Bankruptcy Tips - Some Rebounding Tips After Bankruptcy - Part #1
So you have filed for bankruptcy. What’s the next step? At first blush, you are full of ideas on how you are getting a fresh start. You have freed yourself from almost all of your debts and you are, for all intents and purposes (financially, at least), a new person. But note that by filing for bankruptcy, you had to pay a dear price. In exchange for a discharge of your debts and stopping your creditors from pursuing any collection actions against you, your credit rating took the brunt of the blow. Considering how your credit rating was probably not all that great to begin with, this recent hit is going to be an easy one to recover from. Let’s start with the bad news: • The bankruptcy will stay on your credit report for up to 10 years. • To lenders, you would seem a bad risk because you have legally written off at least some of your past debts. • As a consequence, you may not be able to get a loan or a credit card for some time after the bankruptcy. • And if y...