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 hanth23
Joined: 22 Jul 2007
Posts: 23
11.06 Dollars($)
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 Posted: Sun Jul 22, 2007 6:08 am Post subject: Mortgage |
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| What are the consequences of filing bankruptcy and how does the same affect the credit score. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.11 Dollars($)
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| Posted: Mon Jul 23, 2007 12:52 am Post subject: RE: bankruptcy affect credit score |
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Hi hanth,
Filing bankruptcy isn't a good idea as far as maintaining a reasonable score is concerned. One should go for it only if he cannot find out any suitable option to get out of debts. This is because it affects the credit score in a negative way and this is reported to the bureaus by the creditors or lenders. And, the credit report of a person filing bankruptcy displays this negative item for about 7 to 10 years. So, it becomes difficult for anyone to secure a loan in the meantime.
Take Care |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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aldrich
Guest
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| Posted: Wed Aug 15, 2007 4:21 pm Post subject: |
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"What are the consequences of filing bankruptcy and how does the same affect the credit score."
Bankruptcy means a big damage to your credit profile. Try to avoid it if possible. |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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| Posted: Wed Aug 15, 2007 11:11 pm Post subject: |
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Hi Hanth,
Don't go for bankruptcy as it is not the ultimate solution to pay off your debts. Bankruptcy affects your credit score negatively and also stays on your credit report for 10 years. And after a bankruptcy, you may not qualify easily for another loan.
To know more on the affect of bankruptcy, you may refer to: http://www.mortgagefit.com/bankruptcy/after-bankruptcy.html |
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evolovik26
Community Experts
Joined: 15 Aug 2007
Posts: 538
Location: Minneapolis
28.93 Dollars($)
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| Posted: Thu Aug 16, 2007 8:44 pm Post subject: |
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| Normally bankruptcy is one big hit to your score that stays on your record for 7-11 years but once it is done it doesnt affect your score anymore and your creditors are not allowed to damage your score by reporting late payments. Your debts are satisfied in one manner or another and you get to start from the beginning on your credit. While its a bad mark on your credit and you stand to lose assets if you have them it can be better then alternatives of not paying your bills or going to debt consolidation outfit. For more info contact an attorney and make an educated decision. |
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