![]() ![]() You cannot apply for any new lines of credit-including a credit card-while your bankruptcy proceedings are in progress without court approval. ![]() Although this type of bankruptcy is less damaging to your credit, it still carries a strong negative effect.Ī Bankruptcy Must Be Discharged Before You Can Apply for a New Card Any remaining portion of your debt is forgiven. With this type of bankruptcy, your debts are restructured, which means you and the creditors come to an agreement over how much of the debt you will repay within a time frame of three to five years. Your credit score will be severely damaged. Chapter 7 allows for a fresh start, as once the bankruptcy is discharged or completed you’ll no longer have any liability to creditors. ![]() This will wipe out what you owe your creditors and anything you own of any value. This is where all of your debts are eliminated and any assets you own that are not exempt will be sold off and used toward paying your debts. There are two basic types of personal bankruptcies: Let’s review the types of bankruptcies and what each means for your credit. It could take several years to qualify for a card again. ![]() The amount of time it takes to get a credit card after bankruptcy can depend on a few factors. How Long After Bankruptcy Can I Get a Credit Card? ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |