My credit score is 490 and i’m in the process of getting bankruptcy.
I dont know how life is after babkruptcy. I know things like car rates will be very high. How different will things be? i’m only 25 with two children, working and making 21,000 a year. I want to buy a used car soon but I’m scared of high rated including insurance. Will I be denied for everything? I only have a Macys card and that one is in good standing and will make sure it is. Any one can tell me how life will bw with low credit score and bankruptcy?
My total debt is over ,000 because of stupidity and not being able to control my spending. I have a date already to meet the creditors.

I pulled a chapter 7 in Jan of 2005, because I had lots and lots of health related things back then, which I’m totally fine with now thank god, but it really made my bills huge, and I was younger and d8mb, and overspent on credit cards, and just did it.

Ever since then, I’ve actually managed to get other credit cards again and start re-establishing my credit score and credit history,thank god. That’s been a blessing, especially since my bankrupcy is current and they still approved me. I also had pretty high limits too, on some of them. But then again I’m also pretty well off so my total household income, etc..helps too.

However, what bothers me is this: after the full 10 year period, does it become completely irrelevant, and you can act like you technically never went bankrupt, and don’t have to mention it ever again, or what?

Even if you DO have to mention that you went bankrupt before in your life…being that the 10 year period is up, does that mean that it will have 0 effect on you and your score and the potential for companies to work with you and take you on as their customer?

Also..aside from the bankruptcy itself, I discovered that if you were late on all your bills for a significant time back when you went bankrupt, and those credit card companies lost money,..they still mark you as "never paid, delinquent," and all other derogatory terms on your credit report.

So it’s not like you just have one word "bankruptcy." It goes on and on about other derogatory items as well.

How long until THOSE get erased from your credit score? Or do they stay on there permanently?

I heard that inquiries and late payments and all of that stays on for about 2 years, and everything has its time frame.

So can someone answer how long the rest affect you for?

And what I can do to get them removed from my credit reports, if they’re on there for a longer amount of time, or what not?

I have good credit and have not made more than ,000 in over two years. Fortunately my domestic partner makes good money and we have lived a very good life together. His credit though, SUCKS!!! He has not paid any of his bills in over 5 years and quite honestly has absolutely no interaction with debt collectors. Anyway, we have used my credit for quite some time now and keeping it alive is where most of our money goes. So the question is this: Can I just stop paying the bills, declare bankruptcy after a few months and just start from a clean slate? Is this illegal?

We are not married as the federal law does not allow same-sex relationships so that kinda works out for us as we are not responsible for each others welfare by legal terms. Any advise would be great. Thanks.
We do not share any debt. It is all in my name. Beyond the moral, value and ethical aspects there does not seem to be anything that should prevent me from doing this. The companies that I owe money have no compassion for me so what is the difference.
I really do not care about my credit score anymore. I want to keep my money in my pockets and not dull it out to these companies. I have probably payed them 3-fold over the years. If my partner and I could stop paying we would have almost ,000 a month that we could invest elswhere.
This is the premise of why I would want to do this. It only makes sense to get financially, very stable.

Here is my situation. I have aprox. 70k in credit card debt from personal stuff and buying stuff for my new business that I havent opened yet. I have a 5,000 mortgage on a house that is worth 0,000 at best. So my question is, will the banks take the stuff I have for my for my business to pay off the debt or can I "sell" it to my parents for 0. Will my debt be wiped clean? After bankruptcy I can open my business for a minimal cost and rent a house for the next few years till I build my credit up again. My credit score is a concern, but not as much since I will be bringing in a salery of 40-50k per year, have low living cost, and hopefully enough money in the bank in 5 years to pay cash for a new house. I just need a clean slate.

I have been payiny min payments on 11K in high interest debt off for the last 2 years, and it does not go down.

I make late payments, my interest rate is at 28 percent, I am basically an idiot. Now that I live on my own the cost of my debts is killing me.

I would like to be able to buy a nice house ect but i cant keep giving them free money and making my life suck.

Can i settle the debt? Can the interest stop and i just pay it off in smaller payments?

Obvioulsy by credit score would suck after this settlement, if a settlement like this even exsists, but its not bankruptcy????????????????????????????

Please what do I do??????????

