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What's life like after bankruptcy?

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mommyg24

Asked by mommyg24 at 10:20 AM on Nov. 18, 2010 in Money & Work

Level 13 (1,241 Credits)
Answers (9)
  • Liveable. There are programs for people who have been through it. You can get buy here pay here cars and lease to own a home based on income only.
    lowencope

    Answer by lowencope at 10:21 AM on Nov. 18, 2010

  • My experience was I was assaulted by a creditor, fought back and got in trouble. all this in front of my child.
    mom2priceboys

    Answer by mom2priceboys at 10:23 AM on Nov. 18, 2010

  • I filed before my divorce in 2000. Afterwards it was a very BIG weight lifted off my shoulders! I did give my car and my house back though. I did not have any bills, no creditors calling me, nothing. Within five months, I started to receive various credit offers again. Why? Because they know you can't file bankruptcy again for a certain amount of time! I was able to get a car right away and even qualified for a house. Why? Again, because they have collateral with a house and car. So, to me, it was worth it and YES I would do it again if I needed to.
    Anonymous

    Answer by Anonymous at 10:23 AM on Nov. 18, 2010

  • My parents went through it. They rented for 10 years. But now they bought a condo. Their lifestyle didn't change much. It really helped them out and set them on the right track.
    mompam

    Answer by mompam at 10:24 AM on Nov. 18, 2010

  • liveable but hard to get credit for SEVERAL yrs. There is one credit card co that gives credit post bankruptcy but they REALLY take advantage by charging you an initial fee, then a monthly fee of around 6-10 dollars and then an annual fee of like 75, so just to have the card you have to pay around 200 a yr and you're charged interest on top of that, any other credit is HARD to get for a while without having to pay supper high interest rates and transunion keeps your bankruptcy on your report for 10 yrs where equifax and experian remove it after 7
    SMWOODS

    Answer by SMWOODS at 11:01 AM on Nov. 18, 2010

  • Just remember bankruptcy stays on your credit report for 10 years, which will make it more difficult if not impossible to get a mortgage, car loan, other types of loans, start a business, ect, not to mention some employers check credit histories before hiring.
    HotMama330

    Answer by HotMama330 at 11:21 AM on Nov. 18, 2010

  • I filled about 7 years ago with my ex-husband when we lived off my part time job and his workers comp. I have a decent credit score now, but I personally choose to not have credit cards, I pay cash or not at all. He's now in a lot of debt again and other than our house and car 9which we pay extra on) we are debt free.

    But it was so nice to have collectors stop hounding me and my parents.
    Mom2Jack04

    Answer by Mom2Jack04 at 11:33 AM on Nov. 18, 2010

  • "Just remember bankruptcy stays on your credit report for 10 years, which will make it more difficult if not impossible to get a mortgage, car loan, other types of loans, start a business, ect, not to mention some employers check credit histories before hiring. "


    Not so. We filed seven years ago and bought a house 3 years ago from a reputable bank with an interest rate of 5.6%. Our last car loan for a used car was 6.7% interest. We worked hard and got our credit back to where it needed to be. Life goes on. You suck it up, deal with it and move on.
    kc932

    Answer by kc932 at 4:31 PM on Nov. 18, 2010

  • FYI


    Types of Bankruptcy


    Chapter 7 Bankruptcy, which is total bankruptcy, stays on your credit report for10 years. Chapter 13 Bankruptcy, more like a payment plan, stays on your credit report for seven years. Bankruptcy, however, is for life. Loan applications and many job applications ask if you have ever filed for bankruptcy. Ever. If you lie to get a loan because your bankruptcy is very old, technically you have committed criminal fraud.

    musicmom08

    Answer by musicmom08 at 10:02 PM on Nov. 18, 2010

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