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Credit card debt consolidation with the help of an accountant or a debt consolidation service and careful management of income can be helpful steps in reducing your credit card debt without declaring bankruptcy.

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βˆ™ 2013-03-05 08:19:06
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Q: What steps can people in credit card debt take to reduce their debt without declaring bankruptcy?
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Related questions

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.

Are there any types of credit cards one can get if they have declared bankruptcy?

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.

What is the score that filing chapter 7 bankruptcy drops your credit to?

There is not a specific score that your credit drops to after a bankruptcy. Your credit doesn't only depend on that one thing, but the rest of your credit history as well, and sometimes it will go up on certain credit reports since now you will compared to other people with bankruptcies on their record, instead of other people without. See the related links for more information.

Where can one get credit cards for people with bankruptcy?

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.

Is it legal to get a credit card after bankruptcy?

It is up to the credit card company/bank to give you a credit card. If they approve you, that is their risk. Lately, card companies purposely target people with bad credit (including people who have gone through bankruptcy) because they have a better chance of making a profit through late fees and high interest. Also, new bankruptcy laws state that credit card debt can now not be relieved through bankruptcy. So, if you have bad credit or you are an idiot with your money, don't fool around with credit cards.

Can you get a credit card if it was included in a chapter 7?

Once your bankruptcy has been dismissed, you can apply for and receive new credit. It is not recommended but many people do get new credit cards after filing. Usually a company included in a bankruptcy will not extend credit to you again.

How can you still afford a loan after declaring bankruptcy?

Nowadays many people are faced with the problem of debt. A good majorityamong them fail to clear off their debts and in the end will file for bankruptcy. People are advised to resort to bankruptcy as the last resort. The main reason they are advised so is because once they declare bankruptcy it becomes very difficult to clear their credit card and get them new loans for that matter. If in any case the person had to declare bankruptcy and later are in a situation where they must take loan then they can take one after understanding the procedure. Since the person has already declared bankruptcy most of the lenders whom they have approached for money will be very careful. They will give ou the money under strict rules and regulations. The person first needs to go through their earlier credit card details and see what all were filedunder bankruptcy and what all were not filed. In this form under those which were not filed for bankruptcy they have to choose those transactions which have a clean credit card record. They can use these credit card details to persuade the lender to lend the money. In this way the person can afford loan after declaring bankruptcy. Usually it is recommendedthat the person wait for few years before they go for a loan as that they can straighten out their credit card score by then. If the person is in a condition where they must have a bankruptcy loan afford then they can go ahead and meet some prospective lenders with their earlier credit history. If the person is looking forward to afford loan after bankruptcy for their home then it is better if they choose loans with down payment as they can improve their credit score.

Unsecured credit cards for people with an open bankruptcy?

Would be very difficult, if not impossible to get.

How long does bankruptcy in Iowa stay in your 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.

After bankruptcy can you get a credit card or a credit line?

Yes you can get a credit card, and it will help you rebuild your credit if paid on time. Go Google and type in credit cards for people with bad credit, you will get loads of hits.

If your credit score is 535 after filing a chapter 7 bankruptcy that is not discharged will it lower more when the discharge becomes official?

Your credit rating after bankruptcy is based on a number of factors. Many people are consider a good credit risk after bankruptcy if they have no debt and a job. Visit my web site for an article on rebuilding credit after bankruptcy: score raised from 530 to 572 when I received my chapter 7 dicharge.

Where can one learn more about bankruptcy credit repair?

An accountant or bank will be able to explain about bankruptcy credit repair. There are also now a lot of government funding companies to help people understand about credit ratings and how to help themselves out of poor fiscal situations.

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