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2013-03-05 08:19:06
2013-03-05 08:19:06

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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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.


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.


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.


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.


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.


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.


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.


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.


Would be very difficult, if not impossible to get.


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.


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: http://www.chs-law.com/2005/05/rebuilding-credit-after-bankruptcy.HTML.AnswerMy score raised from 530 to 572 when I received my chapter 7 dicharge.


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.


Late payment will drive your credit score into the ground rapidly. Many people question filing a Bankruptcy even though their credit is shot through late payments on mortgages and other bills. Filing Bankruptcy put all collection activity on hold and your accounts show current and up to date as long as you make your payments on time. Most people are surprised tofine their credit in much better shape after a BK than before with a much higher credit score Late payments can always be corrected, and this will be reflected on your credit file. Bankruptcy, however, will stay on your credit file for six years.


The Federal Housing Administration can assist people with bed credit get a home loan. They have programs available for people who have declared bankruptcy or have a foreclosed property.


Bankruptcy should always be the very last step. Many people take the effects of bankruptcy fairly lightly. Basically, you must be so far in debt that there is no other option. The article below lists some questions to ask yourself before declaring bankruptcy. The pay-off needs to be completely worth the many negative effects.


Good for you! More people should cut up their credit cards and learn to live within their means.


You can get loans if people are willing to lend you money, but with a bankruptcy, it will be very hard/near impossible. You may have to wait a bit to build up you credit.


It's criminally illegal to bounce checks. Many people go to jail for this...with our without the bankruptcy.


Adding to below--it shouldn't even be on your report after 7 yrs. Lots of times it drops off before that. Yes, but having the bankruptcy on your credit report is not as bad as most people would think. After a year or so following the bankruptcy discharge (about 4 months after you file) a person can get credit for new cars and for new credit cards even with a bankruptcy on their record, and after another year can even get a home loan, but that is only if they have good present income.


In order to obtain a mortgage after bankruptcy, wait at least 2 years from time of the bankruptcy discharge. During these 2 years, re-establish credit by paying all bills on time. With a clean credit history and a steady job, banks should easily grant financing, even 100% financing.


The purpose of credit counseling is to let a person know ways to reduce their debt. They also counsel people in ways to stay out of debt. A person might need credit counseling if they are about to file for bankruptcy.


Vanquis Bank is willing to give credit cards to persons who are bankrupt and have been refused credit elsewhere. Clients can start with a manageable credit limit from å£150 to å£1000.


Most people are shocked to find they actually will start receiving offers for new credit once they file a bankruptcy case. Offers for secured and unsecured credit cards, car loans etc. You hear evidence of this everyday, just listen to the radio. Car advertisers or dealers saying, good credit, bad credit, Bankruptcy okay..... They mean it ,just don't expect to go in and command the best rates. Rebuilding is tough, make sure you make all payments on time no matter how small the debt.


In the current credit environment (2010), the only lenders that make loans to people without checking their credit history are payday lenders, auto title lenders and pawn shops.


Many employers look at credit reports and such...and feel people with a poor history of responsibility do not make good employees.



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