WOW? Is this For Real?


J

JINGLES

I can't believe this. I filed for Ch7 back in May of 04, went to
court in June of 04 and got my full discharge in Sept of 04. Just for
shits and giggles I applied to a capital one visa card online.. It
came in the mail today, 5K credit limit with 3% apr. Is this whole
thing a joke or what? Not even one year since I filed!! I don't
understand??? I cut up the card because thats how I ended up in Ch7 in
the first place, but man, what a kick in the head, LOL.
 
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G

Gene

I can't believe this. I filed for Ch7 back in May of 04, went to
court in June of 04 and got my full discharge in Sept of 04. Just for
shits and giggles I applied to a capital one visa card online.. It
came in the mail today, 5K credit limit with 3% apr. Is this whole
thing a joke or what? Not even one year since I filed!! I don't
understand??? I cut up the card because thats how I ended up in Ch7 in
the first place, but man, what a kick in the head, LOL.

Weird things do happen :)
 
N

none

JINGLES said:
I can't believe this. I filed for Ch7 back in May of 04, went to
court in June of 04 and got my full discharge in Sept of 04. Just for
shits and giggles I applied to a capital one visa card online.. It
came in the mail today, 5K credit limit with 3% apr. Is this whole
thing a joke or what? Not even one year since I filed!! I don't
understand??? I cut up the card because thats how I ended up in Ch7 in
the first place, but man, what a kick in the head, LOL.
You should use the card for a small purchase, say a tank of gas. Pay it
off, then destroy it. That way you will have a positive tradeline on
your credit report. Cap1 won't report the card unless you use it.
 
H

Hawkeye

I filed Chap7 May 2001 and Capital One has recently sent me pre
approved notices. So I sent one back and ended up with a $2000.00
limit.
 
S

Sofia Harlow, Esq.

This is not so odd. I have heard that some lenders will lend to
people quickly after a Chapter 7 discharge (as opposed to after a
chapter 13) on the rationale that you are free and clear. I'd have to
take a look at the Code, but I also think you aren't able to file
again for several years after a discharge? I could be wrong on that
point, though. Anyway, ironically, some lenders find recently
discharged debtors to be a safe bet.

Sofia
 
J

Joe

Sofia said:
This is not so odd. I have heard that some lenders will lend to
people quickly after a Chapter 7 discharge (as opposed to after a
chapter 13) on the rationale that you are free and clear. I'd have to
take a look at the Code, but I also think you aren't able to file
again for several years after a discharge? I could be wrong on that
point, though. Anyway, ironically, some lenders find recently
discharged debtors to be a safe bet.

Within months of filing, I was getting all sorts of credit offers in
the mail. It was obvious that they knew I had filed, by the wording in
them (We know this is a difficult time for you, and we want to
help...").Many business apparently monitor public bankrupcty records to
find potential customers. Helpful parasites that they are. :)
 
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E

Elliott

This is not so odd. I have heard that some lenders will lend to
people quickly after a Chapter 7 discharge (as opposed to after a
chapter 13) on the rationale that you are free and clear. I'd have to
take a look at the Code, but I also think you aren't able to file
again for several years after a discharge?
That's what they're counting on. After a Chapter 7 discharge, you
can't go back to BK court for relief for seven years. So if you accept
one of these "friendly" offers and then don't pay, they can garnish
your wages for several years.
 
G

Gene

This is not so odd. I have heard that some lenders will lend to
people quickly after a Chapter 7 discharge (as opposed to after a
chapter 13) on the rationale that you are free and clear. I'd have to
take a look at the Code, but I also think you aren't able to file
again for several years after a discharge? I could be wrong on that
point, though. Anyway, ironically, some lenders find recently
discharged debtors to be a safe bet.

Sofia
Yes, it's true. You cannot declare BK until after 6 years.

However, there's good cards and bad cards out there. Some (Like
MBNA) were total ripoffs, but there are some good ones.

You just have to dig a bit for them. But if they help, they are
worth it.
 
F

Francis Face

Sofia said:
This is not so odd. I have heard that some lenders will lend to
people quickly after a Chapter 7 discharge (as opposed to after a
chapter 13) on the rationale that you are free and clear. I'd have to
take a look at the Code, but I also think you aren't able to file
again for several years after a discharge? I could be wrong on that
point, though. Anyway, ironically, some lenders find recently
discharged debtors to be a safe bet.

Sofia
Well, isn't that what Orin Hatch said on the Senate floor?

"People can get a credit card 5k with 3% APR, NO QUESTIONS ASKED!"

Or something like that.
 
B

Barry

Elliott said:
That's what they're counting on. After a Chapter 7 discharge, you
can't go back to BK court for relief for seven years. So if you accept
one of these "friendly" offers and then don't pay, they can garnish
your wages for several years.

I believe that current law permits you to re-file for Bankruptcy after 5
years.
 
W

Wes and Linda Grady

Under the existing law, you can file another Chapter 7 after 6 years. You can,
however, file a Chapter 13 at any time.

C. Wesley Grady, Esq.
 
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E

Elliott

Under the existing law, you can file another Chapter 7 after 6 years. You can,
however, file a Chapter 13 at any time.
Again, the new Chapter 13 plays into the card company's hands. Take
Ch. 7, get discharged, get the "friendly" cc, file Ch. 13. You've now
agreed to pay the cc company 100 cents on the dollar for the debt
(charges, interest, fees, fees, and fees) on the "friendly" card. No
chance of settlement, no relief. And you then have (up to) six years
of easy payments to make on time if you want to do Ch. 7 again. And if
you miss a payment, there goes your opportunity for Ch. 7 relief.

So you DO have a choice: take Ch 13 and live in a financial
straightjacket (if the trustee says it's not a necessary living
expense, it's not a living expense), or let the cc company file suit
and garnish your wages. FICO 420, here you come!
 
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B

Brett Weiss

You can currently file a new Chapter 7 six years after your previous case
was filed. In most situations, you can file a Chapter 13 at any time, with
no waiting period.

--
Brett

*****************************************************************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* (e-mail address removed) *
* www.brettweiss.com *
* *
* Small Business Estates & Estate Planning *
*****************************************************************

The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
*****************************************************************
 

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