Life After Bankruptcy

Bankruptcy Alternatives ◦ Rebuilding Credit

In General One of the most common questions raised by concerned inquirers is the future outlook after bankruptcy. While every case is different, several truths exist. Provided that the person has all of the other necessary requirements for obtaining credit (e.g., adequate income, acceptable debt-to-income ratio, stable employment, stable residency), then the bankruptcy will not create a 7 to 10 year restriction on credit. Many people with whom we meet are able to return to an good credit score within 3 to 5 years. As you will learn from the attorney, the path to recovery depends on which chapter you select. Mortgages While some banks are relatively conservative and want to see 4 years of good credit before they will deal with you, other banks only require 2 years. Mortgage brokers are often able to find lenders who will make acceptable loans (i.e., respectable rates and reasonable fees) in as quick as 1 year. Predators exist, too, and you must be careful of hidden costs. Vehicles Initially, post-bankruptcy vehicle loan rates match those of people with bad credit. This is both good and bad. The rates plunge within the first year, though. Credit unions are also a potential source for low interest loans fairly quickly after filing. So, the bottom line is that there is life after bankruptcy.

We are a debt relief agency proudly providing options to people with financial problems for over 24 years. In a large number of cases, we assist people with filing bankruptcy. Contact us by phone or email to schedule your first face-to-face free consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.