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Bankruptcy is not an end point. In fact, for many people, completing their bankruptcy case is a signal for a fresh financial start. This includes the chance to rebuild your credit higher than it was before you filed.
Certainly, filing bankruptcy will affect your credit, along with the other factors that led you to consider bankruptcy. But after filing, with your debts cleared and your finances back under control, you may be in a better position to focus on good, credit-building actions. For example, without the late fees and high interest rates, paying utility bills on time may be easier. From there, you may start to look into small credit options again. Over time, it is possible to begin using credit again at a pace you're comfortable with.
Is there credit after bankruptcy? As the bankruptcy attorney explains in this video, there absolutely can be. If you have questions about your credit, bankruptcy and what happens after you file, speak with a lawyer near you.
WOMAN WITH CREDIT PROBLEMS: Sure, my credit card and I have had run ins at times. But I have to keep my options open.
There's no way I'm going to file bankruptcy. Doing that would be equivalent to, to doing this (breaks credit card).
Everyone knows you can't get credit after you file bankruptcy.
BANKRUPTCY ATTORNEY: Recent studies indicate that post-bankruptcy households receive three times as many credit solicitations than non-bankruptcy households.
The fact is that banks are in the business of making money, of loaning money and charging interest.
Even after filing bankruptcy they're still in that business.
In fact, your situation is improved by eliminating your debt. You're a better credit risk to a bank after having filed bankruptcy.
So you will get the solicitation. The real challenge is going to be preventing you from getting into the same situation after having filed bankruptcy that you did before getting into bankruptcy.
WOMAN WITH CREDIT PROBLEMS: So it sounds like they're is help for getting credit after bankruptcy. I'm going to visit TotalBankruptcy.com to learn more.
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