Before you consider bankruptcy, consider credit counseling as an option, by reading our credit counseling blog, and by using our credit counseling calculator.
Credit Counseling Blog:
My bankruptcy chapter 7, has been dischared 7 yrs. now,is there any way to get it off my credit report? I was told it would be on it for 7 yrs. when we filed..Lawyer advised us to file when we were divorcing.
Get an uptodate copy of your credit report just to make sure it has not gone. Update yourself of the DOJ manditory terms of credit reporting to make sure it is still 7 years. (I think its 10 myself) and do some home work behind the scenes. You can challenge the credit bureaus to maintain the listing. If it is to come off it must come off.
we dont want to file bankruptcy,but we are in a more going out than coming in spot. we dont want to refinance for 30 yrs.and end up in worse shape and lose our home. we are not late on anything and have excellent credit.but we are not able to pay our bills and insurance without using a credit card.
Some times what we want to do and what we need to do are two very diffenent things. With your excellent credit you can perhaps apply for a credit line to help pay for your insurances etal at a better interest rate than the cards.
The refianance may be your only option. By relieving yourself of your cash flow problems, doing up and living to an Expense Plan and byusing good judgement and prudent restraint on your purchases and decisions you may just make it out. Look at a Chapter 13 wager earners pay back and keep the house likely.
I get asked occasionally by clients about Joint Credit Cards. The Question usually goes this way.
My wife and I got divorced and I keep getting calls about payment of her credit cards. I never used it but why am I involved?
You are involved because either the Credit Card was of joint nature, meaning both of you applied and both signed on the dotted line. OR You applied either knowingly or unknowingly and your wife was assigned as an authorized user.
Either way you are pretty much on the hook. On the first situation, because it is a shared responsibility not dealt with with your seperation agreement. The second.. Because regardless of seperation or marriage, your name is on the account as principle account holder.
Yes and No. no one can literally force you to do a bankrutpcy in America, however they may force you to decide to do so by applying so much pressure that Bankruptcy is seeminly your only option.
I suggest you contact an approved Credit Counselling agency as per the Dept of Justice establish list and do your pre bankruptcy counselling to establish your situation better and with that do your Needs Assessment at that time to see where you stand. If you do the Bankrutpcy then those two preliminary tasks are out of the way, If not you will know where you stand and go from there.
Welfare and Social Security Disability are usually unaffected by the Bankruptcy if you have not been found defrauding the government on any issue along the way. People on both of these are not removed from having credit problems and may need some assistance. Fees for services regarding filing and counselling will likely be waived, however expect the courts to order some sort of follow up counselling after the fact. Check however with your social worker or case manager if they have an opinion or any guidence available before signing on.
The answer is simple. You are on a mailing list and lists are bought and sold over and over again and not necessarily updated with the Credit Bureau. No one whom sends you this stuff out knows what your particular situation is nor could really care. Only pay attention to mailing received from your creditors in case they wish to update their files with information current to your situation.
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This is a question easiest answered by saying in my opinion. THE WORLD REVOLVES AROUND CREDIT. How you evolve in this world is your choice. AND
Credit is an identity in this world. Without some sort of referrence we do not exist.
Credit allows for individuals to improve our standard of living while paying just a bit at a time over a long period of time. OK it comes down to needs vs wants. We all need certain comforts known as Creature Comforts. Food, Shelter and Clothing.
We want usually the best of those comforts and credit is the way to get what we want.
Many times a mature individual (senior) will apply for a car loan rather than break up a long time investment and be refused because they have no credit referrence because of paying cash for 50 years. They do not have any debts and therefore do not have any identity.
Note that this is a dwindling population but it is hoped that the the pragmatic and prudent use of money and credit does not die with them. So go out and get a credit card and the identity it creates, but how you use it is up to you.
The secured credit card term means that by placing some of your money as a security deposit or collateral a credit card company will issue you with an equivelent amount as credit limit on their card. An example of this is if you place $500.00 up as a deposit the credit card company will give you usually $500.00 as a credit limit.
This establishes a credit reference on the bureaus and allows you to purchase goods with you card and pay as per the card holder agreement. Once an individual has demonstrated a responsible use of the card then they can apply to have the security amount reduced or returned while maintaining the credit limit.
Make sure that if you obtain a secured credit card that the company will pay you interest on your deposit and that it is not just a fee.
Share Loans, one of the best ways to get your credit back on the positive side AND still be able to take advantage of current offers and purchases.
Share Loans basically take your money and match it with an equivelent amount lent to you by your institution. For instance. If you need $2000.00 for a used car. By having $1000.00 of your money left in a saving account and not touch it, the lending institution will offer you $1000.00 against your savings amount. As you make payments against the $1000.00 you can use the equivelent amount out of your savings.
Its a one to one match and it is a great way to show credit worthiness and responsibility. It is a great way to re establish or just establish credit for a youth just starting out.
The idea was first established by the Credit Union and Co-operative lending institutions.