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If you have had bad credit for 6 or more years should you file bankruptcy?
Wiki User
∙ 16y ago
It depends on your debt, not credit score. If you file bankruptcy, then your credit really takes a nose dive. Before considering bankruptcy, get credit and debt counceling (a free service in many cases) and start a debt payment plan. You don't have to do it through a debt consolidation service - a bad idea anyway because although they claim to be free, they charge a manditory donation. Get the book (free if you borrow from the local library) "Smart Couples Finish Rich" by David Bach. It will give you valuable knowledge on getting out of debt and saving for retirement. The bankruptcy makes your credit, and creditability in many other ways, lower. With problems for so long, you may need to recognize the issue isn't the credit reprt , but YOUR actions that are being reported. If you could have good credit given to you somehow today, and just did what you are doing, it would be bad credit very soon. Alternatively, if you change what your doing (that is spending and payment habits), your credit will improve - permanently.
Wiki User
∙ 16y ago
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Should a person contact their creditors directly if they have not paid their credit card bills in 2 years or should they just file for bankruptcy?
You should contact a bankruptcy or finance attorney and no one else.
Do you have to get credit counseling before you can file for bankruptcy?
You do not have to necessarily get credit counseling before you can file for bankruptcy.
Will bankruptcy automatically fall off credit score and when?
Bankruptcy should be removed after 6-7 years from discharge, if you have another bankruptcy within 6-7 years, it will take longer to remove or could be permanently on your file
How does bankruptcy effect your credit score?
First off once you file bankruptcy you cannot do it again for 7 years. Bankruptcy stays on your credit report for 10 years. Rather to try to describe what the different types of bankruptcy will do to your credit click the link for more information.
How long does a bankruptcy stay on your credit report in ms?
A bankruptcy usually stays on your credit report for 7 years. If you forgetadebt on the bankruptcy petition, it may may be 7 years from the time the bankruptcy petition was amended, but otherwise it is from the time the bankruptcy became file.
How long will a dismissed bankruptcy stay on your credit?
:A bankruptcy under chapter 7 or 11, or a non-discharged or dismissed chapter 13 bankruptcy generally remains on your credit file for 10 years from the date filed. A discharged chapter 13 bankruptcy generally remains on your credit file for 7 years from the date filed.
If you file for bankruptcy and it is dismissed will credit score go down?
More than likely if you file for bankruptcy your credit score will go down. They report the filings for up to seven years and sometimes ten.
How do you remove bankruptcy on my file that i never filed?
If there is a bankruptcy filing showing on your credit report and you did not actual file, you should dispute that information with the three credit bureaus. They will then investigate and remove the information if it is inaccurate.
When you file chapter 7 bankruptcy do they check your credit reports?
yes, it will remain on your credit reports for 7 years
What happens to your credit rating when you file bankruptcy?
Credit rating plummets when filing for bankruptcy. Bankruptcy should be the last resort and one should try everything to not go bankrupt - keep saving as much as possible.
If I file bankruptcy on my credit cards only how much does it effect my credit?
You probably won't be able to get credit for the next seven years.
Can you get a bankruptcy removed from your credit file if the full amount owed was not correctly reported in dollars and cents?
A bankruptcy is "on" your credit report the instant you file it and will not be removed for 7-10 years. Its a public record. If you dismiss the bankruptcy the day after filing, it will still show up.
