2007-07-31 06:12:44 · 8 answers · asked by eyes2873 1 in Business & Finance ➔ Credit
I agree with SCH to a point.
I went through this several years ago and reaffirmed on a open auto and it helped me tremendously.
The thing you need to know is once you file your creditors will stop reporting to the bureau. So whatever you are allowed to reaffirm on be sure and call your lenders and make sure that they continue to report.
Because of the auto loan that I had, I was able to buy another vehicle with no money down and 3.9% interest 2 years later and buy a new home 1 year after that with no money down and a fixed 6.5% rate.
So it can be done.
2007-07-31 06:22:14 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Filing for bankcuptcy means you give up any financial obligations. Which means no more credit cards, no more mortgage. I don't know what will happen with the car though. That is something you will have to ask the dealership you are buying it from. If it's yours outright then there is no way you could get credit from it. It will be hard to build credit in the future after a bankruptcy. This will be on your record for a while. Unless you are so much into debt that there is possibly no way of paying off your debts then bankruptcy is a stupid idea. Plus it isn't that easy to do.
2007-07-31 13:20:08 · answer #2 · answered by Steven's Love 4 · 0⤊ 1⤋
If you're keeping all of those accounts out of the bankruptcy then why are you filing?
Most of the time, people keep the accounts that have a good payment history. If all of those accounts are in good standing, you might want to reconsider filing and instead try to clean up what's negative on your report.
Remember that a bankruptcy will stay on your report for 10 years. You will be very susceptible to loans and ccs with high interest rates and when it comes to reputable lenders, you will not be able to apply for anything major for at least two years.
2007-07-31 13:45:56 · answer #3 · answered by YSIC 7 · 0⤊ 0⤋
If you are keeping all of those things a judge will not allow you to file...you can try to keep one credit card...but the likely hood is that that card will automatically close when they get notification of filing bankruptcy.
Usually you are allowed to reaffirm on your mortgage and one auto per adult...but not on credit cards.
It takes years to rebuild your credit after bankruptcy...and it stays on your credit report for 10 years. So don't go into this without that knowledge and the knowledge that it will take years to get to the point where you can get new loans.
2007-07-31 13:17:12 · answer #4 · answered by Anonymous · 1⤊ 0⤋
If you are filing for bankruptcy, you will have no house or credit cards they will be taken form you to help pay your bankruptcy.
2007-07-31 13:25:15 · answer #5 · answered by Baz 5 · 0⤊ 0⤋
if you file bankruptcy your credit card companies will cancel you and you will have to refinance your house. Good luck refinancing though. You will literally have no credit!
2007-07-31 13:15:52 · answer #6 · answered by Hoptoad City 4 · 1⤊ 2⤋
If you do not include in the bankruptcy filing, morgtage, auto, cards............
What in h*** are bankrupting?
If you include those, you won't retain any.
2007-07-31 13:21:54 · answer #7 · answered by ed 7 · 0⤊ 1⤋
Yes, just make sure you pay on time
2007-07-31 14:01:38 · answer #8 · answered by shorty21 5 · 0⤊ 0⤋