more articles

I’m Bankrupt, but I’m Still Getting Credit Card Offers!

Filing bankruptcy is a painful decision for anyone. Overwhelmed by thousands of dollars in bills that seem to have no end, consumers sometimes have to make the tough decisions to file Chapter VII as the only relief to their financial woes. To the astonishment of many of these people, as soon as the bankruptcy is filed – punctuation to a long list of bad credit- the credit card offers start pouring in.

So why do many individuals find themselves saying, “I'm bankrupt, but I'm still getting credit card offers!”?

Filing Chapter VII bankruptcy means saying that your bills are simply too much, you need to wipe the proverbial slate clean, and you won't be paying those bills back. It's the most devastating hit a person can take to his credit, and it means that most potential lenders will refuse any attempts at securing a loan. So why are the credit card companies ready to solicit your business?

Although credit card offers at such a time may seem to be a bit odd, it makes sense after you stop to take the facts into consideration. Bankruptcy clients are usually swamped with offers for credit cards because the credit card companies feel that they are now good investments. Since their previous debts have been banished, new debts can't be forgiven for a period of six more years. While one day they were plagued by thousands of debt, the next day they are clear and free of any pending financial obligations.

Share This Article

| | | | |