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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2832
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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6 years ago i almost filed due my horrible financial

Customer Question

6 years ago i almost filed for bankruptcy due my horrible financial situation. I had 2 houses going into foreclosure in addition i had 10 credit cards in default totaling about 150k. I went to a lawyer and he advised me to delay filing and so i did. Now 3 yrs later all the credit card balances were charged off but 1 actually got a judgment against me for 1 of them, 1 of the 2 houses were foreclosed and the other still has not been taken yet. I recently reviewed my credit report and 7 of the account are scheduled to come off this year 2016 and the others in 2017. BTW, what started all of financial collapse was being a victim of a con artist who stole my life savings and i lost my job, before that my credit rating was 800 and i took pride in having excellent credit , it was painful to accept that now i cant even rent an apartment or get cable in my name. Anyway, bad stuff can happen to anyone at anytime.So, my question is how and when can i get my back life and start to build my credit again without having to look over my shoulder for the rest of my life? Since my financial collapse i have been off the financial grid, nothing in name other than an 2004 car and a cosigner on the apartment i currently reside in. i do have a bank account but keep a few hundred in it. I need a game plan to get back to financial credit worthiness.Help!!
Submitted: 6 months ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 months ago.

well, with 1-2 foreclosures, your credit will reflect that for 7-10 years. Judgments can stay on there for that time too, and they can be renewed thru the court.

Expert:  Terry L. replied 6 months ago.

As to how long it will be until you can get new credit? hard to say, it really depends on the creditor and what they are willing to do. Interest rates may be high.

I can tell you that bankruptcy clients are able to get credit the first year after the case, often right after discharge. Mortgage lenders usually want people 2 years out of bankruptcy before lending credit.

Let me know what other questions you may have

Customer: replied 6 months ago.
other than me giving you a poor rating please just put me back in pool. Did you even read my question?
Expert:  Terry L. replied 6 months ago.

yes I read your question. How to get your life back on track and rebuild credit?

Apply for a small credit card balance if you can get one and pay it off every month.

pay every utility on time in full every month.

Those steps can help your credit score improve.

Spend within your means. Don't incur debt, period. pay cash. those are the tips that I have at this point.

It will be tough, you might be denied credit due to your past history. but be persistent and patient.

Customer: replied 6 months ago.
i do not think you read my statement because i spent the time to give details of my situation, i had a 800 rating and i was a victim of a scam. "Spend within your means. Don't incur debt, period. pay cash." Does not help what i was asking!So, my question is how and when can i get my back life and start to build my credit again without having to look over my shoulder for the rest of my life? I spend the time to give details that need to be addressed before i asked that question.
The second part to the question is important to me also, without looking over my shoulder! I want to know steps to clear up the issues i mentioned.
Ok... can you at least point me in the direction of a legit service that can help with a plan to address all areas to get my credit back on track?