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Credit card debt is a major problem in the U.S. It seems like everywhere you turn, you’re hit with a new offer from a creditor. Open this line of credit and get a low interest rate for six months, then bam — suddenly you’ve collected more credit cards than you can keep up with. While credit is important — both building and maintaining it — it may not tell your whole financial picture. If you’ve recently lost your job or expect to undergo surgery in the coming months, your credit may take a hit when you’re not able to pay your bills on time. You may have trouble then getting a mortgage or other new lines of credit. Collectors may be after you. The good news is, both credit card debt and medical debts can be discharged in bankruptcy, and collectors stop calling. Learn more from National Bankruptcy Forum about credit and how it is affected by bankruptcy — both the good and bad.

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How Can I Repair My Credit?

Improving credit after bankruptcy or foreclosure Whether you filed Bankruptcy or have faced foreclosure, repossession or a delinquency on a loan, it is a fact of life that your credit score can fluctuate. Access to credit is important when applying for a car or home loan or when starting a new business, the lower your…

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Posted by: John C. Colwell

Will a Chapter 13 Plan Look Better on My Credit Report Than Chapter 7?

Last updated Jan. 30, 2018. Debtors may find difficulty choosing between Chapter 7 or Chapter 13 bankruptcy. Both have their advantages and disadvantages depending on your financial situation, but which one stays on your credit report longer? Does Chapter 13 look better to creditors long term as you try to improve your credit score? The…

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Posted by: John O'Connor

Our Credit Scoring System is Biased Against Renters

Paying Rent on Time Should Improve Credit Score In theory, a credit score is an accurate reflection of the collective payment history of a borrower. Missed a credit card bill three years ago? Mr. Mortgage Lender will see it. Credit scores take on an important role in underwriting because lenders rely on past performance as…

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Posted by: Russ B. Cope

I Filed Bankruptcy: How Can I Rebuild My Credit Score?

Follow these steps to rebuild your FICO score after bankruptcy Will I be able to get credit after filing for bankruptcy? How can I rebuild my credit after filing for bankruptcy? These are two important questions commonly asked by those who have been forced to file for bankruptcy protection. A discharge in bankruptcy provides a…

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Posted by: John O'Connor

Can Credit Card Companies Take Your House?

Last updated April 13, 2017. Credit card debt, unlike mortgage debt, is unsecured debt. This means your credit card company can’t come immediately take your stuff — including your home or car — when you don’t pay. Having said that, if you fall behind on credit cards, your lender will quickly try to transition from…

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