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2010-04-14 00:34:15
2010-04-14 00:34:15

Bankruptcy laws do not prohibit a person from opening another credit account. However, it may be difficult to find a bank willing to extend credit to someone who has filed bankruptcy. In addition, consumers should be careful not to repeat past mistakes. Once bankruptcy has been filed, it is a good idea to operate on a cash basis to re-learn the essentials of Personal Finance.

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If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.


Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.


To receive a car loan after filing for bankruptcy you will probably have to rebuild your credit before applying. You can also find a co-signer with amazing credit to counteract yours.


Most states do not require you to take a credit counseling course before filing bankruptcy. This is typically a volunteer activity.


If you are on the brink of bankruptcy... you probably can't get a credit card. Opps... didn't read that right. Sorry. I really don't know.


What, and leave me to pay your bills? Don't be a parasite on society!


This is an incorrect assumption that leads many people to avoid filing for bankruptcy. They fear that a bankruptcy will ruin their credit for a long time and that they will not be able to use credit, rebuild their credit or purchase a home in the future. The reality is that the majority of the people who are considering bankruptcy, already have poor credit, due to late payments, repossessions and foreclosures. Further, most people who file for bankruptcy can rebuild their credit to a relatively good level after two years. This depends significantly on what they do after filing for bankruptcy. It is important that you work toward rebuilding your credit after filing for bankruptcy.


The judge may disallow those debts from the bankruptcy because you are obviously attempting to defraud the credit card company.


Filing bankruptcy does not remove a charge off report from a credit card on your credit report. It just adds bankruptcy to your credit report.


In some cases, it actually does. This really depends on a lot of factors and variables, but I have seen credit scores increase 100+ points after filing a bankruptcy.


Bankruptcy IS debt relief. After filing bankrupt, you HAVE no more debts. No credit, either, but that's the way it works.


"Whether a debtor keeps credit cards after filing bankruptcy is up to the credit card company. If you are discharging a credit card they will cancel the card unless you reaffirm the debt. Even if you have a zero balance the credit card company might cancel the card."


You need to notify the Credit company, once you've done that you may suspend payments.


After filing bankruptcy, it is extremely important to be very careful to pay bills in full and on time. Missed payments or carrying credit card balances can negatively impact credit scores.


No, a credit score is compiled from a consumer's complete credit history.


No, in fact it will leave a Bankruptcy record on your credit report for 10 years.


Most likely, yes. One of the biggest effects that filing for bankruptcy has is on your credit. Bankruptcy will stay with your credit for roughly 10 years and because of that your score will decrease, at least initially.


A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.


can you stop wage garnishment from your wages if you file bankruptcy


No, a BK does NOT remove negative items in credit reports.


No, filing bankruptcy will never help improve your credit score, it stays on your report 10 years whereas a repo or foreclosure normally remain 7 years. So bankruptcy would only make your credit worse.


probably not because you would probably have bad credit because filing for bankruptcy so id have to say wait awhile.


Sure if you can find someone who will give you credit. If you pay cash the judge might make you sell it during bankruptcy to satisfy other unpaid creditors.



Filing for bankruptcy is a complicated process and one should consider hiring a lawyer to help with the filing process. You also need to undergo credit counseling and be aware of what type of bankruptcy to file.



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