How long does it take to recover from bankruptcy......?

Question

Had to file back in 2003 after divorce....Trying to rebuild the past year, have about six credit cards, but paying for it in finance charges some at 30% do you think if I call to request lower % rate they will give it to me?????? How long does it take to fall off credit report??????

Filed in 2003 before they changed all the rules about filing....

Answer 1

Seven years to fall off credit. Negotiate lower rates by advising that you will no longer use the accounts and will have a credit stabilization plan in place.

Answer 2

Figure 8 to 10 years for the bankruptcy to fall off your credt report. However, if you conduct yourself in a creditworthy fashion, your credit will improve considerably before this. As bankruptcy becomes more remote, it will be less of a negative on your credit.

You need to stop using credit cards actually since you are now in the "universal default" zone with 30% interest. At this rate, it is very difficult to bail out. Please cancel them all and start reducing your debt. Chapter 7 will not be an option and chapter 13 will pretty much tie you up for 3-5 years.

Answer 3

Your credit rating and bankruptcy are related to each other. People with credit tend to make full use of it. This results in a big debt that makes it very difficult to repay. This results in bankruptcy. Though many consider bankruptcy to be a blot on their name, it is not necessarily true. Once you declare bankruptcy, you get a fresh chance to start working on getting good credit again.

After you declare bankruptcy, certain things occur. The most important thing that happens is that you get a tremendous sense of relief from having to clear off your unsecured debts.

Answer 4

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RE:
How long does it take to recover from bankruptcy......?
Had to file back in 2003 after divorce....Trying to rebuild the past year, have about six credit cards, but paying for it in finance charges some at 30% do you think if I call to request lower % rate they will give it to me?????? How long does it take to fall off credit report??????

Answer 5

So, first things first. Why so many credit cards. You only need a couple to rebuild your credit. And definitely call to request lower interest rates. It takes 7 years for the bankruptcy to be off your credit report. But, if you can build up your credit in the next couple of years that shouldn't make that much of a difference. You should be able to get auto or home loans without promblems and not much higher interest rates.
Good Luck!

Answer 6

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RE :How long does it take to recover from bankruptcy......?
Had to file back in 2003 after divorce....Trying to rebuild the past year, have about six credit cards, but paying for it in finance charges some at 30% do you think if I call to request lower % rate they will give it to me?????? How long does it take to fall off credit report??????
Update: Filed in 2003 before they changed all the rules about filing....
1 following 9 answers

Answer 7

Bankruptcies will stay on your report for ten years after the date of discharge (as opposed to the date of filing).
A 30% rate is quite high! I think you would have to prove yourself by showing a good payment history (paying on time and not going over your limit) for at least one year before they will consider chainging your rate.
Good luck!

Answer 8

i heard its somewhere around ten years, unless you use various methods to get the banks to trust you.

so some reading on bankruptcy and debt.

Answer 9

as long as u pay your bills on time after u filed for bankruptcy, u should be fine, but it wont get removed til 10 years for the date u filed..

Answer 10

i'm surprised you have credit cards, but it wont hurt you at all to call and find out if you can get a lower apr. it usually take sevev years before it wont have an affect on you. i think it stays on your credit though, I THINK