I am in a Chapter 13 bankruptcy plan and know I need to start re-establishing my credit.  Should I do this by applying for gas cards, store credit, major credit?
205204
Re-Establishing Credit\nFiling for bankruptcy will negatively affect your credit history. You may find it difficult to get a new credit card. However, you might be able to obtain a secured credit card when your bankruptcy is final. Even people with damaged credit may be able to obtain a secured credit card by depositing money in a savings account. Your line of credit on a secured card usually is the same as the amount of money you deposit.\n\nIn recent years, some credit card companies have started to offer new credit cards to people who recently filed for bankruptcy because they know that people who have filed for bankruptcy cannot file again for several years. These offers are likely to be for credit cards with very poor terms, such as high interest rates and penalty fees. Be very careful about responding to such offers.
113174
Okay heres the truth:\n\nOnce you file for bankruptcy, your credit is done for a bit. Any new bills YOU MUST PAY OFF RIGHT AWAY, no collections... make sure NOTHING IS LATE EVER!!! You will need to wait a while before you can begin to get and rebuild credit. It has been about a year now so we can start (the Bankruptcy will be reported to your CR (credit Report) for 7 years)\n\nGet affordable things: NO CREDIT CARDS!!!! not yet\nmy sugesstion is get a cell phone for a years contract- DO NOT BE LATE EVER (EVEN BY A DAY) on your bill and py the full due amt always. This will be reported on your c/r that you have a revolving account (an account that is reoccuring every month) that you pay on time always! After 6-8 months you may wnat to consider getting a sears card and buyg somthing small (around 100 dollars) and taking 3 months to pay it off- Pay over the min balance everytime- and then on the 3rd month pay it off. this will show positivly on your credit report. Stay slow and small- keep it affordable and don't be late on you movie rentals, rent, morgage, power phone, cable... PAY ON TIME always and more than the minimum balance... in 2-3 years you'll have a report that will hopefull over shadow that Bankruptcy.\nalso only check your c/r once a year everytime you check it or have somone else check it, it lowers. you can check it free once a year by going to www.annualcreditreport.com\n\n-hope that helps
126484
Consumer credit counselors are not non profit. The action will be looked at on future credit reports by lenders as a chapter 13 bankruptcy. You are trying to reorganize your debt. Try debt snowball. take the smallest balance bill and pay as much as you can until it is gone. then take that payment and add to your next smallest and so on. Other than that go and file the chapter 13 and you will be given an amount to pay for the next 5 years or so then you will have the same thing accomplished
194084
You should check out www.lifeafterbankruptcy.com. Stephen Snyder is the expert on helping people recover from Bankruptcy and begin the process of rebuilding their credit. He conducts free seminars nationwide and sends out an excellent newsletter for people to learn what's happening in the credit world.\n\nIn fact, many people who haven't filed bankruptcy subscribe to his newsletters because he is one of the few people that know what's going on in the "inside" of the credit industry.\n\nAs far as credit reporting goes, go to www.annualcreditreport.com and get copies of all 3 of your credit reports. You should begin by disputing any items that are not reporting correctly. Your immediate goal should be to get any account that was discharged in your bankruptcy to report as "Included in Bankruptcy" or to be deleted.\n\nOnce you have done that you should begin the process of rebuilding your credit. First off you need to be educated about how credit works in the U.S.  Every credit decision a lender makes is driven by FICO credit scores. You can go to www.myfico.com and look in the Credit Education section to learn how FICO credit scores are determined. To build your credit you have to place positive credit items on your file that will report positively for 6-12 months minimum. If you want your credit to be in the Excellent category (FICO score 750+) then your goal should be to have 3-6 revolving accounts(dept. store, gas cards, Visa. etc.) WITH NEAR ZERO BALANCES and 1-2 installment loans(car, mortgage) that are reporting positively.\n\nI would start out with a Bank of America or Wells Fargo secured Visa card. Both banks have great programs with low annual fees, low starting amounts ($300.00) and no junk fees. After 12 months of positive on time payments you will graduate to an unsecured status. Then you will probably be approved for other cards such as dept. store and gas cards.\n\nIt can be done within 2 years!\n\nGood Luck
610210
If you haven't had any more bad credit on your record since the bankruptcy a year ago, you probably won't have too much trouble getting a loan, actually.  You will pay a higher rate, to be sure, but you can't file bankruptcy again for quite a while so you're a pretty good credit risk, actually!\n\nA good friend filed bankruptcy about 18 months ago due to high medical bills (nearly 7 figures) and recently bought a new car.  She's paying 8.5% with 15% down but had no problem getting the loan approved through the auto maker's financial wing.\n\nA local credit union would be a good place to start, as another poster recommended.  You won't get their prime rate but you won't be raped either!  Just move all of your banking business with them and start rebuilding your credit!
445507
Here is a page that has all the facts regarding the new bankruptcy laws: http://www.expert-credit-advice.com/bankruptcy_facts.htm \n\n\nYou need to pass a means test to qualify for discharge..\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBest answer?
