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Truth on Credit Bankruptcy Top News about Credit Cards!
2007-04-10 03:37:40

Can you count on new credit card deals after filing...?

Any of us can become a credit failure one day and no one is fully protected from filing for bankruptcy when the situation is irreparable. No best credit card deals are a guarantee from credit bankruptcy even if you are always on time for credit card bill payments and stay below 30% of the credit limit available.

Most people think that bankruptcy is the worst thing that can happen to them and avoid filing even if in their situation it is the last resort.

We'll try to dissuade you from this conviction.

Kimberly had always been a responsible credit card holder and such great credit card companies as American Express, Discover and Chase Bank, recognizing her as a good credit risk, offered her their best credit card deals with most enticing terms and programs.

Having a stable and higher than the average income, she had no problems with her Chase Platinum Visa bearing no annual fee and a flexible rewards program. The idea of bankruptcy never came to her mind and she knew as little of it as, for example, spare parts of a car.

Last year, nevertheless, Kim experienced a crucial, life-changing event which made bankruptcy inevitable. She had a divorce. Commonplace and frequent, you'll say? Well, yes, but at the same time, divorce matters appear to be so destructive for the ex-family's budget that very often one finds himself in a deep, almost incurable debt.

For almost a year, Kimberly, a small undertaker, struggled to pay her bills of the joint account she had with her husband but in the end she found herself unable to kill the accumulated debt. The poor thing simply stopped paying her monthly credit card bills but it worsened the situation, leading to higher interest rates.

At long last, Kim was forced to admit - she had to file for bankruptcy or she would lose just everything and wouldn't be able to start it all over. The decision wasn't so easy though and there were a range of questions she needed to clear out to be fully sure of such a decisive step.

And now, listen up all those who are on the same way of the last resort of taking finances under control if bankruptcy can be called as such...

Before filing Kimberly arranged a meeting with a bankruptcy lawyer to learn more about the procedure and possible consequences for her future credit competence. Are you filing for bankruptcy at the moment? Then maybe the nature of questions Kimberly was mostly interested in would be of use to you as well.

Will I ever be able to make a new credit card deal?

Well, why not? - was the counselor's reply. Quite on the opposite. You're very likely to be offered to make new credit card deals meant to help you recover. No credit card offers or credit cards for bad credit history as well as secured credit cards will be presented for your choice by different subprime creditors.

Innumerable credit card companies will be willing to give you new credit at very high interest rate. And a much higher than the average interest rate is part and parcel of a credit card deal after bankruptcy.

Keep it in mind when you mean to apply for credit after bankruptcy.

Shall I include all my creditors into the filing or just those that I really can't repay?

Kimberly had the greatest debt on her Chase Platinum Visa and a number of smaller credit card debts with other companies. The lawyer's advice was clean and clear. Yes. You must. Bankruptcy is an all-or-nothing agreement and you have to close all your accounts, no matter how strongly you believe in your ability to repay to some of your creditors.

Is it my first and last chance to be released form unmanageable debt and will I lose everything as a result?

In fact, you can file for bankruptcy several times but the period between the filings has been lengthened. It shouldn't become your frequent practice though.

Now as to your loss. The government is not so in-human as to sell all your property or real estate. Such indispensable for life things as your house, money for retirement plans, clothing and household goods will remain untioched.

And finally, what about my reputation?

Now ask yourself, are you a prominent person, a pop star, a politician or something? If not, you needn't be afraid that the press will pick up your filing and air it to the nation. It is within your power to stay in the shade and have only the closest people know about your misfortune.

Still think that bankruptcy is the biggest and scariest thing that can happen to you? Believe us, there are things much more ruining, like illness, loss of job or divorce and bankruptcy is only the additional weight.

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