registered in your newspaper, your counting newspaper, on the two newspapers showing that you have your legitimate, legitimate business. You can't have your home address as the business address because you need
to be scores Experience equal facts Dunn Bradstree. Experience equal facts is not recognized. Your home addresses your business address, and your cell phone is a business number. That's why I tell people get a virtual space one ninety nine, Like we just or what about po box?
No, you can't have a box, So all right, I didn't know that, So you have Okay, So you need.
A receptance and the phone number where they can call them verifying and send mails to.
Okay, So you can't get business credit without an address. You need to separate from your home address and you need an office address.
That's correct. That's why I say you get a read your space one night and nine is the cheapest thing, right, because it needs to be verifiable by experiening equal facts. Because there's three scores Dunn A Bradstree explant in equal facts. You need three scores and all three viewers. Is how you build a business credit.
So why why is trans Union left out of that?
Did you just don't use it? It's not heavy enough, all right? So okay, so let's stay on that for a little bit. So you all right, start a business. You got your LLC, you got you got your number bank. You can't open your bank account.
Registered in the courthouse. Ye did all that newspaper, did all that stuff. Now you the first So now you have to get an address.
Correct.
So now we're now we're trying to build credit for the business. Right, So you get a cause. You can get a Google number. Yeah, you get a Google number. You get a number separate from your cell phones and get an address separate from your cell phone. Now can the address for another like say, can I can I use my sister's address, my brother's address. You can just separate from the one live there exactly, okay, the one you live so now that so now, now how do you establish.
Now you have that, you need trade lines? So this company talk about that one. So there's companies like Quills. There's like ten other companies out there. I can't think of it right off the top of my head. But here's how it works. I have a whole list to my office. You reach out to them and they give you ten They give you tradelines. Trade lines are like loans. They'll give you like a thousand dollar of credit limit. You have to use fifty dollars for the next six
months of pay on time fifty or more. It's built just like you're billing personal credit. But it's two there events once. So you need three of them. Three vendors. If you want to get cards on like Best Buy, Office Depot, Office Max, those guys. If you want credit cards from the bank, you need six venders. Sixpenders are six trade lines, right, and you built from with that for six months from there you apply for your own
credit cards. Now, if you want loans out of the bank, you have to have a p and L, a profit and loss, and you have to have a tax return in order for the bank to extend loan under the business because they have to see money coming into the company, money going back out a p and L to see that you know you can pay the loans back.
Okay, okay, okay.
So we got our next question from Bob Bob Lewis III, and he asked, can you establish credit.
For your children absterly at seventeen or eighteen years old? Yeah, you could. How you do it is that you Adam as an authorized user one of your credit cards. But with that coming back to your story, it has to be a clean credit. You can't have high balances, you can't have derogatories. But whatever you do will affect that person.
I got lucky.
I'm be honest, this is like a true story, and I think we I first noticed it when shut pull my credit and I was twenty six and he was like, wait, you have twenty three years of credit history, and I'm like, I don't know.
And then I realized that my parents hut me on their card.
That they've had since nineteen eighty five or something like that, and I was like, oh wow, and they've been responsible, So like, yeah, that don't effect you.
Ye it affected me in a positive way, positive right of negative way? Yeah yeah, yeah.
So you can do it, but it has to be cleaning history right at the age seventeen. Moving on?
Okay, perfect, Okay, So this is from Nelly Gibbs. She wants to know what the best way to repay student loans and what's the best way to handle student loan debts.
Oh so we were talking about this earlier. So depending on the loan, if it's deferred or some collection, I mean, we kind of gott to find out that. But anyway, the point is, if you have a bunch of student loans, everything is based off of income. The payment plan is based off on an income based right, So when you call a student loans you want to I suggest everyone create a payment plan, Like, don't keep the firm. It's not a good thing to do it because it affects
you from doing bigger purchases in the future. But on what you do is you call it a student un company, tell me you want to go on the income based repayment plan and they send your form you fill out. The trick to that is that make sure when you fill out the forms you put that you have a lot of expenses, so the monthly payment is a low payment and they keep you. They locked you into that for a couple of years and then you recertify again.
But you want to put like you know, you have you know, rent cards, take fake care, whatever it is to show that you have a lot of expenses. If not, they're going to hit you with a high monthly payment of seven hundred dollars more.
Yeah, we've seen. I've seen yet like I've seen.
That's how you trick it.
Yeah, so our next question is from uh oh and also next thing, if you have student loans on like two different like Sally made none and all that, you can actually have all of those loans refinance into one loan.
And I suggest everyone do that so it's easy for you attract the payments. And I'm making what they payments to five different companies that.
Is one hundred percent trol man like I was again, i have student loans, Like the first thing what I did was like slid them all navy and is now my correct shout out to them. So the next question is from at Flow Underscore Bella Underscore, and her question is what are some ways I can fix my credit herself?
Like what can she do?
