Frequently Asked Question - Bankruptcy

  • WHAT YOU GET WITH A BANKRUPTCY?

    You do not have to pay your credit cards.
    Your debts are wiped out so your creditors will not contact you.
    You will have no credit for 10 years ,and getting credit card will be hard, and it will be hard to get a bankruptcy off your credit card report.
    You will be able to take bad credit loans, regular loans will not be avalible in this point.
    Your chexsystems report will be updated with your new status

  • WHAT are the implication of not paying your credit cards?

    You do not have to pay your credit cards but your creditors will hound you because your debts are not wiped out.
    You will get no credit for 7 years and get problems getting any credit for awhile but it will be possible to fix your credit before the 7 years reporting time is up.

  • WHAT are the chances to open a new bank account?

    You will have to search for a bank who does not use chexsystems at all or bank that will accept you even if you are listed in chexsystems.
    Because most of the banks are members of chexsystems,it will be hard and will take time to find such a bank , you can simply get a list from someone who did the work for you.


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