Compare Mortgage Quotes

Guest

Hi there… I need to file bankruptcy. I know that it will be a drastic decision but I guess I have no choice. I am 29 yr old with a 4 yr old. I'm presently in school and in the next few months will resume work as a nurse. 5 years ago I took out a lot of credit cards and now all these accounts are in negative or have been sold to collections. I also have a judgment as well. If I file for chap 7 will I have a life? Like buying a house and stuff like that. How long will that take. Someone please help.

jerry · Posted: Fri Jan 13, 2012 1:37 am Post subject:

Hi Guest,

Rather than filing filing bankruptcy, you can go ahead and consolidate the credit card debts. You can contact a debt consolidation company for the same. It won't be mandatory for you to file bankruptcy. However, in case you file bankruptcy, you can still get back to your lives. After a Chapter 7 bankruptcy filing, you will have to wait for 3-4 years in order to qualify for a mortgage. In that meantime, you can take steps in order to improve your credit score.

Thanks,

Jerry

gmakerley · Posted: Fri Jan 13, 2012 2:20 pm Post subject:

If you go through bankruptcy, you'll end up debt free (Ch. 7), and you'll be able to get a fresh start on your life as a result. Yes, there is life after bankrutpcy, and it was invented to allow those who are overly burdened to get a fresh start.

Don't be terrified at the thought of it - discuss it with an attorney and see what the costs of filing are and try to get a handle on what the consequences of bankruptcy are, also.

petekolackovsky · Posted: Mon Jan 16, 2012 4:49 pm Post subject:

Welcome to MortgageFit Guest,

Of course there is life after filing bankruptcy and like gmakerley already stated, it's designed to give you a new lease on life (financially). Here are a few tips you can get started on right away to increase your credit score and have some emergency money if you decide to file bankruptcy:

1. Speak to your bank right away and state that you want to reestablish your credit. your bank is a great and valuable source of information and can help you reestablish your credit.

2. Open a savings account that allows you to make automatic monthly payments to it. 5% - 10% from every paycheck per month is a reasonable amount to deposit and you'll have a pretty nice balance by the end of the year.

3. Since you are a student, it gives you a great opportunity to show lenders how responsible you are. make every payment in full and on time.

Good luck!

Compare Mortgage Quotes

Will I have a life after fiing bankruptcy?

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

All times are GMT - 7 Hours

Page 1 of 1