It may be hard to see the light at the end of tunnel while screening calls from debt collectors, opening massive credit card bills and sinking from student loan debt—but experts say there are many ways to keep creditors at bay while wildling away mounting debt without filing for bankruptcy . “There’s still a bunch… Read More Tips to Preventing Personal Bankruptcy
The 2008 financial crisis caused a wave of personal bankruptcy filings and left creditors stuck with a lot of unpaid debt. Because of this, creditors are more willing to work with cash-strapped consumers to create repayment plans. “A bankruptcy is the worst option for all parties involved,” says Anisha Sekar, vice president of credit and debt… Read More Call Your Creditors
Liquidating assets to boost cash flow can help consumers get out of a bind. Often times there are unnecessary and unused items sitting around the house that can raise some money. Evaluating the necessity of monthly bills like cable or cell phone can also help shore up some extra funds to pay down debt. If… Read More Boost Your Cash Flow
Taking the ostrich approach to a debt crisis is the worst thing to do, experts warn. Contact a debt counselor for help, but do research before agreeing to work with an agent or agency. There are scam debt counseling companies out there that looking to prey on vulnerable people. According to Sekar, a debt counselor should never… Read More Ask for Help
While filing for bankruptcy and cleaning the slate is appealing, it comes with long-term repercussions. It ruins a person’ credit for several years, which makes it hard to get a mortgage, lease a car or open a credit card. Some employers are also running credit scores before sending an offer letter. “It is pretty catastrophic… Read More Avoid the Bankruptcy Temptation
Sometimes circumstances are such that it’s just not reasonably possible to ever successfully repay your debt. That’s why bankruptcy exists. It gives consumers the opportunity to wipe the slate clean and start over. It can be a difficult process, but for many people it’s the best choice for them. Although bankruptcy does offer a… Read More How do I get credit again after filing for bankruptcy?
First off, if you’ve had a difficult time with credit and debt, you may not be so inclined to start using credit cards again following a bankruptcy. That’s understandable, but the truth of the matter is that it can be hard to navigate without credit – particularly if you’re ever faced with an unexpected setback… Read More Why should I even WANT new credit?
If you’ve filed for bankruptcy, have bad credit thanks to missed payments, or don’t have a credit profile because you’ve never really used credit before, you’re most likely going to have a hard time finding a lender willing to extend you credit. That’s because to them you’re too risky. You haven’t shown them that you… Read More Rebuilding your credit, bit by bit
Most negative marks in your credit report last seven years (with the notable exception of Chapter 7 bankruptcy, which stays on your report for ten years). Even after your debts have been cleared through bankruptcy, the negative marks associated with those accounts (delinquencies, charge-offs, etc.) will remain for seven years. The good news is that… Read More Time heals all wounds
To ask a question of the Bankruptcy Adviser, go to the “Ask the Experts” page and select “Bankruptcy” as the topic. Read more Bankruptcy Adviser columns and more stories about debt management. Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content… Read More Ask the adviser