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Currently in Chapter 13 til Summer 2009. Can I rebuild credit now??? Indiana

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  • Currently in Chapter 13 til Summer 2009. Can I rebuild credit now??? Indiana

    I am currently in a chapter 13 repayment plan. I want to rebuild my credit while I am in BK. Is this possible? Is this a wise decision or should I wait???

    Thank you,
    bubbadirect

  • #2
    You are not allowed to incur new debt during a chapter 13 bankruptcy w/o the permission of the bankruptcy trustee. Also, are you certain you want to take on more debt at this time?
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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    • #3
      How?

      Betty, I am just wondering if I can start to rebuild my credit now while I am in chapter 13. If so, what are some recommendations on how?

      Thank you,
      bubbadirect

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      • #4
        The best thing you can do is to pay all your current bills & pay them on time. After bk is discharged, there will be add'l. actions you can take. You might currently be able to get a secured credit card from a bank for a small amt. where you put up money to cover the amt. of the card in case you default. You then need to pay on the card on time & at least the min. payment required. These timely payments will be reported to the credit bureaus. However, please be careful of what you do so you don't get in debt again.
        Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

        Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

        Comment

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