How does personal bankruptcy affect my credit?

To properly view this site, javascript must be enabled and Flash version 9 or higher must be installed.
Get the latest Flash player
Markita Aldridge
Mortgage Consultant, WestStar Mortgage
www.thelendingadvisors.com  
703-497-3936

Markita has been called :The Queen of Mortgage Financing especially after a BK". Since 2002, Markita has been a top-producing loan officer with WestStar Mortgage located in Lake Ridge, VA. She offers her clients expert service in mortgage financing regardless of credit history. Markita's former career as a professional basketball player with the "Washington Mystics of the WNBA" has been her foundation for creating a TEAM atmosphere when dealing with her mortgage clients. She truly believes Together Everyone Accomplishes More! You can visit her website at <a>www.TheLendingAdvisors.com</a> for more information and several FREE mortgage reports that reveal lending secrets other mortgage bankers don't want you to know!

How does personal bankruptcy affect my credit?

 

This expert: 29,445 views

This series: 8,928 views

Print

Transcripts

Host: How does personal bankruptcy affect my credit?

Markita Aldridge: Well, personal bankruptcy is another way that you can actually deal with that. However the consequences are long stand, when you do follow bankruptcy. Typically they will store your credit 14 years. In some case we do recommend that you so follow bankruptcy and that is not very popular to say but there are some cases where a first start is actually needed. A chapter 7 is where you going and you wipe out all of your personal debt and you do have a new start. Typically if lenders another companies, you are not going to able to give back so, the game of finance. For couple of years, you could some things to try to reestablish credits right away, but you will be basically out of the credit game at a high level before at least a couple of years and that bankruptcy will always report on your credit, at least for the next ten years.

Other Videos

  • Financial Planning Basics In this video, financial planning professional and member of the Financial Planning Association®, Alexandra Armstrong, CFP®, describes the six important steps in the financial planning process. This video is designed for individuals who would like to create a financial plan and achieve their goals. This video series includes an overview of establishing your goals, gathering data for your financial plan, analyzing and evaluating your financial status, developing and implementing the plan and monitoring the plan and making necessary adjustments.
  • How do I know if I have what it takes to start a business? David Krauskopf of SCORE explains how you will know if you are ready to start a business.
  • How does credit fit into the mortgage equation? In this video, mortgage advisor, Jeff Thomas describes how to purchase your first home and the process you must go through to obtain a mortgage. This video is designed for first time homebuyers and also provides valuable information to indivduals who have purchased a home in the past. This video includes an overview of the four parts of a loan file, mortgage jargon, the loan process, house hunting, the types of mortgages available and the 7 steps on how to manage your mortgage correctly.
  • Getting Out of Debt In this video, financial planning professional and member of the Financial Planning Association®, Cal Brown, MST, CFP®, describes the four important steps to improving your credit. This video is designed for individuals who have poor credit and are looking for tips to improve their credit. This video series includes an overview of checking your credit, reading and correcting credit reports, improving your credit and getting out of debt.
  • What is a budget? In this video, Vikki Frank, Kandance Beamon, and Linda Stroman, financial education providers describe several key areas to address regarding debt reduction and elimination. This video is designed to deliver basic financial information to assist individuals and families to be able to identify goals and process strategies for their specific financial needs. The topics included in this video cover are: self-evaluation of debt load, budgeting strategies, understanding the effects on your credit and scores, why savings is important, how to develop a debt elimination plan, and the importance of financial education and how financial counseling may be useful.
  • What is a stock index?