Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Bankruptcy
Profile Image

Question By
Sheray1976

0 Contributions
0 People Helped
Do I have to give things to make a fresh start?
I am a 38 yr old mother of 4. I have been debt for about 18 yrs. I recently purchased a car (2-15-2014) which I have payments. I am currently in school which I have student loans. I have a secured credit card with a very low limit($200.00). I am strongly considering filing ch 7 and wondering if I do, do I have to give up these things to start over. I really need a fresh start.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1132 Contributions
1209 People Helped

Chapter 7 you don't get to keep your car, If I remember correctly. Chaprter 13 allows you to keep everything but you have to pay it back at a cheaper rate, which usually takes 3 to 5 years to finish. Bk's stay on your report for 10 years. Chapter 7 are huge red flags to lenders and they will not want to do business with you. After about 2 years into a Chapter 13 Bk your lawyer will allow you to finance a house or car, you'd have to get a letter to incur debt though. Good Luck my friend...

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.