There Is Life After Filing Bankruptcy
by
Alison C. Briggs on Jun. 11, 2012
Bankruptcy & Debt Bankruptcy & Debt Credit & Debt Bankruptcy & Debt Bankruptcy
Summary: Filing bankruptcy doesn't end your credit life. There is life after bankruptcy. Like anything else, if you plan for life after bankruptcy and work hard at re-building your credit, things can rapidly improve after filing for bankruptcy protection.
There Is Life After Filing Bankruptcy
Your life and credit score is not ruined by declaring bankruptcy
If out of control debt and high interest credit card payments are overwhelming you, filing chapter 7 or chapter 13 bankruptcy may be the means you are seeking. Filing for bankruptcy can provide you with a "fresh start". After you declare bankruptcy, you can get your life can get back on track. Preparing for life after bankruptcy is half of the battle.
After filing bankruptcy, your credit report is principally wiped clean along with records of unpaid debts and late payments.
Making the decision to file for bankruptcy is not an easy one,
and a major concern is the damage that it will do to your credit rating.
You can recover from bankruptcy and re-build your credit rating as quickly as possible by doing some damage control.
One of the things that you can do in order to start re-building your credit is to; get a new credit card, and/or ask a trusted friend or relative to make you an authorized user on one of their cards. You will get the account history in your report, and your bankruptcy will not affect this person’s credit. The new credit card will immediately start building positive credit for you.
Most likely, if you are considering filing for bankruptcy protection, your credit score is probably already messed up
(if you are neglectful on your debts, or have any lawsuits or judgments against you). To eliminate your financial issues and get rid of the debt,
you can either pay off the debt, or file chapter 7 or chapter 13 bankruptcy and discharge your debt.
Many times paying off your debt is just not an option, it just isn't feasible.
If you let your financial situation continue to spiral out of control, the situation will increase, effect your life in many ways, and become a much larger, more serious financial disaster. Removing the stress and money owed can allow you to have a new start, a better life. The issue may be if you can get through financial hardships without filing bankruptcy. Either way, your credit will need some recovery and improvement. Your life is not over when you declare bankruptcy. Your concern should be what is the best debt relief option for you in order to solve your financial problems.
