Life After Bankruptcy

Life without creditor harassment and the anxiety that debt causes begins after a bankruptcy is discharged. Your debt-to-income ratio is improved and lenders may even consider you less of a credit risk after filing bankruptcy since the majority of your debts were eliminated in your bankruptcy. Initially, interest rates on new loans can be relatively high, but credit is typically available immediately after receiving your bankruptcy discharge.

  • Bankruptcy - TN - How Will Bankruptcy Affect Your CreditFiling bankruptcy is not the end of your credit, but a new beginning. In fact, bankruptcy eliminates much of your debt and gives you a “fresh-start”. The credit rebuilding process can truly begin following a bankruptcy, and all of your debts discharged in bankruptcy should be reported as having a zero balance.
  • Bankruptcy - TN - How Soon to File BankruptcyWhile a bankruptcy is reported on your credit for 10 years following the filing of your case, it doesn’t mean it takes 10 years to obtain more credit. Typically, recent bankruptcy filers qualify for certain types of credit immediately after their bankruptcy is discharged.
  • Bankruptcy - TN - What Debts to KeepThe bankruptcy code requires that you disclose all of your assets and debts in your filed bankruptcy petition, even if you want to keep paying on some of those listed debts. Your bankruptcy schedules indicate these debts you intend to continue paying.
  • Bankruptcy - TN - How to Rebuild CreditOptions include applying for a credit card, keeping your house and car, or opening a bank account.
  • Bankruptcy - TN - How to Get Finances Back on TrackOne of the best times to develop a comprehensive financial plan for managing your finances in the future is immediately after your bankruptcy is discharged. The biggest mistake you can make after a bankruptcy is using the same financial strategy that led you to file bankruptcy in the first place.

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