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When a person files for bankruptcy and their case is discharged they can immediately begin rebuilding their credit. It isn't unlikely for a person's credit score to bounce back to 750 or higher within the matter of a couple years.

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12y ago

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Can credit card debt be erased in Tennessee bankruptcy?

A Chapter 7 BK can eliminate credit card debt.


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.


Can you file bankruptcy against a divorce order in North Carolina?

Whether you can eliminate a debt that resulted from a divorce decree will depend on the type of debt. If you owe child support or alimony from a divorce then you will not be able to eliminate the debt in bankruptcy. If the divorce assigned some debt to you as part of the divorce and it was not assigned as child support or alimony then you may be able to eliminate the debt in a Chapter 13 bankruptcy. Chapter 13 bankruptcy allows you to eliminate debt assigned to you that is in the nature of a property settlement and not child support or alimony.


What regarding bankruptcy is not true?

Creditors must always eliminate the debt owed by the debtor when there is a bankruptcy.


Can a judgment be put on your credit if the debt was part of the bankruptcy?

Not if the debt was discharged in the bankruptcy. If the judgment was on the credit report before the bankruptcy was filed and/or was discharged in the bankruptcy, the entry will still remain on the CR for seven years.


If credit card puts lien on house and i file bankruptcy can i still file the credit card in the bankruptcy?

You have to, it is a debt...it is just a secured debt...by the lien on the property.


How can you find information to eliminate debt?

The are a few different ways someone can eliminate debt. The best way would be to speak with a debt counselor that can guide you on your individual needs. You can also speak with a bankruptcy lawyer. Even if you do not want to file for bankruptcy, they can guide you on how to get that debt eliminated.


What steps can people in credit card debt take to reduce their debt without declaring bankruptcy?

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.


What is more credit damaging Bankruptcy or settling a credit card debt?

Bankruptcy would be more credit damaging than just having large credit card debt, mainly because it stays on your credit report for longer. One of the biggest disadvantages of filing for bankruptcy is the lasting effect it has on your credit report- typically staying on your report for 7-10 years. With credit card debt there are more flexible options and obviously when you pay the debt and does not stay on your report for as long.


Can remove a banruptcy off your credit before 7 years?

No. Bankruptcy remains on your record. Check this site. http://www.americanfinancialfreedom.org/debt-consolidation/bankruptcytitle11.aspx


How do you stop wage garnishment for credit card debt?

file bankruptcy


Where can one find information about how to eliminate credit card debt?

There is a lot of online information available about how to eliminate credit card debt. There is information from the Federal government, debt consolidation agencies, or self-help information available online.