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Part 5 Chapter 2 SH series

May 25, 2017

Along with your credit in tatters, you'll have to be patient for a bit longer before you acquire many of the things you've wanted for so long. You took the right steps whenever you hired Chapter 7 lawyers to regain control of your finances. Unfortunately, there are certainly a few things you will have to wait 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 give you even a fundamental loan. After those a decade, however, you will be free and clear since the bankruptcy will not be visible.

2. Repairing your credit

There's no perfect guideline for just how long it'll decide to try repair your credit following a Chapter 7 bankruptcy, though by that ten-year mark stated earlier, it must be bright and new again. Instead, credit repair is dependant on a series of different factors. How you pay current debts, including your house payment (if you've managed to hold onto the house), is at the the surface of the list and should be a priority in your new budget.

3. Applying for an unsecured bank card

Immediately after you apply for bankruptcy together with your Chapter 7 lawyers, you'll probably see lots of bank card offers claiming to be interested in helping you rebuild your credit. It sounds perfect, right? Unfortunately, these bank card "offers" have substantial strings attached. They know that you can't apply for Chapter 7 bankruptcy again for eight years, and therefore, you will have to discover a way to create 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 credit cards; you deposit the profit a certain account at the lender, and the lender offers you a "loan" of 50-100% of this amount. Using this card each month can help rebuild your credit faster.

4. Buying a home

It seems like an ideal time for you to go house hunting, doesn't it? Without any debts hanging over your head following a Chapter 7 discharge, it feels like you've more of each paycheck to devote to things like a new house. Unfortunately, you can't jump in just yet. If you're employing a VA loan, it will have to wait two years from the full time you filed for bankruptcy before you try to purchase a home. A more traditional loan will require a four-year waiting period. Don't despair, though. Meanwhile, you can start gathering your down payment. Take the total amount that you'd like 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 allow it to be easier for you to get the loan you want.

5. Jumping back in your old lifestyle

You have more cash available since you've reduced or eliminated your debts, but that doesn't mean that you should dive straight back in your old lifestyle. Remember, those overspending habits are what led to your bankruptcy in the very first place. Take the time to produce good spending habits and watch for a big change in your employment status and your income before you make an effort to surpass 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 may be even harder. For more tips and tricks on managing your finances after bankruptcy, contact us today.

 

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