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What Happens To My Credit And Me After Bankruptcy?

Even though hiring a bankruptcy lawyer and filing for bankruptcy can help you save your house, your car, and other personal property, many people worry about its affects after filing. “How long will this follow me around?” “Is my credit ruined forever?” “Will I ever be able to buy a house or a car again?” Remember, everyone is entitled to a fresh start. Most of our clients are good people who have simply encountered unfortunate circumstances.  So what happens after you’ve filed for bankruptcy and your debts have been discharged?

The bad news is that bankruptcy will be on your credit report for up to 10 years. There are also limitations on how often you can file for bankruptcy.  The good news is that you can begin to reestablish your credit immediately.

Credit is your ability to borrow money. When considering you for credit, lenders look at your debt-to-income ratio. If you’ve filed for bankruptcy and had your debts discharged, your debt-to-income ratio is reduced, so you already have improved your ability to borrow money.

Many of our clients have been able to purchase cars immediately upon discharge of their debts. You can also find lenders who work with post-bankruptcy customers in order to obtain home financing a year or so after debt discharge. You may also find offers for unsecured credit cards in your mailbox. Of course, with all these options in front of you, you must be careful not to fall back into the same debt trap.

Call us toll-free today at 1-800-260-1402 for your complimentary initial bankruptcy consultation or visit one of our 100 offices across the United States. You can also read our many informative articles on our website,  For the best advice on filing for Chapter 7 or Chapter 13 bankruptcy protection, trust the experienced and caring attorneys at Jacoby & Meyers Bankruptcy Law.

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