So first off, you got to pull the report and pull a real time report. You know, credit cardon is not accurate, is not detailed. If you have a mortgage lender, those are the best reports that they try and merge and they give you your whole history for when you were seventeen or when you got credit the current excuse me. Once you pull out report, you able to see all the derogatories and the issues that are holding down your credit.
If it's stuff that you know that was paid off already, you can dispute it with the beers that had like third party collections that have that taken off. But you got to see the negatives on there and what debts they are, so you can put a plant to address them. If there's some desks, you can do settlements that you have to do settlements so you can call it back the creditors directly and negotiate with them to make a payment plan. You could even do one account a month until you get to your end.
Results and some things is one hundred percent acurate, Like it'll show you that you missed a card payment in twenty fourteen.
Very detailed, very detail. All right, So this is a big one. This is a big one. This is from who cares underscore? No one I like that? So can child support be removed from your credit? And can we talk about the effects of child support on your credit?
So child support it reports as a collection debt. Right, Yes, it can be removed. Actually, we're the only one could remove them. A letter cannot remove them. The problem is if we remove them, you cannot miss a payment again, because if you miss a payment, it'll come back on. Same thing for late payments on credit card. I want to talk about that. Actually we can remove all your late payments, but you cannot miss any late payments moving forward. If not, it will come back on your credit pordud
A bank reports and a batch file. Right, so child support can report and it is a collection also, so if you're trying to buy something and you know your detail is off and your numbers are off, it can affect the monthly payment that you're paying child support. It can affect your approval of how much you can get approofer if that makes sense, all.
Right, So our next one is from at done in three to one and he asked when do agencies report debt balances?
Is there a specific time during the month that they do it.
Or when his agencies? What do you talk?
So I'm assuming that he means like when does like TransUnion or experience experience or epifact.
Is there a specific Well, the buwers don't. The buwers update on the first to the fifth of every month. But the data comes from the bank or the collection or the credit does not come from the from the bureau. They don't want to just house the data, and on the first to the fifth of every month they update new reports. Okay, so your bank reports different days. Some days they report, you know, the ten to fifteenth whatever. Your building cyclists. But that's something you could find out. Yeah.
And also to make it easy for you, if you want to make sure you never laid on your payment, you can call all your credit card companies and ask them to make your do they the same day every month, So if you have five cards, you can make them all of them the fifteenth of every month, so you know, you know, you know, if you're a person that keeps forgetting to make payments. You know, on the fifteenth, every bill is due if you can afford to do it.
Okay, Raige against Ordinary has a question she wants to know. After Chapter seven bankruptcy, how long does that stay on your report?
Bankruptcy stay for seven years. And here's the crazy about bankruptcy now. One the creditors can contest the bankruptcy. Really, they don't have to. Like let's say you have bank markers motoris for this. They can contest it. They don't have to accept the bankruptcy. They can say no, I don't you know, we don't want to know. They can
contest the bankruptcy. To the new bankruptcy laws, depending on what chapter you're filling, you have to pay a percentage of your debt back in court right makes you have to pay a percentage, and that's determined by the judge, the magistrate wherever's doing your bankruptcy what your percentage is. So if you file in bankruptcy, you gotta really think about it. If you don't have like fifty to one hundred thousand dollar worth of death, it's not really fining bankruptcy.
It's not really worth it in my eyes to file bankruptcy for seven years.
That was gonna be like my next kind of question off of that is like, when would it be I guess appropriate to file for bankruptcy.
Right, there's a certain amount of debt that.
You should I mean, there's a couple of qualifying scenariosm If you're not working, you know that you can't do anything about it. You can't pay anything, you know. But if you are working, you have some savings because when you FID bankruptcy, they go through all you have to disclose all your assets, right, so you know, if you have money in the bank, you're like, well, why can't you pay this? Knowing that the banking can test it?
Not all banks have to and that happened to me actually because I did it many years ago and they contested it. Then you can't have been put You can't open in the camp for three years a bank account, but you can't show if you have any kind of money, any bank account, any bank camp, because they can go back, oh, well you have money. You know. It becomes very messy. But again with the bankruptcy, and it's not as easy
as like the way it was in twenty ten. You followed and you walk await, you got to pay a percentage back. So you know, I think everyone should really consider, depending on this scenario instead of filing bankruptcy. It's not the best route. It is a route, but it's not the best route depending on your situation. But it stays there for seven years and then you can the other thing about that you burn. Let's say in the industry is prime and subprime banks. So let's say you file
bankruptcy for Discover, American Express, Barclay Chase. Once you find bankruptries, you can't get back to do business with those guys again, They're not gonna extend any credit. So now you're kind of stuck in a subprime rate subprime bank kind of rest of your life where you're being high interest rates because major banks are not gonna extend any kind of credit card to you.
That's what I want.
My graduates from my school being forced back drop drop Mike drop.
Bad drop drop.
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