During a long period of underemployment and costly divorce, I accumulated about ,000 in credit card debt. My current income is 5,000 per year, I own a home with some equity that I can’t/don’t want to sell, and two vehicles outright. All in all, my assets are probably worth ,000 net mortgages, etc.

I was able to make the payments on my credit cards until all of the banks raised my rates to 30%, despite my paying on time and having a good credit score (735). At loan-shark rates, I have started falling behind each month and have burned through all of the cash I’d saved.

I could pay the balances back if they were at reasonable interest rates, but not at 30%. I don’t want to risk my home or vehicles, but I could care less about my credit score at this point because there’s no credit available to anyone anyway.

Would debt settlement be a better option than a Chapter 13 bankruptcy? If I did file a 13, would I be able to keep my vehicles?

I have around 18,000 worth of bad debt. This does not include my student loans. Should I try to file a chapter 7 or 13? If I do what is the cost involved? I was going to try and settle with the creditors themselves. I have heard that with the economy the way it is creditors are accepting payments of .20 on the dollar. Is this true? If so would I have to pay that in one lump sum or can I pay it over 3 – 5 payments?

I do not have the means to pay 0 per month. My income has dropped dramatically in the past few years and I can barely even pay the bare necessities. I want to get my credit back to where it was 4 years ago, before the layoffs. My score was a 780 4 years ago, now I think its as low as a 490. If I do file bankruptcy what are the chances of having decent credit within 2 – 4 years? I have heard it takes 7 before your credit score begins to rise after a bankruptcy. PLEASE HELP!!
NO ADS PLEASE!!! I am not buying turn debt into wealth program or anything like it!!!! PLEASE!! ADVICE ONLY!!!

My husband and I are just coming out of chapter 13 bankruptcy and have an auto loan that we have been paying for but it is in a family member’s name. We are wanting to get a loan in our own names for the remainder of the payoff which is around 18,000. Our FICO score is 720 so we decided to apply for a loan at our local bank. It was denied for what I believe was that we don’t have any current credit, not because of the bankruptcy.
What more can we do at this point? We have no outstanding debts in our name. We need to build our credit more I guess. How do we do that and how long can we expect to have to wait before we can get a loan in our name?
We have a long rental history, stable employment, decent income. We are ready to own a home and get our auto loan in our name. We don’t need a loan for a different vehicle or any other kind of smaller loan.
Please help! We don’t know what to do next.
Let me clarify that the auto was purchased while we were currently in bankruptcy. Our family member signed for it because we had to have a dependable vehicle for work. We are not going further into debt by trying to get a loan. It was our intention to try to get a loan to get the vehicle out of family member’s name. We have paid every dime on this vehicle. It is essentially ours.
We are just trying to find a way for it to actually BE ours and get it off the other person’s credit.
sorry to tell u but i just got our credit score from the bank and it WAS 720…

Isn’t the answer?

A little story about myself.
In 1997 I was married to someone that didn’t have the greatest work ethic, yet had a champagne appetite while on a beer income. That was my mistake in marrying her in the first place. Go figure she was a Clinton supporter. I had to throw that in. LOL!
Naturally it ended in divorce, but also a subsequent Chapter 13 bankruptcy. I refused to do a Chapter 7 as my ex wanted to do as I at least wanted to pay off my secured loans as well as some of the unsecured stuff.
After 7 years of payments I finally finished it and now have a credit score that I’m very proud of. It took a lot of hard work and belt tightening but I got through it.
Today my financial standing is pretty solid. I’m not rich, but things are very stable.

Now if I had tried to go out and get high interest loans to pay of old creditors I’d still be in debt, probably much worse debt since at the time I was not credit worthy, and would have procured much higher interest rates, so the only places I could have gotten loans would have been Joe Blow’s loans on the corner. Effectively starting a very vicious cycle of continuous never ending debt.

Is the latter part of my story exactly what the Dems are doing right at this moment? I believe it is.
Borrowing from China.
Printing worthless money.
Ending up with high interest debt.
Phil?
Uh no.
They are not the same. But the principle is behind the management is.
Sara?
Yes I do, But the government isn’t doing that. They’re throwing it a failing companies and empty earmarks.
It figures at least one moron would show up. "Imitated".
Donovan
I understand that, however the money they’re going to use is going to be much more worthless than it is now. If a dollar today is actually worth .75 cents when you borrow it now. And in 5 years that same dollar is only worth .50 cents due to over printing. It will not only take more of that dollar to repay the principle, but even more to repay the interest.
And there is your massive inflation.
Flywheel.
I hear what you’re saying. And the premise does make sense on the surface.
But after the recession ends, the bill comes due does it not? Who pays that bill? It’s obvious who that is. Only problem, this bill will be the largest and longest running "mortgage" this country has ever seen.

