Reasons for Bad Credit
It is a New Year, and it is time to do something about that bad credit. Bad credit can happen for many reasons. A divorce is a big killer of our credit, more bills on less money just doesn’t work. The divorce judge can say one spouse is to pay this or that but if they don’t the creditor is going to come after either of you. The next killer is lost of income form job change and depending how long it takes to replace that income might help determine which bankruptcy you use to help rebuild your credit. Medical illness can change your credit very quickly one not working and the amount of the medical bills.
This is where talking to a bankruptcy attorney can explain if the chapter 7 would be the quickest way to take care of all the negative things on your credit so you can start rebuilding.
The chapter 13 would help if because of the loss of income you have fallen behind on the house and car. This plan allows you to put what your behind and credit cards in a plan to be paid back over the next five years.
If you can not buy a new car with out 18 percent interest rate or mortgage companies will not even talk to you, the filing of a bankruptcy will change that to were you will be in a rebuilding mode.
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