Bankruptcy - Will it help or ruin?

[lightingbird]

What is the name of your state? Missouri

Hello again,

Thanks for all the past information. I yet again, have another question.

Given todays system, will it actually be nothing gained from declaring bankruptcy other than stopping creditors from calling and collecting?

Some of my clients ask me this all the time. Now I've heard of people that file bankruptcy and months later are able to get a new car or a home. Then I've heard others that can get them a year later. I have a close friend that is over the credit and collections department of Macy's and he told me that when people apply for credit with them. He can only assume its random. Stating that some people that have filed will get a credit limit and some don't. Then those that don't only months later can still get an account.

So in the end, my question is about the assumption. If a person files bankruptcy are they set without getting any line of credit for anything for seven years or longer? Perhaps the other side where this act actually helps them shortly and they can start to reestablish a credit history?

Thanks.

 

[temple]

not in this case

i know a person who filed ch 7, and less than 1 yr later had a custom home built on 1 acre of land and put a pool in....all in his name. (btw...the man still had two past mortages in his name: 1 was exempt as his homestead, 1 was nonexempt, but he kept it)