Part 5 Chapter 2 SH series
Together with your credit in tatters, you’ll have to be patient for slightly longer before you acquire lots of the things you’ve wanted for so long. You took the best steps once you hired Chapter 7 lawyers to regain control of your finances. Unfortunately, there are always a few things you will have to wait on after bankruptcy.
1. Seeing bankruptcy disappear from your own credit report
Bankruptcy can remain on your credit report for ten years, negatively impacting your score and making lenders have a long, hard look at you before they’re willing to provide you with even a basic loan. After those ten years, however, you will be free and clear because the bankruptcy will not be visible.
2. Repairing your credit
There’s no perfect principle for how long it will try repair your credit after having a Chapter 7 bankruptcy, though by that ten-year mark stated earlier, it should be bright and new again. Instead, credit repair is founded on some different factors. How you pay current debts, including your home payment (if you’ve managed to hang onto the house), reaches the the top of list and should be a priority in your new budget.
3. Applying for an unsecured charge card
Immediately after you file for bankruptcy with your Chapter 7 lawyers, you’ll probably see plenty of charge card offers claiming to be thinking about helping you rebuild your credit. It sounds perfect, right? Unfortunately, these charge card “offers” have substantial strings attached. They understand that you can’t file for Chapter 7 bankruptcy again for eight years, and as a result, you will have to discover a way to make payments on these high-interest cards. Worse, you’ll incur high fees, low limits, and have 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 brand new card. While trying to construct your credit, try options like secured charge cards; you deposit the money in a certain account at the bank, and the bank offers you a “loan” of 50-100% of this amount. By using this card every month will help rebuild your credit faster.
4. Buying a home
It appears as though an ideal time and energy to go house hunting, doesn’t it? Without any debts hanging over your face after having a Chapter 7 discharge, it feels like you’ve more of every paycheck to devote to things like a brand new house. Unfortunately, you can’t jump in only yet. If you’re employing a VA loan, it should wait couple of years from the full time you filed for bankruptcy before you try to get a home. A more traditional loan will need a four-year waiting period. Don’t despair, though. Meanwhile, you can begin gathering your down payment. Take the amount that you’d want to devote to a home payment on a monthly basis and put it into an account devoted to buying a house. In four years, you’ll have a substantial down payment that may ensure it is easier for you yourself to obtain the loan you want.
5. Jumping back in your old lifestyle
You’ve more money available since you’ve reduced or eliminated your debts, but that doesn’t mean that you ought to dive straight back in your old lifestyle. Remember, those overspending habits are what generated your bankruptcy in the initial place. Take the time to produce good spending habits and await a big change in your employment status and your income before you attempt to surpass those standards again.
Filing for bankruptcy after retaining Chapter 7 lawyers is just a scary time in your life. Rebuilding when it’s over can be even harder. For more tips and tricks on managing your finances after bankruptcy, contact us today.
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