Rebuilding Your Life After a Bankruptcy

img_57fcf3ac16078Many people are afraid of bankruptcy because of what it might mean for their future. Life after bankruptcy brings up a lot of questions:

  • Will you be able to get a job?
  • A car?
  • A house?
  • Will it destroy your credit?

We believe bankruptcy can have a life-changing positive impact. So to help you navigate the process, we offer a free Life After Bankruptcy report. Here are some examples of what we cover in that report, and some things to expect after filing bankruptcy:

Will Bankruptcy Hurt My Chances of Getting a Job?

Having gone through a bankruptcy means you’re freed of debts that might otherwise put you in great need. For employers, that means your finances are in much better control and you’re not in a desperate situation. Many employers will be glad to know you’ve already been through that experience and are in a better place now.

Can I Refinance After Bankruptcy?

Yes, you can refinance. Just keep in mind it may take a while. It can be hard to get a loan, with or without a bankruptcy on your record. But if you can develop some financial stability, it’s certainly a possibility to refinance.

Will I Be Able to Rent an Apartment or House After a Bankruptcy?

Yes, although your options might be more limited at first. Some rental companies won’t rent to people who have filed until a certain period of time has passed after their bankruptcy. Many groups will, though, so a little bit of searching should solve the problem.

Can I Get Credit Cards After Filing Bankruptcy?

Yes, you can get credit cards as soon as your case is discharged. How long that takes can vary according to the type of bankruptcy you file.

Credit card companies often advertise to people who have declared bankruptcy, but it can be very dangerous to accept their offers. Credit card debt is one of the leading causes of bankruptcy and if you struggle with using credit cards wisely, it’s best to avoid them altogether.

Staying free of new debts can help you become financially healthy following a bankruptcy and make the other aspects of life after bankruptcy go more smoothly.

What Will My Credit Report Look Like After Bankruptcy? How Long Will a Bankruptcy Stay on My Credit?

A creditor can report your debt on a credit report for up to ten years after filing, although not all of them do. But what your credit will actually look like depends on whether you file a Chapter 7 or Chapter 13 bankruptcy.

  • After a Chapter 7, your credit report will reflect that your debts have been discharged through bankruptcy.
  • While a Chapter 13 is pending, which can last up to a few years, the report will reflect that debts are being paid through Chapter 13.
  • After a Chapter 13 is discharged, it should reflect that all debts were paid.

It is within your right to ensure that credit card companies report your credit accurately. You can also include a letter with your credit report if you want that helps explain your situation.

We offer a free credit course to all our clients that helps you improve your credit to a 720 score. That’s an A rating, even after a bankruptcy!

Memphis Bankruptcy Attorney for Your Case

If you’re interested in bankruptcy, contact us online or call (901) 327-2100One of our attorneys would be glad to discuss your situation with you, no strings attached.