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Credit card debt As part of Chapter 7 bankruptcy, your credit card debt is typically discharged immediately. On the other hand, Chapter 13 bankruptcy focuses on reorganizing your debts.
Chapter 7 bankruptcy is ideal for unsecured loans (such as credit card debt), while Chapter 13 bankruptcy may be best if you have certain assets you want to keep.
Consider Graduating to an Unsecured Card: Once you’ve built a positive credit history with your secured card—typically after 12 to 18 months—consider applying for an unsecured credit card ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
An unsecured credit card is a credit card that does not require you to put up any type of collateral, such as a deposit, to get approved. Unlike secured credit cards, unsecured cards aren’t ...
Unsecured debts include medical bills and credit card debt; but not public student loans, auto financing or mortgages. For the debtor, the settlement makes obvious sense: they avoid the stigma and intrusive court-mandated controls of bankruptcy while still lowering their debt balances, sometimes by more than 50%.
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