Does anyone know if your income changes before filing bankruptcy,will some of the accounts not be marked off?

Question

I have yet to file,but my income changed & i'm not sure if some of the original accounts will be considered payable by me.My attorney is wanting to discuss options & assess my financial situation,since i have not paid balance owed to them.1 account, a bank has put the most pressure, the others are credit card.Any help would be appreciated.

Answer 1

It's is definitely not the same to apply for a credit card right away after bankruptcy than applying after two years or applying past ten years when your bankruptcy will be removed from your credit report. You need to understand that bankruptcies on your credit history scare lenders and financial institutions away and if the entry is in your recent credit history, chances are that you'll get declined.

Truth is that there is no particular time period specified to apply for a credit card after a bankruptcy process. Yet, most lenders and financial institutions would agree that a two year period is the least time required for applying to obtain any kind of financial product if you have gone through a bankruptcy process in the past. Thus, though you may get a credit card sooner, don't expect to obtain an excellent deal.

What Type Of Credit Card Do You Want To Obtain?

Another important issue is the fact that you can't look ahead to obtaining the same credit card products that are offered to those with a fair credit score and history or even those with some minor delinquencies like late payments or missed payments. Those who have defaults or bankruptcies on their credit report will have to be contented with less advantageous products.

This means that you'll be able to obtain only higher interest credit cards, with lower credit limits and that the income requirements you'll have to meet in order to get approved will be more rigorous. Store credit cards are easier to obtain but, consequently have higher rates and though they sometimes offer higher credit limits, they can only be used at that particular store. Read more from: http://www.credit-card-gallery.com/credit_card_bankruptcy.html

Answer 2

Not all debits will be charged off under the new bankruptcy laws. IRS liens stay as do county tax liens. Credit cards are the most charged off.

Your atty will know best.

Answer 3

You are asking for help to avoid paying debts you owe, even though your circumstances have changed and you may now be able to afford to pay something?

Classy!

Answer 4

If the judge feels you would be able to pay off your debts, they wouldn't be discharged by bankrupcy.