It all depends on how yu want to do it. The best advice I can give is to say take it slow and be very very careful. After discharge of the debts, those who declared bankruptcy receive tons of credit offers. Most of them are very bad for the consumer. I usually suggest someone start out with a pre-paid credit card and then move on to a different credit card once they learn how to control their financial situation. The worst thing to do is to get yourself in a pile of debt again, because it raises the percentage rates for everyone and if you're unable to handle it, you will not be able to declare bankruptcy again for at least 8 years. The more people who declare bankruptcy, the worse the credit card terms get for everyone. This trend is fact, not fiction and is happening in horrendous (and secret) ways right now...
Bankruptcy refinance helps homeowners who had bankruptcy or other credit matters get a home loan to find a payment assistance, and helps restore their credit while also achieving their financial security.
No, a credit score is compiled from a consumer's complete credit history.
In general, in the U.S. a bankruptcy stays on your credit 7-10 years. Most people will say 7, but there is no guarantee it will go away after 7.
You can refinance your mortgage, even after a bankruptcy. Refinancing can even help restore your good credit in about two years! Sit down with your lender and talk about a refinancing plan.
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.
Bankruptcy refinance helps homeowners who had bankruptcy or other credit matters get a home loan to find a payment assistance, and helps restore their credit while also achieving their financial security.
Yes, after bankruptcy your debt (that which was listed in the bankruptcy) is eliminated. It may, however, take some time to restore your credit rating to the point where creditors will take a risk on you.
No, a credit score is compiled from a consumer's complete credit history.
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
In general, in the U.S. a bankruptcy stays on your credit 7-10 years. Most people will say 7, but there is no guarantee it will go away after 7.
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.
You can refinance your mortgage, even after a bankruptcy. Refinancing can even help restore your good credit in about two years! Sit down with your lender and talk about a refinancing plan.
No. Sometimes it will be reported as "Included in Bankruptcy"
In the US, a bankruptcy will remain on your credit history for seven years, minimum. Creditors may seek to re-add the BK information on your credit report, even after the seven years.
Bankruptcy will always be on your credit scoring record. After the bankruptcy is discharged it will have a less negative effect, and then after 6 years it is supposed to be considered done with and you get get a mortgage, loans etc. However, having a bankruptcy on your record will always have some negative effect even after the 6 years are up. Bankruptcies are maintained on a credit report for at least 10 years.
NO... the debt remains on file with the creditor. If you apply for credit at a later date (after the bankruptcy has been resolved) - your history will still be available to anyone who does a credit search on your name. Creditors can still come after you for their money if you re-start a credit account.
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.