You can file a bankruptcy for credit card debt every eight years. This is known as a Chapter 7. The court will discharge your debt, stopping collectors from ever pursuing you again. The bankruptcy will report to your credit for ten years (unless removed), lowering your score up to 240 points.
We recommend 5 steps to recovery if you file bankruptcy on credit cards:
- Open two credit builder cards (payment history is 35% of your score)
- Open one credit builder loan (credit mix is 10% of your score)
- Find a friend or family member to add you to their old credit card(s)
- Find a friend or family member willing to co-sign for a home, apartment, or car
- Dispute the accounts for validity and accuracy
Get Your Bankruptcy Removed Professionally
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (866-718-6029) or setup a consultation with them. They also happen to have incredible customer service.