Credit After Bankruptcy: The Facts
You might be considering bankruptcy to fix your massive debt issue but you are afraid that the consequence might lead to you not getting credit.
One might also believe the myth that it would take 10 years before they get credit.
That's all there is to these statements: they are nothing more but a bunch of myths.
If you owe some money to a credit card company before the filing of your bankruptcy, you can add the card as debt.
The schedules are listed on perjury and it could result to denial of discharge of the debts.
Do not fall into the issue of having your debt be transformed to a federal crime.
If you do not owe money from the credit card company, they do not really need a notice of bankruptcy.
However, you have to be prepared since they can and will find ways to cancel out your card.
In some cases, companies can allow you to keep the account but only if you agree that you will affirm to enter a new agreement.
Even if you just got out of bankruptcy, it is possible to get credit.
It is a lot more expensive than the regular one and it is also quite costly and the limit can be pretty low but it is possible.
If you want a lower rate, getting a secured card is possible since they are also offered even after you get out of bankruptcy.
After that, you need to start building good credit.
You have to be very careful now and treat it with respect.
You still are at a very fragile situation.
If you are not careful, you might end up with poor rates, and scams.
Always be aware of the advantages and limitations of each card options.
It is also very possible to purchase a home after the bankruptcy phase.
Within a period of 2 to 3 years, it is possible that lenders can offer the same loan terms as with people who have not filed for Chapter 13.
Most of the time, the lender is more interested on the down payment.
They will also be more interested if you have a stable job.
Overall, bankruptcy does not really have that much effect to credit.
Your net worth is more important than credit.
It is necessary that when you get out of bankruptcy, you put yourself in more stable situation.
You cannot remove the painful financial past but you can make it work to your future financial endeavors.
One might also believe the myth that it would take 10 years before they get credit.
That's all there is to these statements: they are nothing more but a bunch of myths.
If you owe some money to a credit card company before the filing of your bankruptcy, you can add the card as debt.
The schedules are listed on perjury and it could result to denial of discharge of the debts.
Do not fall into the issue of having your debt be transformed to a federal crime.
If you do not owe money from the credit card company, they do not really need a notice of bankruptcy.
However, you have to be prepared since they can and will find ways to cancel out your card.
In some cases, companies can allow you to keep the account but only if you agree that you will affirm to enter a new agreement.
Even if you just got out of bankruptcy, it is possible to get credit.
It is a lot more expensive than the regular one and it is also quite costly and the limit can be pretty low but it is possible.
If you want a lower rate, getting a secured card is possible since they are also offered even after you get out of bankruptcy.
After that, you need to start building good credit.
You have to be very careful now and treat it with respect.
You still are at a very fragile situation.
If you are not careful, you might end up with poor rates, and scams.
Always be aware of the advantages and limitations of each card options.
It is also very possible to purchase a home after the bankruptcy phase.
Within a period of 2 to 3 years, it is possible that lenders can offer the same loan terms as with people who have not filed for Chapter 13.
Most of the time, the lender is more interested on the down payment.
They will also be more interested if you have a stable job.
Overall, bankruptcy does not really have that much effect to credit.
Your net worth is more important than credit.
It is necessary that when you get out of bankruptcy, you put yourself in more stable situation.
You cannot remove the painful financial past but you can make it work to your future financial endeavors.
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