Should I still try to pay off debt after Bankruptcy?

Question

I filed for bankruptcy and it was discharged almost two years ago. Would it help my credit if I still try to pay off those debts that were discharged?

Answer 1

I've known people who've wrestled this one. First of all, I salute your integrity. However, lending is actuarial. You'd be amazed at the accuracy of a lender's estimates for bad debt. They knew that you, or someone else much like you, was going to declare bankruptcy. It's all figured into fees, finance charges, etc. I'd still say that it would be good to do, except that if you're like most, your creditors didn't really try in good faith to work with you. They hassled you and gave no serious consideration to working within your situation until you stopped paying. Also, believe it or not, they don't have a procedure for handling your payment after the debt has been discharged.

Screw 'em!

Answer 2

No. Those debts are already discharged. The bankruptcy will stay on your record for 10 years. However, you can start now improving your credit score.

You can, and probably should, apply for a credit card. You won't be able to get a very high limit but it doesn't really matter because you aren't going to charge a bunch of stuff on it. Make sure you get one that does not charge an annual fee. You'll probably have a fairly high interest rate on it but the plan is to NEVER ever pay interest. Use the card regularly. Pay the bill when it comes. Do not ever be late on a payment and pay it completely off every month. Only use it for things that you would normally buy with cash anyway. I use mine for food because I'm going to buy food anyway so I'm not buying some stupid stuff that I don't need. I pay the bill every month.

After a while, by making regular payments every month, your credit score will start going up. It takes a while but it really does work.

And don't even think about splurging and buying those cute shoes just because the card is in your pocket. Under this game plan, you can't charge anything you don't have the cash to pay for.

Answer 3

No. The bankruptcy discharge will remain on your credit report for 10 years whether you pay off those debts or not.

Best to try to reestablish credit responsibly and pay your debts. Reestablishing good credit after a bankruptcy is the best way to improve your credit rating.

Answer 4

that funds replaced into discharged - subsequently you do not owe it - and despite in case you paid them - which you quite shouldn't - it won't resolve lots - it quite is on your checklist. style of like in case you had a credit card - and it replaced into charged off by using financial disaster - then they does not supply you with a card and 10 years later you have been like - whats up - if I supply you with $$ will you enable me get a card? It does not artwork that way. i could in simple terms reapply to the credit union in January - after making particular the financial disaster is not on your credit record. in the journey that your credit record is in sturdy status - Fico is severe - they'll prob. be keen to supply you an account back. And your legal expert replaced into incorrect - you are able to exclude lenders out of your financial disaster - yet they could nevertheless be sure to drop you given which you filed and at the instant are seen a credit risk. IE -you have a Visa you probably did not contain in the submitting - then they drop you 2 months later pointing out you're a credit risk.

Answer 5

nope. they will be on your credit as discharged in bankrupcy. Best to start now and pay all your bills early or at least on time, and build your credit up that way. that is about the only way.

Answer 6

not at all. would it help your integrety and sense of duty, absolutely.
you borrowed, you morally owe.

Answer 7

Nope...not one bit...save your money!

Answer 8

no not at all