Filing Chapter 7 bankruptcy or Chapter 13 bankruptcy will undoubtedly have an impact and effect on your life. It is important to realize it is not the end of the world – life does go on after filing bankruptcy. In fact, there are millions of people across the country who file for bankruptcy every year. Bankruptcy, unfortunately, has a negative connotation that implies you cannot handle your finances or you are trying to cheat your creditors and scam the system. However, bankruptcy nowadays is often filed by the average person for a variety of different, very common reasons for the purpose of creating a fresh start and fixing mistakes of the past.
What you may not realize is that filing bankruptcy may actually help you in the long run. While there will be obstacles, such as a poor credit score, obtaining a credit card and getting a mortgage, these can be overcome. Learn more:
Filing for bankruptcy will have a serious effect on your credit score. However, it is not impossible to repair your score once your bankruptcy case has ended. Through meticulous and responsible financial management, you can rebuild your credit score and be back on track of your finances in no time. Read more about your credit after bankruptcy here.
After you have filed bankruptcy, obtaining a credit card is surprisingly not difficult. You actually may be bombarded with credit card and loan offers after you have received the discharge. While you may get a lot of offers, it is important to be aware that a lot of these most likely come with extremely high interest rates or fees. Read more about obtaining credit cards after bankruptcy.
Obtaining a mortgage after filing for bankruptcy is not impossible. The amount of time will vary, depending on your credit, the type of bankruptcy you filed and the type of loan that you desire. Read more about obtaining a mortgage after bankruptcy.
It is possible to improve your credit score after your bankruptcy, but that means using credit wisely and responsibly — and making sure that your credit report remains as accurate as is possible. Learn more here.