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If you do not need to depend on credit what are the reasons why you shouldn't file for bankruptcy to avoid a large credit card debt?
There are many reasons to avoid the ramifications of filing a bankruptcy. You may not think that you "depend on credit". The reality is that credit is now pulled routinely for purposes of employment, utilities, banking and Insurance. These hidden accesses to your credit can cause you hassles, inconvenience and a great deal of expense. Half of all consumers are at risk of being denied Insurance coverage, or paying higher rates for coverage, simply due to their credit report. I routinely hear of credit being pulled during the process of cashing a check. Bankruptcy is the single worst item that can show on a credit report. It receives the highest deductions in your credit score and has the longest (standard) statute of limitations. There is another, even more important reason to avoid bankruptcy if at all possible: Paying your debts benefits you! We all need an income to buy the things we want and need in life. We work, or by some other means, receive money that we are due (the more the better). How can you be honored with income, much less wealth and prosperity, if you fail to honor your debts? Paying what you owe doesn't just benefit the creditors and collection agencies. It benefits you most of all by setting up a cycle of wealth that brings money back to you!
The best option for a senior citizen on a fixed income is to consult an attorney versed in Elder LAw. There are specific laws in all states protecting the elderly and disabled, in addition to those that apply to all consumer's. SS is 100% exempt from creditors, It would appear in this situation, she could be "judgment proof." Meaning there are no assets available to be attached by creditors. BK is probably not an option, and should always be the last one. Knowing the state of residency statutes in this case would be a great help. The first rule of settlement negotiation is "offer low". Some companies will negotiate especially if they risk getting nothing, some flatly refuse. Explore all the options available before making any decisions. Good luck, stay positive!
What else can I help you with?
How many years do you remain blacklisted?
We will assume this questionis regarding filing Bankruptcy. You are never blacklisted during bankruptcy. It will remain on your credit report maximum of 10 years. That does not mean you will not be able to reestablish credit after filing bankruptcy during those years. What you will be able to obtain will depend on your payment history after the bankruptcy, the type of credit applied for and the length of time since you filed.
How many points will your credit score jump after bankruptcy comes off?
How many points your credit score will go up after bankruptcy comes off, will depend on where it was beforehand. Your credit score may improve drastically into the 600's, or it may still be low.
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.
How hard is it to get a mortgage after chapter 13 discharge?
If you have just filed bankruptcy, you will not be barred from ever obtaining a mortgage loan; however, you will not be able to get one immediately. When you can get a mortgage after bankruptcy will depend upon the type of loan you want, the type of bankruptcy you filed, and how good your credit is at the time you want the loan.
How many points will your credit score go up once your bankruptcy is cleared?
There is no separate rule, and there are several different credit scores. The increase will also depend on other elements, including payment of rent, mortgage, utility bills and other post-filing debts.
How many years do you remain blacklisted?
We will assume this questionis regarding filing Bankruptcy. You are never blacklisted during bankruptcy. It will remain on your credit report maximum of 10 years. That does not mean you will not be able to reestablish credit after filing bankruptcy during those years. What you will be able to obtain will depend on your payment history after the bankruptcy, the type of credit applied for and the length of time since you filed.
How many points will your credit score jump after bankruptcy comes off?
How many points your credit score will go up after bankruptcy comes off, will depend on where it was beforehand. Your credit score may improve drastically into the 600's, or it may still be low.
How long does it take to get home equity after bankruptcy paid off loans and you have bad credit?
The time it takes to get home equity paid off after bankruptcy and bad credit will vary depending on how bad the credit score. It will also depend on which lawyer and banks are involved.
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.
How hard is it to get a mortgage after chapter 13 discharge?
If you have just filed bankruptcy, you will not be barred from ever obtaining a mortgage loan; however, you will not be able to get one immediately. When you can get a mortgage after bankruptcy will depend upon the type of loan you want, the type of bankruptcy you filed, and how good your credit is at the time you want the loan.
If you bank with Bank A and file bankruptcy and have credit cards with Bank A should you move to a different bank?
It would depend on the banks policy. Some banks will freeze all accounts you hold with them, whether the have credit facilities or not, e.g. Savings accounts you hold for your children.
How many points will your credit score go up once your bankruptcy is cleared?
There is no separate rule, and there are several different credit scores. The increase will also depend on other elements, including payment of rent, mortgage, utility bills and other post-filing debts.
Can you co-sign for a car loan if you went bankrupt?
It is possible that you could cosign an auto loan after you filed bankruptcy. It is not likely though. It would depend on a number of factors, not the least of which is your current credit number.
What services can be found at the official Credit Counseling Center website?
There are several commendable official 'credit counseling center' websites that one can depend on. For example, 'The National Foundation for Credit Counselling' and the 'Justice' website. These websites provides valid and accurate information's on many alternative counselling services, such as 'housing counselling' and 'bankruptcy counselling'.
Should you file bankruptcy when your car gets repossessed?
That totaly depend on what else is happeneing in your credit world.. Just because your car gets reposessed? NO once they take your car there is nothing else you need to do with them. If you are in debt for way more than you can handle then you might want to think about bankruptcy, But first talk to a credit councellor, sometimes they can get your interest totally wiped out and lower your monthly payment low enough for you to handle them. Defifnitely talk to a credit councellor first!
I filed Bankruptcy can I still buy a home?
yes, but it will depend on what you have done since the bankruptcy and of course the lower your score, the higher your interest rate will be. Best thing is to clean up your credit as much as possible and get some revolving and installment accounts. Keep them in good standing. You will need cash down too in this market.
Can you refile if you filed for bankrupty before by yourself?
What could you possibly mean by overturned? Bankruptcy cases are dismissed (for any number of reasons) or discharged (as in completed). It is all covered by Federal law. Depending on which and why will depend on when you can refile.
