Debt settlement is a method to help reduce your debts where the creditor and the debtor both agree on a repayment balance.

I had to fix the problems, keep the first current, deals with a crappy foreclosure firm and overall be at the mercy of a BK judge who was pro-debtor.

On the other hand if you DTI is to high, you would have to pay down some of your debt or go with  a stated income or loan that is based on the properties cash flow..

One important lesson I learned: People in bankruptcy are required to report to their bankruptcy administrator when they enter into a lease or any new debt or they can risk revoking the chapter 13 status.

Hey BP community, my wife and I are trying to make a decision about how to best deploy our savings. We have about $25,000 in liquid savings, which is enough for us to buy a single family BRRRR deal in our target marke...

IE Zero debt or leveraged to the eye balls :)1b. being in the bizz risk pretty much stays the same . 

Now, we open our bid either at totla debt or very very close to fair market value because time is on our side.

I still say paying down personal debt or reinvesting in more properties is the best use of the capital.

I think you will never see this money and you are wasting your time.This PM regardless of BK filing DOES NOT cover discharging of debt or monies owed when committing a criminal offense (fraud,theft,etc.)In my mind this person filing BK is going to jail and has bigger problems to worry about than money issues.No legal advice.

I currently have an LOC with a 5% fixed rate. but, like Justin, looking at using credit cards to temporarily finance the property to get 0% interest via a balance transfer. its not about getting traditional financing, its about getting 0% money for 15 or 18 months which is a couple thousand dollars of free money if you can figure it out (hence the innovative financing category). it would need to be a card that doesnt have a balance transfer fee otherwise the savings is little to none. if someone is worried about paying off the debt or getting financing then they shouldnt be even looking at an option like this which doesnt sound like its a concern for Justin.