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With the economy being so bad, are people filing for bankruptcy?

Is it true you can not get credit for 10 years after that?

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Anonymous

Asked by Anonymous at 4:29 AM on Feb. 21, 2010 in Money & Work

Answers (5)
  • We filed for bankruptcy back in 2003, two years later we got credit cards and four years after that we bought our first house. This was before the credit crunch so who knows? Half of my in-laws have filed for bankruptcy this year (it's the third time for my MIL/FIL) but DH and I decided we weren't going to ever again if we can help it. So far so good - we're paying stuff off and are being VERY careful with our money.
    plylerjones

    Answer by plylerjones at 7:30 AM on Feb. 21, 2010

  • my best friend did..she is 22
    ryanlynn

    Answer by ryanlynn at 8:37 AM on Feb. 21, 2010

  • My DH and I are filing as soon as we get our tax refund. My car has already been repossesed and we are waiting for my husbands truck to go any day now. We also had to abandon our house in Florida to move in with my MIL. I filed bankruptcy in 1991 when I was married to my first husband and we had credit card offers in the mail within weeks. My credit was re-established within a few years. My husband and I got in trouble because he had a work injury that put him out of work for 2.5 years and then I lost my job in 2008. I am still unemployed, but in moving to NC my hubby found a job his first day here. We are going to file bankruptcy to give us a clean slate to begin again.

    Mer
    Merjo

    Answer by Merjo at 9:04 AM on Feb. 21, 2010

  • Usually you don't have an issue getting credit because once you have filed bankruptcy you can't file again for ?7 years? So they feel secure that they are going to get their money. You will have to deal with a higher interest rate.

    We filed in 2003. We got credit card offers, car loan offers, you name it. A few years later we did buy a new vehicle (we had kept ours in the bankruptcy one was paid for and one was financed and only had a few more years). We had a high interest rate on the new used vehicle, I think it was 18%. For other reasons we had to trade that vehicle a year and a half later, our interest rate was then 12%. A year ago we traded up in vehicles again and our interest rate was 6.75% on a USED vehicle! Two years ago we bought another house ( a few months into the collapse of the real estate market although not felt in our town) our interest rate was 5.8%!!!!!! So see it can be done you just have to work hard!
    Anonymous

    Answer by Anonymous at 10:23 AM on Feb. 21, 2010

  • We filed on Friday. I have heard that credit isn't that hard to get after-because since you cannot file again for 7 years they figure they will get tehir money- but yeah there will be higher interest rates
    charlotsomtimes

    Answer by charlotsomtimes at 11:07 AM on Feb. 21, 2010

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