I have a few questions about credit reports and how to handle certain blemishes.

The first situation is that I have two collection accounts with a combined total of 2. One is from 07 and the other from 08. Should I go ahead and pay these off? Should I send a debt validation letter? Or should I just ignore them? My husband and I would like to purchase a home next summer and I want my credit score up as much as possible, but I have heard that paying off the debts can actually hurt your credit because the "date reported" date changes to a a current date. Is this true?

The second situation is what I believe to be a duplicate account listed on both mine and my husband’s credit report. It is from an account that was included in our Chapter 13 bankruptcy. There is a listing from the original creditor and then a seperate listing for what I assume is a collection agency called MBC INV for the same amount that was first reported 9/30/09 – two month before our bankruptcy was discharged. Is this legal? To send an account that is included in a bankruptcy to a collection agency? Can I get rid of this account?

Thanks in advance!

I want to buy a 2008 Suzuki Burgman 400cc scooter, (can’t use a motorcycle, leg problems). The bike costs about k. My credit score is 640 right now, which isn’t half bad. But on the other hand, I filed for chapter 7 bankruptcy in april 2009, which will probably affect my interest rate. I got a low balance credit card 6 months ago to help me rebuild my credit and credit score. Seems to be working (old score used to be 560).

Money is a bit tight though right now because I’m also trying to get myself a college degree. Did the idiot thing and dropped out years ago. I’m paying cash right now, but once I get my gpa back up to par, I can get financial help from fafsa. When that happens, I’ll need a vehicle. I do distance education at the moment, but some of the courses will unfortunately be on-campus. Also I’ve heard that even with D.E., some instructors still like you to come in for labs, lectures, etc once in a while. So I need something more reliable than having to borrow a vehicle off my friends and family. I think I can afford a cheap vehicle if I plan it just right. But I need to factor in the monthly payments and insurance costs first to decide whether I can really afford it.

On rough average, How much do you think the bike payments and insurance payments would run me per month?

We are currently working with a reputable credit repair agency to fix our credit reports..we just don’t have time to do it ourselves. They have gotten all but 2 negative items removed from my credit report during this last phase, which was around Sept. 4. When will I see how this change impacted my credit score? I checked my score online & it’s still the same today as it was a few wks ago. Ex: of things removed..bankruptcy & about 10 negative items on all 3 credit bureaus.

ok here my story. no sob story here. just the facts. i was in the army 4 years. kinda was reckless and did not have good credit due to this, yea i know, my fault. now 6 years later, i am engaged i have 4 children. i am tired of just being an average joe trying to make bills. i have a plan but no funds to get going. im going to start college, go to med school, and be a doctor. but this process takes a very long time. during all this time how does one take care of a family of 6? not so easy especially with the economy being what it is? get a loan to start the bussiness you say? cant do it. bad credit score remember? file bankruptcy? can do that either. cost money to file, and takes a long time to process and then be eligible to get a loan. i need money asap. have no job. trying desperately to find one. cant. have children to support. a fiance, a crazy ex who took off with two of my kids and is nowhere to be found. bills stacking up. mother died two months ago it front of me. like i said, dont mean to have such a sob story but just the facts. tried prosper, credit score is too low to use their service. what i want is very simple, do i want to be rich? no. i want my family to be comfortable. for the first time in a very long time, i want them to be comfortable. i want to also add something positive to the chaos that has become our town. too many bars, clubs. too much drug traffic going on, dui’s are so high its not funny. what does a normal everyday family do for entertainment? thats where my idea comes in. i want to start something here that will not only keep me financially secure but add something positive for families like mine to enjoy. sorry this was so long, but hey, i had alot to say. thanks for reading this. anyone who can actually help with financing im open to some suggestions. sharing of the company until paid back or whatnot. any help from any of you is greatly appreciated. thanks

My credit score is very very very low. How do i get it back up? Should i file for bankruptcy? I have alot of credit card bills, hospital bills, child support, repo and a few other things. If you think i should file for bankruptcy how do i go about doing that and is it going to cost me alot? This is in the state of florida. and i just thought i should say it my credit score is 324.

