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Why is it that people who file for bankruptcy are able to secure credit better than those who do not?
Wiki User
∙ 19y ago
That's not always the case. However,in theory someone who has had a BK discharged is debt free. Therefore some creditors might view them as being a reasonable risk. Go figure! You can be certain that the credit they do obtain will come with a high interest rate and other stipulations.
Wiki User
∙ 19y ago
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Am I still allowed credit cards after bankruptcy?
Yes, it is still possible to get a credit card after bankruptcy. "Secure" credit cards require you to place a security deposit down in the event of default, but they are a good way of rebuilding your credit.
If you are an authorized user on your parents credit card and they claim bankruptcy how will that affect your credit?
It will not affect your credit at all. Their credit information was used to secure the card. You are in the clear.
How to clean up credit report after bankruptcy?
Keep in mind that a bankruptcy will affect your credit score. What you must do now is add good credit e.g. secure credit cards and maybe a secure loan will increase your credit score within 2 years. Your credit scrore primarily judge consumers on what they have done within the last two years. If you add good credit, your score will increase.
How can one get a loan if they have declared bankruptcy?
Getting a loan after bankruptcy can be difficult depending on what type of bankruptcy one files. A Chapter 13 bankruptcy, one cannot even apply for credit during the length of the bankruptcy. In a Chapter 7 bankruptcy, that is a different story. One can file Chapter 7 bankruptcy and as soon as it is discharged can apply for credit. The only problem with getting a loan after bankruptcy is that you may have to have a co-signer until you build up some positive credit.
How does personal bankruptcy affect your LLC?
A LLC is considered one of your assets. The LLC protects you from liabilities it assumes, but it doesn't protect the LLC from your liabilities. Therefore, if you declare bankruptcy, you could possibly lose your share of an LLC. At best, it would be difficult for you to get credit for the LLC, since the individual generally has to secure credit for the LLC.
What is the meaning of secure electronic transaction?
Secure electronic transaction is a protocol standard that secures credit card transactions over the internet. This allows people to make credit card payments for items in a secure fashion over an open network.
Where could you apply for a secure credit card?
You can apply for a secure credit card right on the bank near you. You can also apply online, but not may not be completely safe because there are many people out there willing to trick people in submitting their sensitive information.
What does it mean to secure a purchase with a credit card?
To Secure Payments.Authenticated Site.To protect your Credit card Information when you enter them on a website.
Is it safe to do credit card applications online?
When filling out credit card applications online, make sure that the site is secure. The link to the website should contain an "s", which indicates that the site is secure. It is also important to be sure that the company making the credit card offer is legitimate. Check with the Better Business Bureau.
Auto Loans With Bankruptcy?
Bankruptcy is a life event most people want to avoid; however, it can happen to the best of people. Economic uncertainty and layoffs have led many people to have to file for bankruptcy. Many people just need an opportunity to start over with their financial life. Although it may be a little more difficult, it is possible for people to secure auto loans with bankruptcy on their record. The type of bankruptcy makes a difference. A chapter 7 bankruptcy gives a person the opportunity to start completely over. Lenders will look at the person's ability to pay for the auto loan. Auto loans with bankruptcy on the record may take more creative work, but it is possible to obtain.
Can you file a chapter 7 including only one of two mortgages on your only home?
When filing for bankruptcy you must list ALL your asssets and ALL your liabilities. In some states your primary residecne is secure from seizure in bankruptcy. Also, your credit files have all your liabilities on record anyway, why try to conceal them.
How do you unsecure your debt once it is secure?
The first step to move secure debt to unsecure is to get a credit report to see how much unsecure credit you can obtain. Apply for different loans and use the unsecure credit to pay off the secure debt.
