No. And exactly where would you expect them to get the money? If anything, your payment of the debts will be considered preferential and re-claimed by the court to pay those with higher level claims.
form_title=Loans After Bankruptcy form_header=Have you filed for bankruptcy? Find a lender willing to approve a loan for those who have had past bankruptcy. Desired Loan Type?*= _Please Describe[50] Do you need a financial advisor to help get you out of debt?*= () Yes () No Total Debt Amount?*= _Enter Amount[50] Credit Rank?*= {Poor, Fair, Good, Very Good, Excellent}
No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.
Just because your spouse is filing for bankruptcy does not mean you need to. If your spouse ran up a lot of bills related to a business or something that does not involve you and no one will be coming after you for those debts, there is no reason why you should declare bankruptcy. If, on the other hand, you are in debt just as deep with no possible way of paying off those debts, it might be a good idea. It depends on your personal situation, not your spouse's situation. You may want to check with the bankruptcy lawyer.
As with everything, bankruptcy law can be complicated and the manner by which credit ratings occur can seem mysterious at best. Filing for bankruptcy will in general lower your credit score, but with some good spending habits and good financial stewardship will again rise over time, especially since part of your credit score has to do with income to debt ratio. When you file for bankruptcy, the debts do not simply disappear as if they never existed. Your history of late or missed payments, if you have one, will remain on your credit report and will continue to drag down your credit score. Additionally, the bankruptcy will stay on your record for many years. A Chapter 7 bankruptcy will remain on your credit report for 10 years from the date of the filing
That is decided by the LENDER.
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.
No. Backruptcy will always appear on your credit. After 7-10 years your credit will be as good as someone who has not filed bankruptcy.
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.
Credit debt consolidation can be a lifesaver, but do keep in mind that it will have nearly the same effect on your credit as bankruptcy. Not quite as bad, but you'll take a very significant ding. With a good job, you should qualify for one those programs, check with CCCS to get more information.
Suntrust will work with you and help you manage your debt. They are able to negotiate for you with your debtors, offer credit counseling, and bankruptcy information. If you want a more local company, they will do fine.
yes! because in Chapter 7 bankruptcy is considered a straight liquidation of unsecured debt. In simpler terms, this means that all unsecured debt is discharged. in short its a judgement for your term in credit card bills.
If the bankruptcy was discharged more than 2 years ago, it may be disregardedIf the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that you and/or your spouse are a satisfactory credit risk unless both of the following requirements are met:you and/or your spouse have reestablished satisfactory credit, andthe bankruptcy was caused by circumstances beyond your and/or your spouses control (such as unemployment, medical bills, etc.)If the bankruptcy was discharged within the past 12 months, it will not generally be possible to determine that you and/or your spouse are satisfactory credit risks.