252647
Visit my website to see an article on tips to rebuild your credit after bankruptcy.
72408
Ask your bankruptcy lawyer, they will know.  It won't hurt to try.
431172
When you get before the court, explain that you have had a change in your life and would like to quash your application for protection under chapter 7 bankruptcy code, you shouldn't have to change to chapter 13 or any other chapter.  Let the judge know you no longer need bankruptcy protection and can pay all your bills in full immediately, though your credit is going to be shot anyway.
39879
If you feel the moral obligation to repay some of your debts over time, you might consider a Chapter 13 bankruptcy.  I consider debt consolidationn services to be worthless.  Contact a local bankruptcy for further assistance.
460348
If you're in deep debt (like over $25,000) you might want to consider it. I was over $28,000 in debt and I decided to file Chapter 13 (Repayment plan). It was the best move for me because I would have never paid off my credit card debt. True, Bankruptcy does stay on your credit report for at least 7 years, but it's worth ridding yourself of the aggrevation and stress of not having any extra money to save. I filed in 2001 and have finally got my credit back on track. Plus, my bankruptcy will be removed from my report in 2008. Contrary to what you've heard about it, there are still many places that extend credit to you even after a bankruptcy. If you're deep in debt, talk with a lawyer and get the facts.
62113
Until the person actually files bankruptcy, you can proceed in attempts to collect the debt in any manner allowed by law.  Once the person files for bankruptcy, you must obey bankrupcy law and observe the restrictions of the automatic stay.\n\nIf the person files a Chapter 13 as you mentioned, they will be proposing a plan to pay back a portion of their debts over time.  With the new bankruptcy reform laws, attorneys are working harder to make sure all creditors are listed.\n\nOnce the bankruptcy has been filed, you can file a proof of claim even if you are listed as a creditor.  If there are are any assets or proceeds to be paid to creditors, you will receive your pro rata share.
370828
I have filed bankruptcy 2 times and I am 35. The chargeoffs are on your record for max 10 years depending on company.  Within 1 month after each bankruptcy I was getting credit card offers. Interest rates are HIGH and credit limit is low but you can build up credit limit with on time payments and eventually getting credit line increase. I have orchard bank. I also applied for a sam's Club membership card, had it a few months and then applied for a credit card and got it with no problem..(it's now 30%). You can use it at Wal-Mart also...There are several you can get..just go online and research..Be careful..I have gotten offers for some that offer 300.00 credit line, 6.00 month fee, 150.00 year, 100.00 act. activation fee..(210.00 year total) at 22 or 23 % interest..Don't get in over your head.
15156
It really depends on what the situation with your credit is.  If you've had a bankruptcy, it must be discharged.  Some lenders will work with you 1 day out of bankruptcy.  You can probably get 100% financing with a 540 credit score if you're working with the right people.  If you have judgements or collections accounts on your report those have to either be paid or you can dispute them if theres incorrect information on your credit report.  If you have a strong rental history (like no late payments in the last 12 months) that can be a positive thing for a lender to look at.  Whoever you work with should know or know how to get information on 1st time homebuyer programs in your area.
609922
Pretty soon you will start getting offers from credit card companies (Householdbank, Orchard, First Premiere) and although they start you at a tiny $250 limit, it is a way to start re-establishing credit.  Just charge something small and make payments.  I know it looks like there is no hope, but there is.  Also, order a copy of your credit report and see what is on there.  Try and challenge anything.  Sometimes the credit agencies are so lazy they won't verify anything.  Is your BK dismissed?  Sometimes if it is dismissed, you can have it removed.  I just got mine removed from Experian.  Good luck.
457582
The laws differ from state to state, your attorney could give you more details.  I know in my state, you're not allowed to keep recreational vehicles or sporting goods or personal computers.  The court can order those sold and the money from them applied to your debts.\n\nYou are allowed to keep a certain amount of exemptions in the form of household goods and personal items (clothing, etc.) and usually one car.  If you owe money on the car or if there are any credit cards or such you want to keep, you can reaffirm the debt.  They're still listed in the bankruptcy, but stated that you're keeping them and going to continue making the payments on them.  You can usually keep your house, unless you own some huge house that's beyond your means.  \n\nThe new bankruptcy laws have made it so anyone filing bankruptcy on credit card debt who are capable of paying up to $200 a month or so are required to file chapter 13 and go on a payment schedule.  You can no longer just wipe out credit card debts with a chapter 7 bankruptcy.
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You can rebuild your credit with a secured credit card.\n\nYour bank should offer these. the way they work is you have to deposit some funds in a savings account and that amount is then your credit limit for the card. You cannot take the money out of the savings account without reducing your credit limit. Because this money is held by the bank it is secured and therefore no risk for them to give you the card.\n\nMake sure you make your payments on time and maintain a balance each month and within 12 months it should improve your credit score.