Re: Single mom finally ready to start on her own.

Posted by LadynRed (199.91.33.254) on February 20, 2003 at 10:01:38:

In Reply to: Re: Single mom finally ready to start on her own. posted by V in SATX on February 19, 2003 at 23:57:49:

Correction ! Bankruptcy will stay on your credit report for the FULL 10 years - not 7.

However, as V states, there IS life after BK and it will be surprisingly easy for you to rebuild your credit after BK than it would be to struggle the way things are now. After 2 years of squeaky clean credit you could qualify for an FHA mortgage at a decent rate. You will be offered secured credit cards almost immediately after your discharge - be careful.

The impact of BK does diminish with time. My sister filed 5 years ago.. and after 3 she had UNSECURED credit cards offered to her.

I agree with V - go see a lawyer. Call a couple, the initial consultation is free and you can find out what they charge. Sounds to me like you'll have NO problem with a CH 7 as you have no assets that can't be included in your state's exemptions.

IF the cc's sue and win a judgment, the BK will wipe out the debt, but there will be a little bit more legal paperwork to be filed to get the judgement(s) vacated after your discharge.

As for you deadbeat ex's - sounds like its time to go back to court - they're in contempt for not paying.. and THEIR wages can be garnished to pay their obligations to the kids.

Good Luck !

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