ANSWERS: 4
  • If you are trying to fix your credit filing bankruptcy would be the WORSE possible thing you could do. You do get rid of the debt but you ruin your credit for a long time. If I am not mistaken bankruptcy stays on your credit for 12 years depending on how you file (which Chapter) What you need to do is sit down take a deep breathe and look at consolidating your bills and trying to work out something with the credit card companies. Also, not sure if you have heard of him or not but Dave Ramsey is a talk show host and he has several really good books as to how to deal with financial problems. GO on his website NOW and get the help. Being in debt can devastate your emotional well being and the sooner you take positive steps to lighten the load the better you will feel. Good luck, being in debt is a bad spot to be in I know I have been there. BEST WISHES!!! :)
  • A bankruptcy will stay on your credit record for 10 years. Unfortunately, there's not a lot you can do about that. Credit is scored by taking into account the amount of credit granted, the amount of credit used, the length of credit history and timely payments. If you're in straits, make sure you make at least the minimum payments monthly on your accounts. If you no longer have credit cards, try to find a secured, low rate card. Use it to make small purchases and pay off the total each month. This will establish a good payment history. Building credit takes years. Don't fall for any credit "fixing" scams. No one can legally remove accurate negative information from your credit report. Check out http://www.consumercredit.com/ The ACCC is a non-profit credit counseling organization with a lot of good information. Good luck.
  • Be aware though, bankruptcy should be a last resort and will damage your credit for up to 10 years. Be sure to also investigate if consolidating debts is a better way to solve debt problems and protect your financial futures. Review the Bills.com debt consolidation guide to see if this is an option for you. Lastly, when it comes to bankruptcy always seek counsel from an attorney who understands your situation.
  • If you live in USA and still maintaining your living beyonds your means life style after your first case.. wait for 7 years then you can file Bancruptcy again.

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