Debt Reduction After Bankruptsy

Is it possible to try to get a creditor to try and work with you if you are just 4 years out of a bankruptcy? We have $25K accumulated within 2 years after bankruptcy from another job loss. But we have not increased our debt in last 2 years, but increase in living expenses brings us to a point of decision, pay our mortgage and other bills or pay the credit card companies who apply 50-72% of our monthly minimum payment as interest. We'll never see the end of it! Thanks for your help. (currently we are current on all cards & bills, but this month we cannot make the minimum pymts due on our 3 cards and anything left for food.

Hi Tonya
Welcome to forums

You should concentrate on paying of the credit card debts. If you fail to pay off the credit card debt then you will have to pay the interest which in your case is 50% to 72%. This high amount of interest can be avoided if you payoff the credit acrd debts with highest priority. Further interest on credit card debts are not tax deductible. So it will definitely have an effect on your monthly income. Please register yourself in the debt consolidation program immediately as it will help you to become debt free early.

In addition after clearing off your unsecured debts try to clear off your mortgage debts.Your bankruptcy will not stand in your way to register in the debt consolidation program but this negative information will definitely stay on your credit report for further 6 years.

Hope you will find this information useful

Regards
Peter

Hi Tonya

The best way to repair credit after filing bankruptcy will be to establish a consistent, unblemished record of making timely payments. The creditors are interested in looking at your credit report and see if you have the ability to pay them back in a timely manner. Your old debts which you owed while filing for bankruptcy or the judgments, garnishment and other collection activities will also not impair your ability to pay back to your creditors.

If you had a good credit history and paid your bills on time before the bankruptcy, you may find that it is easier to re-establish credit than if you were perpetually behind on your payments and had judgments against you.

debt consolidation program will help you in rebuilding your credit problems because all your debts will be paid to your creditors through easy monthly installments and at lower rate of interest. Additionally, the consultant will be able to reduce the total amount of your debt by cutting the financial charges, late fees from it.

Debt consolidation program will erase all the negative markings from your credit report and will help in improving your credit ratings.

http://www.debtconsolidationcare.com/benefits.html

Also, the consultant working in the debt consolidation program will be offering you regular counseling and budgeting program so that you are able to make healthy financial decisions and erase the debt related problems faster.

Hope that you make the perfect decision thinking about your future.

Regards
Roxette