Many people who are considering filing bankruptcy are interested in knowing how long the fact that they file bankruptcy will stay on a credit report. The answer is that proof of bankruptcy filing can last up to 10 years on a credit report. However, this fact should not dissuade one from filing for bankruptcy if overwhelming debt is a major concern. Most clients are surprised at just how fast they receive offers for credit after they file for bankruptcy relief. For example, they can apply for credit cards immediately after a bankruptcy case filed under chapter 7. They will get offers for credit cards typically within six months to one year after filing. Now these cards may have high interest + Click Here For Read More
Credit Unions And Your Bankruptcy Case
Credit Unions If you are a member of a credit union and you have debt with that credit union, you need to be aware of certain circumstances as they relate to your bankruptcy case. Credit unions operate under different rules than ordinary banks. When you place money in a credit union account it is known as a share account. When your credit union becomes your lender, it usually contains language within the loan whereby your share account and other collateral can be secured. This means that if you do not pay back the loan the credit union has a right to offset whatever funds are in your share account to satisfy the debt. Additionally, if you have a vehicle financed through a credit union and + Click Here For Read More
Credit Card Spending Can Lead To Bankruptcy Filing
In Chicago and around the country, people are over spending on their credit cards. Maybe it’s the have it now, pay for it later mentality. Maybe it’s the convenience of not having to carry cash. Maybe it’s the enticements of rewards by using the card. Whatever the reason, folks have become too reliant on credit cards in their lives. The video below talks about how using your credit card instead of cash can actually increase to the total dollars that you spend. In many cases, this will lead to an eventual bankruptcy filing. Jesse Barrientes: I find that a lot of folks are simply using the credit card to live. They are paying – they are buying groceries or they are buying things that they + Click Here For Read More
Bankruptcy – The Obsession With Credit Before Filing
Oftentimes, when someone comes to see me for bankruptcy advice, they are already thinking beyond the process and into regaining credit. The trouble with this line of thinking is serious. Firstly, the client should be mostly concerned with getting out of debt. After all, the excessive debt is the reason for the consultation in the first place. Secondly, the client should be thinking about taking corrective action to ensure that bankruptcy does not appear in the future. Lastly, the client should think about rebuilding credit whether or not they are going to actively seek to use credit in the future. A typical client will tell me that they have great credit or once had great credit. + Click Here For Read More