Comments on: Ask Mike: Bankruptcy on the credit report

By: bankruptcy advice

bankruptcy advice — Fri, 07 Jan 2011 10:12:28 +0000

Bankruptcy is a state in which people do not have the required amount of money to pay for their debts. Bankruptcy is of two types, one is voluntary, where people themselves declare that they are bankrupt and the second is involuntary where the person is charged with the case of bankruptcy. Conditions Under Which People

By: FinancialServicesRenoNV

FinancialServicesRenoNV — Sat, 28 Mar 2009 22:39:36 +0000

Greetings all members,

I would just like to say hello and let you know that I’m happy to be a member – been a lurker long enough

Hope to contribute some and gain some knowledge along the way….

By: Chris

Chris — Fri, 06 Feb 2009 20:38:02 +0000

I learned a bit in my last year economics class, and my teacher was saying that even though the it only stays on your record for 7 years, when it goes away there is a big empty space where over the last 7 years you were pretty much unable to do anything, and in away it can also make it hard to get credit even after the 7 years…

False

Actually it doesn’t wipe clean off your record until the eleventh year and one day.
My business teacher is a lawyer and he explained it is miss-understoood by most all people even in the business.
You’re messed up for eleven years and one day.
Plus a holiday if the last day is one.

False

There is so much misinformation here my head is spinning.

By: Sean

Sean — Thu, 29 Jan 2009 18:37:29 +0000

Over the past year people have been turning to Debt Settlement as an alternative to BK’s. I actually own a debt settlement company, and I am the first to say if you can qualify for a Chapter 7 its the best way to go. However trying to qualify for a Ch 7 is very difficult, you have to be insolvent and have nothing left. A chapter 13 is where a state trustee puts you on a strict budget and you are on a payment plan for 5 years. What they are doing here is stopping the interest and you end up paying most if not all of the principle. With a debt settlement plan you are put on a savings plan we negotiate with the creditors and we can usually clear your debt in 36 month. Sure this will have a negative affect on your credit just like a BK, How ever when you have completed the program all the credit lines report “accounts satisfied” and there is no traces of a BK. Also after the completion of the program we can put you in a rapid re-score to start to repair your credit. If anyone has any questions I would welcome you to contact me.

By: Lily

Lily — Thu, 29 Jan 2009 15:06:28 +0000

to LeAnne. The debts will say “discharged in bankruptcy” after the bankruptcy is closed. Which means they’ll still be on your credit for as long as the bankruptcy is open. In a 7 that means for six months or so. In chapter 13, that means it’ll be on there for 3-5 years.

As far as bankruptcy demolishing your credit, you can still buy cars, homes and get credit cards after your bankruptcy or even duringthe bankruptcy with the Trustee’s approval. (Credit cards even send applications to the debtor’s bankruptcy attorney to help “rebuild their credit”. How’s that for ridiculous?) BUT it’s NOT a free ride. The interest rates are much higher, and they often require more collateral and sometimes a cosigner.

By: elaine miller

elaine miller — Thu, 29 Jan 2009 12:20:03 +0000

I filed for bankruptcy 3 yrs. ago and the credit card applications poured in did I have a credit card problem…no I lost my job due to downsizing ..after holding it for over 8 yrs could not make the big car payment i took on when i was doing well so let car go back and the bank after many attempts from me to make lower payments came after me for the entire amount they wanted almost the same payment …and they had the car so my only option i was told was to file It still pisses me off because most good companies do look at your credit..dont ask me what i do for a living now …it is half my old pay

By: Jeremy

Jeremy — Thu, 29 Jan 2009 10:14:10 +0000

You’re only allowed to look at certain things in your credit report for free. Take that (annoying) freecreditreport.com commercial or whatever it was: They SAY you can check it out for free but only the BASICS. If you wanted to look at more, you have to pay. Also, you can sign up online but they say, for some stupid reason, for security reasons, you have to call to cancel it. There is no way to cancel it online. The only reason you have to call is so they can sell you more services. So, it it’s not secure to cancel it, why was it secure enough to sign up?

By: Lena

Lena — Thu, 29 Jan 2009 04:36:43 +0000

I agree with dr.bucksnort. Want to live debt free, stop buying things on credit. Or better yet, learn to either do without or put it on layaway. And these banks and thier marketers dont help. They make these commercials where “you can have this now with low interest”. They and those who fall for their sales pitch, are the reason the economy is horrible. I dont feel bad for those people who tried to live beyond their means. You reap what you sow. There may be only a handful who are true victims of such a crisis and that are those with medical bills. If you dont have health insure, you are already in debt over your head. Those are probably the ones who I would have sympathy for.

By: Jennifer

Jennifer — Thu, 29 Jan 2009 04:36:34 +0000

My bankruptcy discharged December 2006. As of today, my credit score is no 670. I’m proud of myself. Creditors, apartment rental people, mortgage people see my bankruptcy but then they also look at my good score and how I have a few credit cards that get payed off pretty fast.

By: john esparza

john esparza — Thu, 29 Jan 2009 02:38:25 +0000

people should file for chapter 7 and not worry about how long bad credit will last. and forget about credit scores. live for todayand let tomorrow take care of tomorrow. enjoy living debth free.