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Credit Card Post Bankruptcy
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Bankruptcy Myths
People who have debt problems very often give in to unsupported myths and hearsay without ever taking the time to truly understand the law, and the implications of bankruptcy. So those people who have huge debt need to be aware of a couple major factors before running off to file bankruptcy on a whim.
It's common to hear that bankruptcy will affect your chances of getting a line of cred... Read bankruptcy article
Bankruptcy Services
When the 2005 Bankruptcy Act was created, this affected the bankruptcy laws in California, as well as other states across the country. Within this act, those involved in California bankruptcy are required to participate in credit counseling. This participation must occur within 180 days of the bankruptcy filing. Furthermore, any person filing for bankruptcy is also required to complete a course in... Read bankruptcy article
Credit Card Post Bankruptcy
A credit card after bankruptcy? It is possible! You may thinking that obtaining any type of credit card after having filed a Chapter 7 or 13 bankruptcy is an extremely bad idea. However, they can help in reestablishing your credit reputation and history, as well as being quite easy to get.
Once you get the credit card after bankruptcy, it is extremely important that you always make the payment on time, as well as continually pay the balance. Doing so will help you in opening up other roads such as home loans, personal loans, or car loans.
However, it is important to take extreme care when you apply for a credit card after bankruptcy. Avoid jumping at each credit card offered by any company. They may offer the credit cards to you; however, they will come with low spending limits and high interest rates, when compared to those who have not filed for bankruptcy.
You might feel flatterd that these companies are working hard to receive your business, however, avoid being fooled and overextended by their offers. Many companies are well aware of the fact that people who have filed bankruptcy are looking for ways to improve their credit rating; therefore, they may just offer you more than you imagined. Take great care in choosing credit cards and do not allow yourself to fall back into the spiral of debt.
You should have a goal when you obtain a credit card after bankruptcy and it should be to reestablish your credit rating. You should not run out and take a vacation, buy things you do not need, or simply go on a shopping spree. You now have a big negative black mark on your credit report, if you are wanting to rebuild it, you need to take care of your finances, obtaining a credit card after bankruptcy could help you.
Use common sense and restraint when using the credit card. Only make small purchases that you would be able to pay off in full each month. This will greatly help you improve your credit rating and reputation. You may find with this kind of discipline that the company offers to raise the spending limit and reduce the amount of interest charged, after six months.
Ken Charnley is a personal finance publisher whose website Bankruptcy Loans is dedicated to quality information on Bankruptcy faqs & Loans. For all your Bankruptcy faqs needs visit and Apply for Bankruptcy Loans Online
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Avoid Bankruptcy Secrets
If you can help it, avoid bankruptcy. Doing so could save your credit and not require you to undergo credit counseling. Thanks to the newly passed laws, any person that files bankruptcy is required to obtain credit counseling.
This is in efforts of discouraging people from bankruptcy filing. The law also requires that any person wishing to file bankruptcy must have their debt and finances evaluated to figure out what chapter of bankruptcy can be filed. Within six months of the bankruptcy filing, mandatory credit counseling is required.
When bankruptcy was first created, it was to give debtors a new start in life. Bankruptcy relieves people of their obligations when they are drowning in a lake of debt. There are two specific bankruptcy types within the United States Law, these are:
- Chapter 7
- Chapter 13
The most common form of bankruptcy is a Chapter 7 filing. This type of filing allows the debtor the ability to retain exempt property and still find relief from their creditors. However, a Chapter 7 bankruptcy will remain on the credit report for up to ten years.
The less common form of bankruptcy is the Chapter 13 filing. This works similar to a payment plan. You are required to pay your way out of debt and this type of bankruptcy only remains on your credit report for up to seven years.
There are many reasons to avoid bankruptcy. One is that when a person has filed bankruptcy there is often an attached social stigma. Which means people may be thinking you have little morals, you do not have a good job, or you are simply poor. Another reason to avoid it is that the bankruptcy filing will haunt you for many years. If you ever try to obtain credit or even a job, you may find a question "have you ever filed for bankruptcy". Of course, many people opt to check the "no" box, if their bankruptcy is more than ten years past. However, this is considered fraud, which means you could be prosecuted in the court of law if they ever discovered the truth.
The best thing to do is try with all your might to avoid bankruptcy. However, if you have no other alternative and you must file bankruptcy, it is important that you obtain an advisor right away. It certainly is not the end of the world and you can rebuild your credit over time.
Ken Charnley is a personal finance publisher whose website Bankruptcy Loans is dedicated to quality information on Bankruptcy faqs & Loans. For all your Bankruptcy faqs needs visit and Apply for Bankruptcy Loans Online
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