It is a fact that a bankruptcy filing will remain on your credit report for 10 years. It is also a fact that a bankruptcy filing will affect your credit score. The impact of the filing on your credit score will vary for every individual. If your credit rating has already been impacted by late payments, missed payments, foreclosures, and repossessions a bankruptcy filing may not reduce your credit score dramatically.
Immediately after receiving your discharge, you can begin to repair your credit score. Continually making payments on your remaining secured debt will help restore your credit rating. Additionally the elimination of your unsecured debt will resolve the impact that your credit score felt from having your debt be disproportionate from your income.
It is possible after bankruptcy to apply for a mortgage and car loan. Bankruptcy will allow you to start saving each month rather than paying your creditors on a debt that will never be satisfied. When it comes time to submit the loan application, the money that you have saved will satisfy the lender that you have sufficient funds to commence making payments on the loan. A second tool in assisting your chances of being approved for that new loan is to show the potential lender an account history of your remaining debt to confirm that you have not missed any payments since the receipt of your discharge.

We are a debt relief agency. We help people file for Bankruptcy relief under the Bankruptcy Code. The website is designed for general information only. This information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.