Posted by: admin in chapter 13 bankrupcy rules on
sherryrosemary asked:
Back in 2003, my husband and I made the difficult decision to file Chapter 13. We had no choice. His business was failing, it was a mess.
Anyway, we are trying to start over again and I was just wondering if anyone can give us any advice?
We are planning on moving, do you think this will be hard since we are still in the program? I know most places check your credit, but we both recently finished college and will hopefully be able to find good jobs. (He is a nurse, I am in the business field, administrative type work, to be exact.)
Anyway, any advice would be greatly appreciated.
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Back in 2003, my husband and I made the difficult decision to file Chapter 13. We had no choice. His business was failing, it was a mess.
Anyway, we are trying to start over again and I was just wondering if anyone can give us any advice?
We are planning on moving, do you think this will be hard since we are still in the program? I know most places check your credit, but we both recently finished college and will hopefully be able to find good jobs. (He is a nurse, I am in the business field, administrative type work, to be exact.)
Anyway, any advice would be greatly appreciated.
Thanks so much!
You will have to check with a bunch of lending/mortgage companies and tell them your situation. After that, they will be able to make the choice of wether or not they want to finance you.
Chances are is it will be next to impossible to get a loan since your bankruptcy isn’t quite thru yet. I would wait until then before you try!
yup ….gonna be hard …..get one of those credit cards that you have to put a depsot on to reestblish credit….it will be on your credit score for 7 – 10 yrs. You’ll be paying cash for a long time.
It could be very hard for renting or for buying. You may need to consider asking someone to cosign a lease for you for awhile. If that is not possible, look through the classifieds and try to rent from individuals instead of Apartments or Rental Agencies. Best of Luck.
Good news! Your life is not over!
Although rebuilding credit will have to wait until the Chapter 13 is finalized and discharged, once completed, you can reestablish credit quickly, easily and without a ton of debt!
I will give you 2 quick steps to take, and you can use the sources below for more info.
First, get a credit card.. even if secured. Use it with a small charge ($20-30 for something like gas) and then pay it off when the bill comes in. Making small charges and paying the balance off does 3 things: 1. activity with on time payments, 2. small amount of limit used (key for good scores!), and 3. no interest charges and no debt because you have paid them off each month.
Second, get a secured loan. Most credit unions will provide a secured loan based on your savings with them. Open an account with a credit union, put the minimum amount in for the loan (usually $500) and then get the $500 loan. If you deposit the loan money back into your savings, you can allow the loan to pay itself off and that way you are not really in debt!
Use the source below to find out how to rebuild your credit using the credit builder process.
Good luck!