What happens after bankrupcy,as far your credit?
154347
depending on if you start paying your bills on time (electric, phone etc.) in about 6 months you'll be able to get a credit card... very high interest rate. Be sure you pay your bill on time. Within 3 years you'll start to be able to get the interest rates down. Within 7 years you should be able to buy a house with decent interest rate.
1152537
None. You know how a regular bank will credit your account if you deposit money and then deduct your spendings and perhaps save you from overdraft?? Well, Credit Unions work opposite, they deduct your spendings, charge you if you used too much money, and then clear your deposit. How's that for someone who wants to "help" you?
415067
These programs do nothing to help your credit, it is actually the oppostie, regardless of what they try to tell you. What happens is this: You sign a contract for them to get your debtors to lower interest rates, then they decide on a lump sum you pay the credit "counseling" company, a part of which is a fee they take for this "sevice", then they divvy up that payment amoung all your creditors. You do NOT have only one creditor now! Then as long as it takes you to pay off these debts, which can be a long time, you continue to show late, non-payment, on all these accounts. They do not pay them off one by one slowly allowing you to demonstrate you are  paying them. they sit there as bad debts the entire time without much to show for all the hard work you are going to to pay off your debt. After, while it shows them as paid off, it also shows how long it took you and how long these creditors went without the money you owned them. This helps your credit very little. OH yeah one more thing, when you sign the contract you are agreeing to NOT apply for releaf under the bankrupsy law!! YOu sign away your right to do this untill these current debts are paid off!! If you fail to make your payments you also now have one more creditor that of the consumer credit counseling company you signed the contract with!! Do you know for sure what your income will be next year or the year after that or the year after that, etc?? Do you know for sure a tragic accedent or illness will not strike your familly? Do you know for certian you will continue to have your current health plan and for sure what your share of the medical bills will be? Listen if you don't know even one of these things FOR SURE then credit counseling is not for you. If you do know for sure then by all means go ahead and sign up. \n\nI highly reccomend you get online and begin looking this information up. Get information directly from a one of those so called non profit organizations and spend $100.00 at the most, often you can do this for free to speak with a bankrupsy attorney. Become fully informed, look at your situaltion, your future possible situations and then make a fuly informed decision which will be in YOUR and your families best interest. There is a lot of room in the small print section of the contact you sign with these "counseling" agencies. Where do you think they get their money from? You and others like you who sign up for services.
997256
If you terminate your aggreement you will lose and more than likely get a bad credit rating.If you can afford to reduce the payments than thats the best way.Once the Bank/agency get their money they will be content.The last thing they wanna do is go to court to get their money back.Good Luck
580107
probably still on yout credit rating
1074672
Contrary to what other posters have said, bankruptcy will stay on your credit record for 10 years, not 7.\n\nYou will eventually be able to get credit after the bankruptcy though it may be a few months and the rates will be extremely high.  It's actually not that hard to start rebuilding your credit after bankruptcy as lenders know that you CAN'T file again for 7 years so they will get something from you.\n\nThere's no way around the high rates and fees that you'll encounter; it's a fact of post-banrkuptcy life.  Just take it easy on the expenditures and as your credit score inproves, ask for lower rates.
457865
the state of being behind in payments; \nExample: Today accounts section has paid off all my arrears.
1121601
Bad Credit usually means you will have difficulty getting financed and when someone does finally loan you money it will be at a very high interest rate. You can probably get a home loan, but it will be 8+% or require a good downpayment.  You can expect upwards of 10% on a car loan, etc.  You are a higher risk, so the bank has to charge you more in case you don't pay them. \n\nBad credit can also prevent you from getting a job.  Many companies now pull credit reports to assess the responsibility of the person.  \n\nAnd don't be late on any more bills. Once you have about 3 years of paying on time, people will start to take a chance on you again. Bad credit stays on your credit report for 7-10 years. \n\nIf you have debts, call the companies and work out payment plans, or call a NOT FOR PROFIT debt counselor, like Consumer Credit Counseling Services
846421
Depends on the level of debt. No they can't. They can't siphon your funds in your bank or anything. Its more or less an agreement between you and them to make payments or make them in full. I hear that after 7 years, they stop calling and can no longer collect. Of course you can declare bankrupsy, and all your debts are removed. However, that kills your credit for 7 years. Don't get too far in debt because you wont be able to finance a car, house, etc etc. Oh and just so you know, you can usually negotiate your debt down if you do deal with the credit angency. "Take it or leave it" ...usually they take it and you can settle for less of the amount than what you owe.
848472
First, they will continue to pull the money out of your checking account which will result in bounced check fees and, potentially, being reported to Chexsystems and having your account closed.\n\nIf they can't get the money out of your checking account, they will jack up your rates, charge you late payment fees and basically add on hundreds of dollars in charges.\n\nThey will report to the credit agencies as collections and probably sue you.  Yes, they will continue to charge you interest.\n\nYou really need to try to get a loan to pay these off and NEVER do this again.  These places charge 300-500% in interest and are one of the worst things you can do financially.\n\nCheck out prosper.com if your credit is still decent.\n\nYou need to get a 2nd job to pay these off and make sure you cut out all extra expenses (booze, cigarettes, eating out, internet, phone, cable, gym, etc.).\n\nGet this taken care of before it ruins the next several years of your life.\n\nGood luck!
