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.
A Chapter 7 BK can eliminate credit card debt.
There are many places where one can get help for credit and debt bankruptcy. For example, Debt Advisors Scotland, Consumer Information and Total Bankruptcy.
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.
Creditors must always eliminate the debt owed by the debtor when there is a 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.
You have to, it is a debt...it is just a secured debt...by the lien on the property.
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.
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.
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.
No. Bankruptcy remains on your record. Check this site. http://www.americanfinancialfreedom.org/debt-consolidation/bankruptcytitle11.aspx
file bankruptcy
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.