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If you just purchased things on your credit cards is there a waiting limit to file bankruptcy?
Wiki User
∙ 16y ago
Yes and no. There is nothing that says you can't file the bankruptcy immediately after using the credit card, but it is risky to file within 90 days of using a card. The Bankruptcy Code says that any charge made within 90 days before filing the bankruptcy is presumed to be done in anticipation of bankruptcy, and if the creditor shows up and objects to the discharge of those charges, it is likely you will get stuck with those charges plus potentially their attorneys fees. If the charges were made outside of 90 days, then the presumption is that the charges were not made in anticipation of bankruptcy and it is more difficult for the credit card company to prove the charges were improper (because the burden of proof is on them to show fraud rather than on you to show innocence). Hopefully that makes sense. However, I have seen credit card companies show up and object to charges even when they are outside of the 90 days if they are excessive, or against the normal pattern of spending, for cash advances, etc. In those cases, it is up to the judge to determine if he or she thinks the charges were made in anticipation of bankruptcy. It is for this reason that the people who think the run-up-the-cards-then-file-bankruptcy approach are sometimes sorely mistaken about the gullibility of credit card companies and the court. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
Wiki User
∙ 16y ago
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If your home has equity and you file bankruptcy on the credit cards do they go after your home?
Generally you have to list your home as an asset. But there are different kinds of bankruptcy, and if things work out, your home ownership could be protected. See a bankruptcy lawyer!!
Can you cosign for a car if you are filing for bankruptcy in the future?
If you are filing for bankruptcy, and you try to cosign -- two things can happen. 1. the lender will turn you down. 2. If the court finds out you have applied for credit the bankruptcy can be stopped. If you mean that the car and loan will be for you during or after the bankruptcy, this still has to be disclosed and again the bankruptcy can be stopped.
How do you raise your credit score after bankruptcy?
When looking to rebuild credit score after a bankruptcy, there are many different options you can consider. One of the best ways is to show responsibility in using a prepaid credit card. This way you will be able to show that you can make regular payments to cover the things you will need to purchase on a monthly basis.
Difference between credit sales and credit purchases?
credit sales are sales you have made on credit, so they still owe you the money for that item. credit purchases are things you have purchased from your suppliers on credit and therefore you owe the money for
Can you remove old credit from your credit report after 7 years?
This is not a straight yes or no answer. Somethings such as bankruptcy can say on a record as long as ten years. Many things will be off your record after 7 years but not everything.
How hard is it to get credit after bankruptcy?
It is quite difficult to get credit after bankruptcy because after one declares bankruptcy one has to be significantly behind one ones bills to be able to do so. However after this one should be able to build their credit back up by paying things on time and not applying for loans.
If your home has equity and you file bankruptcy on the credit cards do they go after your home?
Generally you have to list your home as an asset. But there are different kinds of bankruptcy, and if things work out, your home ownership could be protected. See a bankruptcy lawyer!!
How long must one wait to get a loan on a new car after declaring bankruptcy?
To get a loan on a new car after declaring bankruptcy, you have to wait until you can rebuild your credit. You can rebuild your credit in as little as 2-3 years if you work at it and start out by building up your credit with small things.
Can you cosign for a car if you are filing for bankruptcy in the future?
If you are filing for bankruptcy, and you try to cosign -- two things can happen. 1. the lender will turn you down. 2. If the court finds out you have applied for credit the bankruptcy can be stopped. If you mean that the car and loan will be for you during or after the bankruptcy, this still has to be disclosed and again the bankruptcy can be stopped.
How do you raise your credit score after bankruptcy?
When looking to rebuild credit score after a bankruptcy, there are many different options you can consider. One of the best ways is to show responsibility in using a prepaid credit card. This way you will be able to show that you can make regular payments to cover the things you will need to purchase on a monthly basis.
Difference between credit sales and credit purchases?
credit sales are sales you have made on credit, so they still owe you the money for that item. credit purchases are things you have purchased from your suppliers on credit and therefore you owe the money for
After filing bankruptcy should each bill remain single on a report or be included in the bankruptcy and removed?
The bills will remain on your credit report, but each one should have a notation that it was included in the bankruptcy. Which is to say, BK may change or excuse the debt you owe...but it adds generally considered negative things to your credit history, and it does not change or excuse the history you make.
Can you give me some good advice on how to avoid bankruptcy?
To avoid bankruptcy, try to only purchase the things you need. It is good practice to pay in cash and work for the larger item instead of putting the items on credit.
Can you remove old credit from your credit report after 7 years?
This is not a straight yes or no answer. Somethings such as bankruptcy can say on a record as long as ten years. Many things will be off your record after 7 years but not everything.
How are you able to help with buying a home for the first time with bad credit.?
Do things that will improve your credit score. Pay off your credit cards as much as you can, contributing most to the one with the highest interest rate. If you have declared bankruptcy in the past, you should wait until after 10 years before the bankruptcy is no longer listed on your credit report. Look into whether you qualify for the $8000 federal first-time home buyer tax credit.
After 8 years of having a discharged bankruptcy can you still be denied credit?
Your bankruptcy is on your credit report 10 years. The fact of having a bankruptcy can influence whether someone gives you credit or not, as can just about anything else. obviously, your more recent credit history, job, general stability and financial actions will begin to have more of an influence than the older ones.And of course, even without BK, you still can be denied credit...it is always the option of the one providing it to decide if they want to extend any credit to you at all, ever.I think one of the things it is hoped one learns from the whole going bankrupt experience is that you do NOT have any "right" to credit.
What if you file bankuptcy and have a reverse mortgage?
The reverse mortgage is typically unaffected by the bankruptcy as the mortgage is usually left out of the bankruptcy- that is a conversation you need to have with your attorney however. The bankruptcy court may look at the amount of equity you have in your home and determine what type of bankruptcy you qualify for. A reverse mortgage can even be used to pay off a bankruptcy or a mortgage in foreclosure as there are no credit requirements on them. I suggest talking to a bankruptcy attorney for information on what is available to you from the courts side of things.
