Is it possible to overcome a bankruptcy?
Question by jinxies: Is it possible to overcome a bankruptcy?
Can you eventually go on and get credit cards (with a good % rate) and be able to buy vehicles, with the same? When you fill out a loan application and the question of “have you ever filled for bankruptcy?” arises can you eventually check “no”? Will you EVER be able to return to life as you knew it BEFORE bankruptcy (keeping in mind spending habits got you here)?
Best answer:
Answer by Antwan DUBBA U
Yes 5 years and its off your credit report. This is not that bad of a thing. Im sure you were having a hard time with life and finances before the BK. This is your chance to start fresh, yes it will take some time but its not the end of the world. I am a loan officer and i have done purchases on homes for people 1 DAY AFTER THERE BK was discharged. Dont sweat it. LIFE GOES ON AND CREDIT IMPROVES. JUST PAY THE THING ON TIME AND MOVE ON : )
Know better? Leave your own answer in the comments!
don’t listen to the moron that answered first, it is 10 years not five, you will be able to get credit the first year out of bankruptcy. You will resume a normal life , the first year might be a little touchy but you will get by
Yes, you can. It takes a long time and a lot of effort, but you CAN change your life. A long history of good behavior will eventually cancel out your earlier misdemeanor – but you have to work for it.
Some good, easy reads:
-The Complete Idiot’s Guide to Personal Finance in your 20s and 30s
-The Complete Idiot’s Guide to Managing Your Money
-“Smart Women Finish Rich” or “The Automatic Millionaire”, by David Bach
-any Suze Orman books
I filed many, many years ago. It stayed on my credit report for 10 years. I couldn’t get any credit. My home loan was a 40 year instead of 30, like most, and the interest rate was high & vairable. It took some time to find anyone who would even do the mortgage loan. You can’t say no because it shows on your credit reports. I wouldn’t suggest bankruptcy unless you reall have to.
Yes, you can overcome a bankruptcy. I just filed about 2 years ago. If you file a chapter 7 it will stay on your credit report for 10 years. You will have to struggle with interest rates however. I just financed a car at a 13.3% rate. However I have some credit cards, a couple with annual fees, 1 with no annual fee and a lower rate. However I have not made any late payments or missed payments in the last two years. So I think that’s helping me. If you can be responsible you can begin to build a better credit history. A bankruptcy will be on your report for 10 years, but if you show good patterns since then you should be able to quality for credit and lower interest rates. Good luck to you, and make sure to spend responsibly, and only on things you know you can afford.