Chapter 7 Bankruptcy and Rebuilding Credit……?
by Author on Sunday, April 11th, 2010 | 5 Comments
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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.
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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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
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