1 day out of Bankruptcy? No problem!

Just wanted to drop a note.

Many lenders are parallel with each other with respects to having a program that eliminates the component of credit grading on old seasoning requirements of a discharged bankruptcy...

Many are now advertising one day out... BK OK!

Countrywide has even further announced this applies to all credit grades, all document types, all occupancy types, and for purchases or refinances...

What a deal!

Times have changed.

after you have had one discharded? Can you file bankruptcy twice.

Baby's mom

You have to wait for at least six years before filing bankruptcy again. However, if your bankruptcy has been dismissed, you can re-file after 180 days. Contact your bankruptcy attorney and explain your situation. He can suggest you ways of dealing with the situation.

Bankruptcy, never. Will only try it as my last wish.

It's actually seven years before you can file again. But, it's not the end of your life. I filed and was discharged June 05 and have had no problems acquiring credit.

There are lots of places now that will help you get credit again after bankruptcy - that's actually the bad news, though. You see, what happens is that 90% of people who go bankrupt are back in debt again within a year. And because we've bought into the belief that we need credit, we are willing to pay higher interest rates right after bankruptcy in order to get that credit. Places like DA (Debtor's Anonymous) discourage people from declaring bankruptcy for that very reason. I'm NOT a big proponant of bankruptcy - I went bankrupt at age 21 because I didn't know any better and because I was completely stressed out. If I knew then what I knew now, I would have found better ways to deal with my creditors. Sometimes consolidation is the best option. Sometimes refinancing is the best option. Sometimes paying creditors on your own terms regardless of the damage to your credit report is the best option. And sometimes bankruptcy is the best option. I encourage people to treat access to new credit after bankruptcy the same way I encourage people to treat an inheritance or a bonus they receive - sit with it for 30 days without doing anything. Don't start spending or even planning on spending the money - instead, use that time to create a strategy for handling money in a more healthy way. If you never had access to credit again, what steps could you take to have a healthier relationship with money? Think about it!