Life after Chapter 7 Bankruptcy

//Life after Chapter 7 Bankruptcy

Life after Chapter 7 Bankruptcy

what is life after ch 7 bankruptcyChapter 7 bankruptcy can give you a fresh start and while it does have a bit of a negative impact on your credit in the initial stages, it is possible to rebuild your credit and enjoy a normal financial picture after chapter 7 bankruptcy.

It generally takes 3 to 4 months to complete a full chapter 7 bankruptcy discharge. In complex cases it can take a bit longer but as soon as you receive a discharge you can begin rebuilding your credit immediately.

Chapter 7 bankruptcy will remain on your credit report for up to 10 years but this does not prohibit you from obtaining new credit products such as credit cards, loans and more. As soon as you receive your discharge you will immediately start receiving new credit card offers and this is an excellent chance that you can use to rebuild your credit.

Picking up a secured credit card from your bank is an excellent way to begin the process of rebuilding your credit over time. Be sure to check on the status of your credit report and make sure that there are no mistakes added after your discharge. If you notice ongoing mistakes on your credit report it important to work at resolving them so that your efforts in rebuilding your credit do not have to go slowly.

In order to prevent the chance that you could fall deep into debt again it’s a good idea to consider making a budget to curb debt related habits and to make sure that you can pay off your account balance without accruing interest.

Keep some of these top ideas in mind as you are working to live your life after chapter 7 bankruptcy. If you could use support in rebuilding your credit after bankruptcy consider contacting a bankruptcy lawyer today.

2018-10-12T14:41:57+00:00 October 12th, 2018|Uncategorized|