My wife and I are contemplating claiming Chapter 7 Bankruptcy to rid ourselves of K credit card debt and a 0/month lease car payment (wife has been unemployed for 4 months). Can we start to build our credit back if we keep current on our mortgage payment as well as the other car payment we have? We have also heard that credit card offers will come soon after filing because they know you can't claim bankruptcy again (if this happened we would want an EMERGENCY card with a ,000 balance that we can pay off monthly which would ideally show positive on our credit). Ultimately we will have the finances freed up to do everything in cash and become "cash positive" so to speak. We need this fresh start with our 1st baby on the way!!!
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April 11th, 2010 at 5:42 pm
?redit repair work?d fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – credit-report-free.totalh.com
April 11th, 2010 at 5:42 pm
To file Chapter 7, you will likely have to give up that expensive car. Bankruptcy Court doesn’t let you keep a car worth more than about $2,000.
After Chapter 7, you will find it nearly impossible to obtain credit for several years and that bankruptcy remains on your credit report for a full 10 years.
Consider all your options before taking such a drastic step. The whole idea of credit cards is that you get to buy something now and pay it off in a few months.
April 11th, 2010 at 5:42 pm
A couple of years ago, yes, credit card companies jumped on people like you.
Things have changed – they have stricter standards.
If you have trouble here are some steps.
- Go to bankrate.com find a card you like and apply
- Go to your bank and ask for a credit card
- Go to your bank and ask for a secured credit card.
This card will turn into a credit card in as little as 6 months if used correctly.
By paying in full for what you use.
Use it unwisely – and it could take 2 years.
Thank you for being aware that paying cards in full is an easy way to get the best rating you can possibly get.
Enjoy your future life being a wise card holder.
Note: Never lease a car again – that is one of the top 5 financial mistakes a human being can make.
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April 11th, 2010 at 5:42 pm
as long as you keep up with your payments after the discharge your credit will begin to build. if you stick with the plan you have you will be ok. you will be left without a car and it stays on credit for 7 years. paying off a card every month is in your best interest
April 11th, 2010 at 5:42 pm
Non chexsystems banks?
NEED A BANK WITH NO CHECKSYSTEMS!!!!! TAKE A LOOK AT THIS WEBSITE OF A FREE LIST PLUS BLOGS ON REAL PEOPLE THAT HIS USE THE LIST AND NOW HAS A LOCAL BANK ACCOUNT FOR FREE!!!! http://www.chexaccount.com/free-list-of-non-chexsystems-banks/comment-page-1/#comment-458