• A bankruptcy reporting on your credit file may affect other areas of your life. Bankruptcy is a PUBLIC RECORD. Most counties report recent bankruptcies in the newspaper every month or every quarter. Bankruptcies filings can be found at the county registry as it is considered public information.
  
  
• Most employers pull credit files on potential candidates. It is likely that the candidate without bankruptcy will have a better chance at the position. Additionally, some employers will not hire an individual with a bankruptcy on their credit file.
  
  
• Bankruptcy can also exclude you from loans in the future. While it's true that some creditors will grant credit after a person files bankruptcy, (although there is typically a waiting period) some creditors will not grant a loan to anyone with a bankruptcy on their credit file. Most loan applications ask if you have filed bankruptcy in the past 10 years, and some actually ask if you have ever filed for bankruptcy.
  
  
• Many people faced with financial hardship rush to bankruptcy as a method of resolving their debt concerns, although their problems might have had other solutions. We believe bankruptcy should ONLY be used as a LAST RESORT; pursued ONLY after all other debt relief remedies have been explored. A bankruptcy filing is a very detrimental entry on your credit history, and can remain on your credit reports from 7 to 10 years after the bankruptcy filling has been discharged.

Lenders will secure loans against your home or other assets. Should you then defaulted, you would lose that asset. Borrowing more money may not be your best solution. Our goal is to get out of debt not to create more.

All the accounts that you place in the program will be closed. You may keep one credit card open (with a small balance) for emergencies.

No, once an account is closed, that account number will not re-open. After your debts are paid off you are free to apply for new accounts.

Yes, once they see you are committed to our program. Collectors are self-interested agents that make commissions and bonuses on what they receive from you. They will use any means available to persuade you into send money directly to them. Once you become our client, you will direct all creditor calls to us.

Your debt to income ratio (DTI) is a key indicator of your true financial picture. It is definitely the lending industry's measure of fiscal health. Your debt to income ratio is calculated by dividing monthly minimum debt payments (excluding mortgage or rent, utilities, food, entertainment) by monthly gross income. For example, someone with a gross monthly income of $2,000 who is making minimum payments of $400 on debt (loans and credit cards) has a debt to income ratio of 20 percent ($400 / $2000 = .20). This formula will vary slightly from lender to lender but only slightly. Some include the mortgage but raise the acceptable ratios... others do not. While variations will result in different percentage outcomes, the overall concept is the same: a debt to income ratio compares debt load to income.

Authorities seem to agree that a debt ratio (without a mortgage, utilities, etc.) of 10% or less is great. Debt ratios at 20% or higher are yellow lights as one emergency could topple. Even if your debt-to-income ratio is 50% or more, you'll probably have little trouble qualifying for a credit card. Never mind that mortgage lenders preach that your debt level -- including mortgage and all revolving unsecured debts -- should not exceed 36% of your gross monthly income. In their eyes, that leaves just 8% of your income for non-mortgage debts."

Depending on your debt structure and personal financial situation, the time to complete the Silver Bay Financial program will vary. The program is designed to be completed in 12-36 months.

Your consumer credit score is calculated based on several factors and the only way to avoid adverse effects on your credit score is to repay the original debt under the original terms.
However, using debt settlement, your overall debt to income ratio will rise during the settlement process. Since you will be resolving the debt, you will no longer owe the money to your creditors and this is one of the factors that creditors look upon favorably when determining your credit worthiness. Silver Bay Financial is not a Credit Repair company.

Creditors can lose the entire outstanding balance if you decide to file for bankruptcy. Through the Contract Resolution process, both the creditor and the consumers come to an acceptable solution. Creditors receive a portion of your balance in exchange for your decision to pay off as much of your debt as you can.

Unsecured debt in excess of $10,000 or more will qualify for the Silver Bay Financial Contract Resolution Program. During your free evaluation, our specialist will review your ability to budget and meet your ultimate projected resolution.

Our program is custom-tailored to fit each client's budget and is based on the amount of your debt. Many debtors find our program to be the most affordable and fastest solution to get out of debt.