credit

Many people wonder whether or not there will be able to receive credit after filing a bankruptcy and receiving a discharge.  The answer to this question is yes, a person will be able to receive credit after filing a bankruptcy and receiving a discharge.  In order for a person to rebuild their credit after bankruptcy, that person must apply for credit, receive credit, and try to pay off the balance of that credit every month if needed.  If a person pays off their credit card balance or a balance for any kind of debt that is owed every month, that person’s credit rating will skyrocket.<

Co-signing a loan is a dangerous thing. Too many people end up in bankruptcy due to debts they just co-signed for, so here are a few points worth considering before co-signing for a friend or family member.

1. There is a reason they need a co-signor. A professional lender does not think they will pay the money back. An objective professional (or underwriting standards) arrived at this judgment. Why do you think you know differently?

2. If they do not pay or miss payments, it will affect your credit.

The United States has become a credit type of society where everyone needs credit, everybody wants credit and everybody fears that, without credit, they will not be able to function.  I’ve had people come to see me and wondered, if they give up their house and file a Chapter 7 bankruptcy, will anybody let them [...]

Form a Plan to Get a Mortgage After Bankruptcy Bankruptcy is supposed to offer a fresh start, a new beginning unhampered by past debts. However, many are deterred from filing for bankruptcy because of the mistaken belief that wiping out their debts means never accessing credit again. While bankruptcy does have a negative impact on [...]