2006-12-21 17:51:12 · 9 answers · asked by Josie G 1 in Business & Finance ➔ Credit
Yes, it will hurt your credit, but the good news is that you can slowly rebuild your credit. It is such a relief to get that heavy load off your back, that you can focus on getting your credit restablished. It will not be easy. Just remember how you got there in the first place and don't repeat that mistake. The bankruptcy will stay on your credit report for 10 years. Good luck.
2006-12-21 18:18:45 · answer #1 · answered by dragonfly123 1 · 0⤊ 0⤋
I filed bankruptcy 2 x..both times within a month, I got credit card apps thru the mail and got approved.. (why not..I can't file again for 7 years)..The interest rate is high, the limit is low but if you make payments on time and build up your credit then it helps you in the end.. Better to do a bankruptcy and have a fresh start in 7 years than to still be paying off 50,000 plus interest in 20...
2006-12-23 00:07:50 · answer #2 · answered by chilover 7 · 0⤊ 0⤋
Depending on what you are charging off. If you are foreclosed on, then it will be tough getting another mortgage. Most people keep their homes and cars, and file only the unsecured credit cards. However, even then you'll probably get credit card offers after bankruptcy (at a high interest rate) since all the credit card companies know you cannot file bankruptcy again for at least 5 years.
Issy
2006-12-22 02:04:26 · answer #3 · answered by Issy 2 · 0⤊ 0⤋
Bankruptcy stays on your record for seven years. You can start helping your credit by not getting in debt again. Just pay your bills and don't bite off more than you can chew untill the bankruptcy is off your record.
2006-12-22 02:02:19 · answer #4 · answered by cali909ems 2 · 0⤊ 0⤋
Yes. If you get a high interest credit card and keep making payments on time and if you can find another place to get credit, you will slowly begin. You should not get credit if you cannot control yourself with credit. Wait for four years before even beginning to build credit.
2006-12-22 02:01:45 · answer #5 · answered by grannywinkie 6 · 0⤊ 0⤋
It does hurt your credit but after you file you just have to steadily do things to rebuild it and it really don't take to long to do.
2006-12-22 01:56:24 · answer #6 · answered by none 1 · 0⤊ 0⤋
Of course. It will stay on your record for ten years. The good news is that after ten years your credit will be clear again.
2006-12-22 02:01:19 · answer #7 · answered by salvador m 5 · 0⤊ 0⤋
http://badcreditresources.com/say_no_to_bankruptcy.html. Read this article, This might help you in deciding if it is right to file bankruptcy. Hope this resource can help you.
2006-12-22 16:49:22 · answer #8 · answered by aleish 2 · 0⤊ 0⤋
when you go bankrupt you have NO credit.
yes you can build it again. i did.
bank took everything including my house in 1984.
in1992 i bought another one and paid it off in 4 years.
different bank naturally.
2006-12-22 02:05:10 · answer #9 · answered by dirtyoldman 4 · 0⤊ 0⤋