Q & A: ASK YOUR ADVOCATE

Q & A: ASK YOUR ADVOCATE

A question on whether an unemployed person should file bankruptcy when he is having trouble paying his credit card and student loan is answered. A bankruptcy filing is not the best choice. It will stay on your credit report for 10 years and wreak havoc on your credit score, lowering it by as much as...

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Veröffentlicht in:Black enterprise 2010-02, Vol.40 (7), p.34
1. Verfasser: McRae, Sheiresa
Format: Magazinearticle
Sprache:eng
Schlagworte:
Bank credit cards
Bankruptcy
Debt management
Personal bankruptcy
Student loans
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Zusammenfassung:A question on whether an unemployed person should file bankruptcy when he is having trouble paying his credit card and student loan is answered. A bankruptcy filing is not the best choice. It will stay on your credit report for 10 years and wreak havoc on your credit score, lowering it by as much as 300 points. As far as your credit card goes, call your creditor and explain the situation. You may be able to work out a payment plan. As far as your student loans, call your lender and ask for an economic hardship deferment or forbearance.
ISSN:0006-4165