What are the steps needed to take to file bankrupcy?

do u need a certificate from a debt counseler to bring to your lawyer before he processes it? please help especially people that have gone through this. thank you!

Answers

• Here is a link for you to review. First, you want to see if Bankruptcy is what is best for you. If you feel that filing for Bankruptcy is good for you, then I have also attached a link for you to find a Bankruptcy Attorney in your area.
  
  It is highly recommend for you to retain a Bankruptcy Attorney; they aren't as expensive as you think. Most of Attorney's will even give you a free consultation either by phone or in person.
  
  I wish you a lot of luck..........


• I just read yesterday with the new bankruptcy laws, it's a lot more expensive to file now - $2000-4000 - it only cost me $750 7 yrs ago

Could a credit counseling program help this?

I owe 26,000 on a line of credit with 15.9% APR. My minimum payment is $540 for the next 96 months. It is deferred for 3 more months but after those 3 months are up, I will not be able to pay. Is there any help through CCCS with this? Thanks! :)

As of now I have never missed a payment on anything and my credit score is good. I know I may lose some points on my credit, but I dont' want to lose all the credit that I have.

I'm going through a separation and will be losing an income :(

Answers

• The idea of credit counseling is to help people who can not make the payments and want to get out of debt. It is not for people who just want a lower payment.
  
  When you start credit counseling they will require that ALL of your unsecured debts be placed into the program. Once this is done the companies will most likely close out the account to further charges. During this time your credit report will be noted that you are in a Debt Management Program, so obtaining new credit will be hard. Once you are off of the program this notation is removed, and in some cases the creditors may reopen the account. It also depends on the company. Creditors are under no obligation to be a part of the program, so this creditor may not accept counseling and you would still owe the monthly payment they require.

What is the best way to establish credit?

I'm wanting to start my credit, so that whenever i get old enough to buy my own car and stuff i will have a credit score that they can go on. But also will that make my payments high since i will not have that much credit?

Answers

• Go to college. Get an unsubsidized loan. Make payments when you're done.


• I started this 4 years ago and now I have about $50,000 in credit limit and an excellent credit score. Apply to a secured credit card, that means that you send the credit card company a deposit check (range depends which company you use). I used citi bank and I sent them a $400 check and that was my credit limit, so I started charging on the card and making the payments ON TIME. to get an application call citi bank, you can easily look up the number by lookig up on google, and when you call ask them to send you a secured credit card application. GOOD luck


• you could get a personal loan and pay it off in a few months that way you could buid good credit or you could get a credit card use it for everyday purchases and make the full payment at the end of the month that way you do not pay interest and build credit. Check out www.fastcreditcardapprovals.com here you will be able to compare all major credit cards side by side on rates, fees and reward, no matter what kind of credit you have they have the right card for you

Credit Repair?

I know raising your credit score takes time but can anyone give me some advice other than pay on time (already know this tip) on how to do so? My score is in the 400s. Please help.

Answers

• Don't waste your time/money with any company promising to fix your credit.....Accurate negative information on your credit report cannot be removed....However:
  
  If you send debt validation requests for each negative item on your credit report to the credit bureaus and they cannot validate the debt within 30 days, per the Fair Credit Reporting Act they must remove items they cannot validate.....It doesn't hurt to try this for each negative item on your credit file....If you try this do it one item at a time rather than all at once. There is NO guarantee this will work.

Where is the best place to apply for a credit card online if you have bad credit?

i need one so i can pay off all my debt with low monthly payments, i want to knock them all out so i dont get a collection agency beating down my door..

Answers

• If you have bad credit the worst thing you can have is a credit card. Perhaps the reason you have bad credit is the manner in which you used a prior credit card. Go for a while without a card. Try managing your affairs with cash until you are more disciplined. Apparently you haven't been. No body should shirk their fiscal responsibilities unless you prefer being known as a " DEAD BEAT"


• if ur credit is bad, fix it first. when u apply for credit cards it also lowers ur credit score, so if ur credit score is already low why not make it easier and raise your score first. better to use a debit card from ur bank account. that way u won't have monthly charges, fees (unless u overdraft), and u will not be able to overspend. u can only spend what u have in ur account.


• In my experience there are two types of Bad Credit Credit Cards. One is a secured card, and the other has a much higher rate of interest. Both can be used to rebuild your credit worthiness after getting back on your feet. Secured credit cards are great for rebuilding your credit. You send the credit card company a pre deposit amount set by the company
  
• Check out www.fastcreditcardapprovals.com here you will be able to compare all major credit cards side by side on rates, fees and reward, no matter what kind of credit you have they have the right card for you

Cutting credit card?

please tell exactly how to cut and deface a credit card with scissors as i want to cancel mine. SHould I sent the cut pieces of card to credit card company??

Answers

• cut right through the numbers. u don't have to send the pieces to them.
  
  And you should contact the credit card company and tell them that you want to terminate service (assuming that your credit balance is $0. hehe)


• No, you should make sure that you paid off the balance that you owe them, if you have any, close your account with them and shred your credit card. I hope that helps.


• No, you don't need to send the pieces to the company. Most paper shredders are equipped to cut credit cards quite effectively. As for closing your account, unless you have an annual fee or something like that, cut the card and leave it open until they cancel it for lack of use. It looks better on your credit report in the long run provided you have a $0 balance.


• Most times your local bank will accept a credit card and shred it for you in their "confetti" style commercial shredders.
  
  I wouldn't send the card back to the company--if it's effectively defaced, they won't know whose it was or what to do with it. I WOULD be sure you cancel the account. It's still open unless you close it, even if you destroy your card. Some cards make you not use it for 30 or 45 days before you close the account, so check with the card company to find out what you have to do to close it.


• Cut through the numbers and through your name. I usually just see how many tiny pieces I can make. But, be sure you have a zero balance first. However, your credit score is lowered every time you cancel a credit card account. So, go ahead and cut up the card if you think you'll never need the card again, but don't close the account. It's better for your credit score, which needs to be good to buy a house, car, etc.


• cut the credit carrd through the number, mail the card to the company with a letter informing them that you no longer require their services, pay off the final bill when it comes in.


• Before you deface the card make sure your last statement indicated a " zero balance" . You don't want the company coming after a time saying you owed a year's interest. If you have a reason for discontinuing the service, write a note telling them why and enclose the pieces of the card.


• You can cut through the numbers, and the magnetic strip. If you are paranoid about dumpster divers you can throw 1/2 away each time the garbage is collected.
  
  Think twice before you close the account even if you no longer want to use it, especially if there's no annual fee. Your FICO (credit) score is computed based in part on how much available credit you have versus how much debt you have. Closing the account will lower your available credit, and lower your credit score along with it. A nice limit on the card with no balance makes lenders think you are good at managing your money, which raises your credit score.
  
  This is important if you are planning to buy a home or car any time soon. Not only does a lower score mean a lower interest rate on new purchases, but insurance companies are starting to give discounts to people with higher scores.

Does your credit score go down if you charge a lot but just pay it off?

on one of my credit reports , there was some small note that i have "excessive use of revolving credit" or something... what is the difference if i pay my balance in full every month (and have for 10 years)? I just charged something for 7k which is the most I ever charged and now i think i probably should've written a check...

oh and i already paid the 7k off but i just think perhaps it is not good to have on my credit for some reaon... anyone know?

The way my card works -- you can charge as much as you want but after 20k then it has to be paid fully.

Answers