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Bankruptcy or not? (1 viewing) (1) Guest
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TOPIC: Bankruptcy or not?
#4985
norton (Moderator)
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Bankruptcy or not? 2 Years, 3 Months ago Karma: 0  
I do not practice bankruptcy, but i get a ton of calls from clients asking about the process and how it will affect their credit. If forum users have information they would like to share about how their credit was affected from their bankruptcy, it would be useful to all that follow the forum.

Thank you!
 
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#4994
S. Ted Hanson (Visitor)

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Re:Bankruptcy or not? 2 Years, 3 Months ago  
Usually people that are about to file bankruptcy have damaged credit scores already. Once you file bankruptcy, your credit report is mostly be wiped clean, including your high balances and high interest rates. Once this happens, you can start a new history of credit transactions. The difficultly is in obtaining credit. So, with bad credit you have a bad score and no additional credit and with bankruptcy, you start clean and rebuild your credit.
 
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Last Edit: 2009/10/27 19:24 By jano.
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#5010
jano (Moderator)
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Re:Bankruptcy or not? 2 Years, 3 Months ago Karma: 0  
Most people that file bankruptcy are usually offered credit post bankruptcy from subprime lenders that charge very high interest rates. For the creditors, its a safe business transaction because the debtor can not file bankruptcy annually, so the creditors know that they will eventually get a solid return on their investment.
 
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#5028
JIPjab (Visitor)

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Re:Bankruptcy or not? 2 Years, 3 Months ago  
I would also recommend that after bankruptcy, you open a bank savings account and try to add money to the bank account every month.

In addition, try to keep your credit requests minimal. Although you need credit to build credit, you don't want too have multiple accounts floating out there. It will make you a higher financial risk.

These things helped me when i filed chp 7 about 6 years ago.
 
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#5062
Freyr Nikola (User)
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Re:Bankruptcy or not? 2 Years, 3 Months ago Karma: 0  
Once a company declares bankruptcy the outstanding shares are essentially worthless. They will be traded on the pink sheets until new stock is issued, but typically no one will ever buy shares once the company is declared bankrupt.personal injury lawyer houston
 
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