After Bankruptcy Car Loans
How badly is your credit affected after bankruptcy? *Serious answers only*?
My husband and I are about to start bankruptcy, but I would like to know how badly it will really affect our credit. I know we cannot do much for owning our own home for approximately two years, but what about other debts, like car loans? Also, once someone has completed bankruptcy, what are some pointers you can offer to begin rebuilding credit (other than paying everything on time)? Thanks!
You can go to google.com and type in legalhelpers and it will give you a ton of insight to lots of your questions. I don’t think its the end of the world to file for bankrutcy. We are getting ready to do the same thing. We think its a great law of the land. Giving US citizens a fresh new start in life. Lots of people can’t help it because of job losses, medical reasons or the fact credit card companies charge such high interest rates that no one can get out of it. they are robbers in my opinion. You will probably get credit card offers after you finish chptr 7 bankruptcy. Creditors will know you can’t file again for 8 years and your limits will be around $250.00 and thats about it.. We plan on getting one credit card after bankruptcy so we can have it for emergencies to rent a car and to have something to rebuild credit and show we can pay on time. However, that is it!! No more credit cards for us, ever.. We are going to use cash only and never live on credit again. Just think, when you and your husband come out of bankruptcy you will have a clean slate and all your debts (except your house) will be gone. The money you used before to pay monthly payments will be yours and you can take that money and bank it. Save it and store it for future problems with your house or car repairs. You can throw your car in on the bankruptcy and next time we buy a car it will be a used on(cheap) and we will pay cash for it. Bankruptcy is not shameful because its the law of the land. Gives you and I a fresh clean start at life. I am so glad we are in the US and we are able to have this law… All the airlines filed bankruptcy and that was our demise. Losing our airline jobs over and over. So we are sticking it back to them!!!
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