Chapter 7
A chapter 7 is the easy way to discharge all unsecured debts. Examples of unsecured debts are credit cards, medical bills, broken apartment leases, cars that have been reposed, houses that have been foreclosed on, old bank accounts that were closed by the bank because of over draft charges, some bad business dealings, some IRS debts and other such things. Your case is filed and then in about four months you receive a discharge. the bankruptcy is then on your credit for the next ten years. What is important is what you do now. If you do not have income no you’re not going to rebuild your credit, having a checking and saving account is important. Taking on new credit whether it be through a credit card or some form of secured loan like a jewelry shop or a furniture store. Very important make the payments on time every time. A car is a good way to help kick start your credit but buy something affordable or have some cash to put down with it depending on timing the interest rate is what is so important. a ten thousand dollar car over five years at a 6 percent interest rate will run you about 250 a month for five years. that same car at 17 percent will run you about 400 not a good deal. So you need to do the things to help rebuild a quick as you can, so when the need is there you can afford to buy what it is that your needing.
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