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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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โˆ™ 2010-04-14 00:34:15
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Q: According to bankruptcy laws, how long must one wait after filing bankruptcy before they can buy on credit again?
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Related questions

Will your credit rating be affected by your partner filing bankruptcy?

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.


What bankruptcy information should you know before you consider filing for bankruptcy?

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.


How can one get a car loan after filing bankruptcy?

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.


Is a credit couseling program required if I file for bankruptcy?

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


If you have a credit card and use it just before filing bankruptcy can a creditor deny your bankruptcy?

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.


Does bankruptcy ruin your credit?

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.


What happens if you run up credit cards before filing bankruptcy?

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


Can you use credit cards before filing for bankruptcy?

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


Can you charge on a credit card that is in your bankruptcy AFTER actually filing bankruptcy?

"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."


Does filing bankruptcy raise your credit score?

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.


If you file bankruptcy will that remove a charge off report from a credit card?

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.


How soon before filing bankruptcy can you stop paying credit cards?

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


Can you get debt relief after filing bankruptcy?

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


What can be done to build credit history after filing bankruptcy?

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.


When filing bankruptcy what do you do with creditors that 'drop off' your credit reports before you file?

Your credit report is irrelvent. Certainly many debts are not on one. If you owe the debt, report it.


If your credit score is 565 after filing a chapter 7 bankruptcy that is not discharged will it lower more when the discharge becomes official?

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.


Can you but a car before filing bankruptcy?

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.


If you just divorced and already have foreclosures and repossessions on your credit report will filing bankruptcy help your credit score?

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.


If you are being sued for credit card debt can a judge prevent you from filing for bankruptcy?

No, lawsuits do not prevent a person from filing bankruptcy. The lawsuit will be stopped when the BK is filed and the debt or judgment can possibly be included in the filing. It is at the discretion of the trustee as to whether a BK or any portion of it is allowable according to bankruptcy law. The BK petitioner has the option of appealing any trustee ruling with which they disagree.


What are the drawbacks to filing bankruptcy?

Filing for bankruptcy will destroy the credit you have built up for years and will cause the interest on any outstanding or future loans to skyrocket. Furthermore, it will be a long time before any bank or agency will give you a loan due the your risk for defaulting.


Would filing chapter 7 bankruptcy clear foreclosure from your credit report?

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


How many years do you remain blacklisted?

We will assume this questionis regarding filing Bankruptcy. You are never blacklisted during bankruptcy. It will remain on your credit report maximum of 10 years. That does not mean you will not be able to reestablish credit after filing bankruptcy during those years. What you will be able to obtain will depend on your payment history after the bankruptcy, the type of credit applied for and the length of time since you filed.


Is there a standard credit score after filing bankruptcy and if so then what is it?

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


What can be done to attain employment at 60years old after filing chapter 7 bankruptcy What if there is reasonable reason for filing chapter 7 Could the reason for bankruptcy be told to the employer?

How to get after job filing chapter 7 bankruptcy once it appears on the credit report


What are the rules for refinancing after bankruptcy?

The rule for refinancing after bankruptcy is that you should wait 10 years after filing bankruptcy even chapter 13 so that the bankruptcy is off of your credit and you can get a better chance of getting the refinance. You could try before it's removed but you will have difficulties.