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 Please Please please help!? |
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Capital One? or AmEx?
Additional Details
What builds up your credit fast?... |
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LooseTheCannon | What happens during a bankruptcy? how long does it stay on credit? |
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Lillie A
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IT depends on which chapter you file. Chapter 13 is the one you pay back in monthly payments over the course of 3-5 years. You have trustee that handles your case and you send your payments to him and he pays your creditors. After you file there will be an automatic stay on your account. Which means ALL creditors must STOP calling you about the debt and deal wit hyour lawyer ( that is in both ch13 and cha7) soon after you will go to a creditors meeting where the creditors will have the chance to object if they want to ( they usually dont show up but sometimes they will). Chapter 13 stays on your credit report for 7 years from the date you file. Chapter 7 stays on for 10 years from the date that you file. Chapter 7 is more liquidation. If you have anything to sell to pay your creditors you may be required, maybe not. After that you are releaxed from paying all credotiors. BUT I dont know much about ch 7. |
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Mike V
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Usually stays on your credit for 7 - 10 years. After 7 you can try and have it removed. |
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burt
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bankruptcy? I found interesting information about your answer here. (Bankruptcy, the myths and facts) Goodhttp://all-debt-consolidation-loan.blogspot.com/2007/08/personal-bankruptcy.html Good luck! |
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rluettjohann
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Ditto, except Ch 7 stay on your credit 10 years from the date of discharge, which could be months afters you file. |
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Laura Z
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You go to court. Answer some questions. It stays on your credit for 10 years. |
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jemmy t
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In the olden days, there was a choice between filing Chapter 7 and Chapter 13 bankruptcy. But the new bankruptcy law makes income as the criterion for filing Chapter 7. The average income of the filer for 6 months must be lower than the median income of their state.
http://debt-trap.com/category/New-Bankruptcy-Law-Guide.html |
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sewcrafty
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You make a list of all your debt and take that to a bankruptcy lawyer. You pay them anywhere between $1600 to $3500 to take your case. Upon your court date you go in a little room with any creditors that wish to make a claim on you. The judge finalizes the order and you go home. Sometimes a repayment plan is hammered out. If so, everything is generally paid out within 5 years. It takes 7-10 years to come off your credit report on top of the 5 years that it took you to pay off your debt. Your credit score will be shot for about 15 years.
Now, if you choose to go the debt consolidation way then liquidate your assets and pay off debt. Or secure a debt loan with a doable monthly payment.
You also could go with a non-profit organization that you pay them and they pay your creditors a negiogated sum. Careful here though, because it still shows up as a nick on your credit for every creditor. It too can stay on your credit for 10 years.
Now, once you have decided which way to go, ask yourself how you got yourself into this mess and make sure that you don't do it again. It is pointless to go thorough the part of fixing it if you are just going to do it again. My ex-husband and I went through a divorce and Bankruptcy about 6 1/2 years ago. My income to debt ratio is virtually nil compared to him being in the same boat that he was in when we divorced. |
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cookie
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at least 10 years, ouch |
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duchezzlo
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You're better off going to credit counseling and pay off your debts. Bankruptcy hurts your credit score and chances of getting a home loan or refinancing. Also you have the choice of calling your creditors and settle for a lesser amount. Just be sure you pay it within the time they give you. Otherwise the negotiation is null and void and the balance goes back to the original owed amount.
If you own your home, you could see about an equity loan to pay off your debts. Or if you have a 401K, use some of that to pay off your debts. Bankruptcy should be the last choice for solving financial problems. |
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Muhammad Saleem U
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You Can not hold any public office , you can not do business etc., in your own name.
It depends up on the law under which you were declared Bankrupt. It last till your death. |
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pdevans1963@rogers.com
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the process is changing where I live. and in many other places. you would need to talk to a trustee but I would advise against it.
Depending on the amount and exact nature of the debt bankruptcy may not be your best option even if it might have been 2 years ago.
If student loan debt is involved for example, it is exempt from bankruptcy protection. Come to an arrangement with your creditors, or seek credit counselling and have them consolidate your debts into one payment. there will be more interest and it will take you longer but you won't go hungry.
Either way bad credit stays on your record for seven years.
HOWEVER the honest efforts to pay back your debt will appear on your history along with that debt, like a character witness whereas, if you claim bankruptcy then all the banks will see is your attempt to "weasel" out of the responsibilities you accepted in good faith. |
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