356930
There is no letter that you can use to dispute a valid bankrupcy.\n\nMost adverse information in your credit report stays there for 7 years.  The exception is bankrupcy, which will stay there for 10 years.  There's no way to remove it other than time.\n\nOnce a bankrupcy has aged for a few years, and if your credit has been clean since then, you may be able to start getting credit again.  Be warned that you will pay the highest interest rates as you are seen as a significant risk.  One thing in your favor here is that you won't be able to file bankrupcy again for several years.\n\nA mortgage broker may be an option but be very careful there.  There's always someone out there willing to take a risk -- for a price.   Fees tend to run high and you your interest rate will be well above market.  The mortgage will almost certainly sold to a mortgage servicing company that specializes in the so-called "sub-prime" market.  They have zero tolerance for late payments and some have a record of "losing" payments that were actually made on time.  If you decide to go this route, monitor your credit score closely and refinance with a better lender as soon as you can!\n\nAnother tack you might be able to take, especially if the bankrupcy was due to circumstances beyond your control such as unexpected medical bills, is to try and negotiate with the lender.  Small, local banks and credit unions are more likely to be able to work with you on this so shop around!\n\nIf the bankrupcy was was due to poor financial management on your part -- running up credit cards for travel, fancy clothing, or other spurious expenditures -- you're probably out of luck.\n\nYou can start to rebuild your credit history with a secured credit card from a local bank or credit union.  You place funds in a savings account that is used to guarantee payment of the credit card.  Pay your bills on time, and always pay more than the minimum.  Once you have a good payment record under your belt, approach them about securing a home mortgate.  \n\nIt will also help greatly if you start a savings plan to set aside money for the down payment.  Most people could put aside 10% of every paycheck and live off the remainder.  Sure, you may have to give up some things to do this but for the most of us that equates to one less night on the town every month.  You'll be surprised how quickly it will add up.\n\nDon't waste your time or money on credit repair services.  These are ALL scams that will separate you from you money and do nothing to fix your credit score.  Some will even advise you to commit fraud, such as trying to get a new Social Security number or changing your name.  Doing that can land you in prison!
210430
Please check the links I have listed below. They will help you sooooooo much on your journey to reestablish credit. There is a listing for bankruptcy friendly creditors as well as a fantastic group of ppl that have been in your shoes to help you with each step of the way.\nFirst I recommend you get copies of your credit reports and check them over for accuracy. You want to have a good idea of what's on your reports since bankruptcy so you know where to go from here. Good Luck!
1141640
Often it is a overall history of your credit, not just a period where someone fell on hard times.  I am with you about it being messed up!!  \n\nExample- \n1) 30 years credit history, 40 closed accounts paid as agreed, 10 open accounts paid as agreed, low balances, declared BK 5 years ago, and had a car repossed 5 years ago.\n2) 3 years credit history, 5 open accounts, many recent inquiries to get approved for any of those 5 accounts.\n\n#1 had a obvious hard ship, and by declaring BK was able to close or discharge some of the derogatory accounts.  In 30 years of reported credit history he has demostrated a willingness to repay his debt, although at one point he had to lose everything by declaring BK.  If 5 years had passed the repo and BK affect his credit less over time.  It is still reported but not harming his fico any longer.  It lowered his fico at one time, but they will not continually decrease his score because of it.   After BK establishing new credit also improves his score.  \n\n#2 Being a new consumer to the credit world, you will need many years of paid as agreed, maintain balances around 40% of your limit, and you need a good mix of open credit.  Mtg, auto, and revolving credit in your file.\n\nI do agree with what your saying, and my job has allowed me to pick the brains of credit experts who clean up and rescore the people with those repos and BK.  I have complained endlessly about my own situation, I had a medical collection for $90 I tried to pay the hospital and they said it was under $100 the legal amount necessary to collect so it was delted from thier system.   4 years later it popped up with a balance of $181 through 3 different debt collectors all trying to say it is thier account I must pay.  The credit gurus I work with, advised me to ignore all 3 collections as it will by law have to be removed in Dec of 2006.  If I paid it, it would begin reporting new for another 7 years as a collection that was paid.
735509
Starting life with a bankrupcy doesn't sound a very happy beginning to me, why not get a credit card with ZERO interest for 12 months then pay the debt with it?\nHowever if you are not working  this can be nothing more than a way of putting off the evitable but it will give you time asthough It really does little to correct the problem in the long term. That's why many people come back to debt negotiation as a way of getting out of their financial problems and starting fresh start.\nMore here: http://finance.ebookorama.com \nalso plenty more to read here\nhttp://credit.ebookorama.com\nhttp://credit-cards.ebookorama.com\nhttp://credit-repair.ebookorama.com\ngood luck!
976485
Wont affect. \n\nThe debt is with HSBC. \n\nGood try though. \n\nBankruptcy facts: http://www.expert-credit-advice.com/bankruptcy_facts.htm
628859
Depends on 1) how long ago the bankruptcy was 2) where you credit stands now 3) where you are financially now and 4) how much the loan is for.\n\nEasiest way is hit the bank and ask.
1077324
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!