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Life without Credit after a Bankruptcy


November 15, 2008
Topic: Bankruptcy

One of the common reasons clients say they are hesistant to file bankruptcy in Florida is the problems of living without credit cards.  There are two responses that we typcially give.  First, if you declare Chapter 7 bankruptcy, there are prohibitions on when the next time you can declare bankruptcy.  Additionally, credit card companies belief that you have put most of your fiancial obligations behind you.  Therefore, you are a better credit candidate then you were before declaring bankrutpcy. 

Second, many clients report that they stop using credit card altogether.  Money magazine recently did an article on life without credit cards. 

http://money.cnn.com/2008/06/16/pf/without_plastic.moneymag/?postversion=2008061618

 


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Arnold Law Firm, LLC

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Jacksonville, FL 32217

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