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Once an individual has become bankrupt, the next step is to file Chapter 7, which means to declare bankruptcy. The process by which one can declare bankruptcy varies from state to state. However, there is generally some form of paperwork that needs to be filled out and filed. The paperwork should reveal how the individual should proceed from there.
What else can I help you with?
How long after bankruptcy does your credit score start to improve?
After 7 years, you can start rebuilding your credit.
Can getting a credit card improve credit score after bankruptcy?
Yes, if you use it properly. Just getting one and doing nothing doesn't really help.
How can one get a loan if they have declared bankruptcy?
Getting a loan after bankruptcy can be difficult depending on what type of bankruptcy one files. A Chapter 13 bankruptcy, one cannot even apply for credit during the length of the bankruptcy. In a Chapter 7 bankruptcy, that is a different story. One can file Chapter 7 bankruptcy and as soon as it is discharged can apply for credit. The only problem with getting a loan after bankruptcy is that you may have to have a co-signer until you build up some positive credit.
Where can one get help for credit card debt bankruptcy?
There are many places where one can get help for credit and debt bankruptcy. For example, Debt Advisors Scotland, Consumer Information and Total 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.
Can a person get a credit card for going through bankruptcy?
After bankruptcy one has to rebuild their credit rating. If or how fast one will get a new credit card depends on the issuing company. Alternatively one can apply for a pre-paid credit card.
If you just divorced and already have foreclosures and repossessions on your credit report will filing bankruptcy help your credit score?
No, filing bankruptcy will never help improve your credit score, it stays on your report 10 years whereas a repo or foreclosure normally remain 7 years. So bankruptcy would only make your credit worse.
How hard is it to get credit after bankruptcy?
It is quite difficult to get credit after bankruptcy because after one declares bankruptcy one has to be significantly behind one ones bills to be able to do so. However after this one should be able to build their credit back up by paying things on time and not applying for loans.
What effect will a five year old bankruptcy have on getting a job that requires a background check?
It all depends on the employer, usually after seven years a bankruptcy is clear from your record, even though someone has a bankruptcy in their record they can try to get credit to begin to improve their credit.
If you are an additional card holder on a parent's credit card account and you file bankruptcy will the bankruptcy appear on their credit?
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
What options are available to those refinancing after bankruptcy?
The rule for refinancing after bankruptcy is that you should wait 10 years after filing bankruptcy even chapter 13 so that the bankruptcy is off of your credit and you can get a better chance of getting the refinance. You could try before it's removed but you will have difficulties.
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.
