After your bankruptcy discharge is granted, you are no longer legally obligated on your discharged debts. It’s not uncommon to see your credit score improve by 150 points 12 months after your discharge.
When you hire me as your bankruptcy attorney, I stick by you after your discharge. What does this mean to you?
Step One: If creditors violate the bankruptcy discharge injunction, I ensure they are held responsible. The discharge injunction means that creditors are prohibited from collecting on discharged debt. The bankruptcy court may sanction the creditor and the creditor may end up owing you money for damages!
Step Two: I monitor your credit report to make sure it contains only the most accurate information. As your attorney, I will dispute inaccurate information with the credit bureaus so that they will correct it. This will help rebuild your credit faster, saving you money!
Your credit rating determines how much you pay for your home loan and car loan. It also affects your credit card rates and even your car insurance rates. While filing bankruptcy will affect your credit score, the conditions that led you to file bankruptcy – foreclosure, repossessions, past due accounts, creditor lawsuits – make you more of a credit risk than if you don’t file for bankruptcy relief.
Now to answer those questions:
“How long will a bankruptcy appear on my credit report?"
A Chapter 7 bankruptcy will appear on your report 7 years after filing. A Chapter 13 bankruptcy will appear on your report for 7 years after filing your case.
“What’s going to happen to my credit?”
It usually improves. After 12 months, we usually see a 100 point improvement and sometimes it an even improve by 150 points.
“Will I be able to get a car loan?”
“How long before I can buy a home?”
It is usually about 2 years before a lender will approve you for a home loan.
“Will I be able to get a credit card?”