Credit Cards after Bankruptcy
Often it is easier to obtain credit cards after filing for bankruptcy protection than before one files bankruptcy. This is primarily because the lenders understand that you typically cannot file a bankruptcy again for another 8 years. You will also have fewer bills to pay, so you will have more ability to pay your new credit card bills. All those who file for bankruptcy in Orange County will have taken a class on financial management, as this is a requirement in The chapter of the Bankruptcy Code providing for "liquidation,"(i.e., the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.) Click for more: Chapter 7 Bankruptcy bankruptcy. Lenders often feel that with this training, individuals can handle their financial affairs better after bankruptcy than before. So, you may be a better credit risk after bankruptcy than before!
Your FICO score will typically increase right after filing bankruptcy because about 1/3 of your credit score is based on the total amount of your outstanding debt which is eliminated through bankruptcy.
It is not uncommon to receive credit card solicitations soon after you file bankruptcy. We typically recommend that our OC Chapter 7 and The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.) Click for more: Chapter 13 Bankruptcy bankruptcy clients get a few credit cards after they file bankruptcy, and then pay off the balance each month to re-build their credit.
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