Part 5 Chapter 2 SH series

With your credit in tatters, you’ll have to be patient for a bit longer before you acquire most of the things you’ve wanted for so long. You took the best steps when you hired Chapter 7 lawyers to regain control of one’s finances. Unfortunately, there are a few things you’ll have to hold back on after bankruptcy.

1. Seeing bankruptcy disappear from your credit report

Bankruptcy can stick to your credit report for a decade, negatively impacting your score and making lenders take a long, hard look at you before they’re willing to offer even a basic loan. After those a decade, however, you’ll be free and clear since the bankruptcy will no longer be visible.

2. Repairing your credit

There’s no perfect rule of thumb for how long it’ll take to repair your credit after having a Chapter 7 bankruptcy, though by that ten-year mark mentioned above, it ought to be bright and new again. Instead, credit repair is founded on some different factors. How well you pay current debts, including your property payment (if you’ve managed to hold onto the house), reaches the top of the list and should be described as a priority in your budget.

3. Applying for an unsecured credit card

Right after you declare bankruptcy with your Chapter 7 lawyers, you’ll probably see plenty of credit card offers claiming to be interested in helping you rebuild your credit. It sounds perfect, right? Unfortunately, these credit card “offers” come with substantial strings attached. They understand that you can’t declare Chapter 7 bankruptcy again for eight years, and therefore, you’ll have to find a method to make payments on these high-interest cards. Worse, you’ll incur high fees, low limits, and take a hit to your credit in the event that you cancel the card. Instead, wait until you’ve raised your credit score to around 700 before applying for a new card. While trying to build your credit, try options like secured charge cards; you deposit the money in a certain account at the financial institution, and the financial institution offers you a “loan” of 50-100% of the amount. Using this card every month will help rebuild your credit faster.

4. Buying a house

It appears as though the perfect time for you to go house hunting, doesn’t it? Without any debts hanging over your mind after having a Chapter 7 discharge, it feels like you’ve more of every paycheck to devote to such things as a new house. Unfortunately, you can’t jump in only yet. If you’re employing a VA loan, it will need to wait couple of years from enough time you filed for bankruptcy before you try to get a home. A far more traditional loan will need a four-year waiting period. Don’t despair, though. In the meantime, you can start gathering your down payment. Take the amount that you’d prefer to devote to a house payment on a monthly basis and use it into an account devoted to buying a house. In four years, you’ll have a substantial down payment that will allow it to be much easier for you really to have the loan you want.

5. Jumping back into your old lifestyle

You have more income available given that you’ve reduced or eliminated your debts, but that doesn’t mean that you should dive straight back into your old lifestyle. Remember, those overspending habits are what led to your bankruptcy in the initial place. Make an effort to develop good spending habits and watch for a big change in your employment status and your income before you try to live up to those standards again.

Filing for bankruptcy after retaining Chapter 7 lawyers is really a scary amount of time in your life. Rebuilding when it’s over could be even harder. For more tips and tricks on managing your finances after bankruptcy, contact us today.


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