How a home is handled in bankruptcy depends on the type of BK filed, state or federal or a combination of the two. In chapter 7, all nonexempt assets are liquidated to pay creditors. The state or federal homestead exemption would apply in regards to the home. In a chapt. 13, debts are consolidated and a payment plan of 3-5 years is set up to repay creditors. And any secured debts are usually reaffirmed with the lender. You can refer to the bankruptcy statues of your state to ascertain if your home is protected by the homestead exemption amount.
yes they can
To get credit cards after bankruptcy you can apply to credit companies that you haven't had previous experience with or go with your old company and get a card with a lower limit on it.
Get a copy of all three credit reports. The addresses and/or phone numbers of all your creditors should be listed on the report. You should also include the addresses listed on your statements so that in case your credit report has an error your creditor will still get notice of your bankruptcy.
You can declare bankruptcy due to credit card debts, yes.
Yes, it is still possible to get a credit card after bankruptcy. "Secure" credit cards require you to place a security deposit down in the event of default, but they are a good way of rebuilding your credit.
Yes. If you declare bankruptcy you must declare all cards, loans, assets and debts.
Sometimes credit card charges are not included in bankruptcy. If they are then you will no longer be able to use them.
Chapter 7. The credit cards would be unsecured debts.
check Federal Bankruptcy act 801.3
it does not work
When in bankruptcy it is not possible to have a credit card. Once the terms of the bankruptcy have been met, some credit card companies will consider issuing a credit card to some people.
People with bankruptcy can get credit cards from some companies that offer the option. While it is easy to get, interest rates and fees will be much higher as a result, until one can improve their credit score.
It's true that there are a number of ways you can tackle your debt. If you have multiple debts across a few credit cards, you can always consolidate them with a consolidation loan or a balance transfer to a lower rate credit card. If you want to get the creditors off your back without filing for bankruptcy, you can negotiate with your creditors or even hire the services of a credit counselor or debt settlement firm who will negotiate with your creditors and help you establish a payment plan.
Normally the bankruptcy will remain on your report for 10yrs. The longer it is on your report the less impact it has on your score, although still an eye soar to potential creditors. I would recommend establishing one or two cards to build up your credit. Orchard Bank and First Premier are two of the easiest approval cards. Also, I would recommend establishing a secured loan with a small credit union that report to the 3 credit agencies. On the credit card(s) try to keep the balances below 35% if the credit line. A good credit score is also based on various types of credit, not just revolving credit (Credit Cards).
There is no time frame for this and it depends on the loan type. Car loans are the easiest to get after filing bankruptcy. Cash loans are the hardest to get. Also credit cards are difficult to obtain with a bankruptcy on your credit report. Once you file, keep in mind you are now a "high risk" to banks and creditors. Your APR's will be very high, and that's if you get the credit of any kind to begin with.
It is possible to recover from a bankruptcy. You should start by getting a secured credit card to rebuild credit. After about seven years you should be able to find a standard credit card that will allow you to get a card.
If your name is not on the account, and the account is not considered a "joint account" by the credit card company, then you should not be held liable for any debt on your wife's credit cards.
No, however once you have completed the 1 year term of bankruptcy you can then apply for a pre-paid credit card to begin rebuilding your credit.
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.