I’d hate to go into too much detail but basically in April i had lost a job i held for 2 years working for an automotives company. I was bringing home over ,500 a month for being 21 years old. I had lost that job and struggled for 2 months to find another. I had drowned myself further into debt just to pay bills and get by. I had a great credit score around 750 from always up-paying my bills and never being late. I started working as an Armored Truck guard and now I’m bringing home a little under half a month of what I was making at my previous job. With all my minimum payments, I can barely pay rent and the rest of my living expenses. I tried contacting a debt consolidation company but they said they can’t work with me with my one bank because i also hold an auto-loan with them, and since it’s a collateral debt my other accounts with this bank wouldn’t be able to be compromised with. I’m looking into chapter 13 bankruptcy now to pay back my lenders but am still disappointed it’s come to this. Any thoughts or ideas? Would I still get to keep my car under chapter 13 bankruptcy? Or will the lender take it back, auction it off, and I’d still owe them the difference? I’m not really sure if it’s like a reposession if I claim a chapter 13 bankruptcy.

I am considering filing chapter 7 bankruptcy. I have 3 major credit cards, all of which have been charged off and added up have a balance of roughly 20k with interest and attorney fees. I also have some other random bills which have gone to collection: cell phone, utility bills, medical bills, etc, that add up to about 3k. I also owe about 10k in back taxes to the IRS, which I’m not sure if this could be included in the bankruptcy? I have made some mistakes in the past, living beyond my means and am much more educated and mature now and would like to get my life and credit built back up.

1. Is bankruptcy a good idea for me?
2. Can taxes be included in a bankruptcy?
3. How long does it take to get my credit built up to say a 650-700 credit score after a BK and are banks willing to give you a loan if they see you have a bankruptcy, even if your credit score is good now?

I worked for a mortgage company in 2003 and we would give someone a loan the next day after a BK discharge. I know things have changed but any insight in today’s credit market and how a BK is viewed by creditors in 2009 would be very helpful. Thanks

Two years ago my house went into foreclosure. I was engaged at the time and put her name on the house also. When we broke up she wouldn’t talk to me about options on selling, so instead she left her father to do the negotiations.
I truly believe that he was out to get me, regardless of what it would do to his daughters credit score. They wouldnt budge to sell the house and when I found out I was able to get a court order to sell the property, it was too late and it went into foreclosure.
After it foreclosed I felt forced to file Chapter 13 bankruptcy, due to the fact that I was laid off and the house sold at auction for 40,000 less than what was owed.
Since then I’ve moved back in with the parents, been in school for the past two years, and plan on transferring to another university next year.
I’ve been able to save enough to put down 30-40k on a house or condo. I’d rather go that route instead of losing money in dorm costs or apartment rental.
Will a bank lend to me?

I am currently in the process of filing for chapter 7 bankruptcy. I have not yet had the meeting of the creditors. At the same time I am in desparate need of a new car. I spoke with my attorneys office and they told me to apply for financing before filing for bankruptcy. I have read online that the car could be taken away. I am seeking some guidance on how to go about this. I know that once the bankruptcy is filed my credit score will drop so badly that I probably will not be able to get a car loan, however on the other hand I am also afraid that once I file bankruptcy the bank will take away the new car.

I filed Bankruptcy (Chapter 7) in 2002 – after a divorce. I then had to file Bankruptcy (Chapter 13) in 2007 because of a foreclosure on my home. I’m one month from finishing the Chapter 13. Is my credit screwed for the rest of my life? What can I do to begin to increase my credit score.

Are there any websites that offer quick but thorough tenant screening, including credit score, liens, bankruptcy’s, payment history, ect? I’ve found alot of different websites but they all require me to fax them proof of ownership of the home, ect. Are there any sites that don’t require that? I need to be able to run this tenant screen asap and would rather not need to provide all that additional info. I currently live and own the home I want to rent, so don’t have an additional "mailing address", which some websites require as well.
Please no sarcastic answers. Thanks for everyones help!