| Rebuilding Credit After Bankruptcy |
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The stigma once associated with the filing of bankruptcy case has long since faded. Creditors have a relatively new outlook on those who have received a bankruptcy discharge. Historically, debtors were “branded” and “scarred” as a result of a bankruptcy filing. Creditors shunned the discharged debtor, who’s bankruptcy appeared as a scarlet letter once did. Creditors now realize that such discrimination was actually a mistake. After you receive your Chapter 7 bankruptcy discharge, you become ineligible to file Chapter 7 again until eight full years have lapsed. The fact that you have an eight year bar to file again, coupled with the fact that you no longer owe any of the discharged debt, makes you fair game. In fact, creditors will often solicit discharged debtors to open a new account; in some cases, even with the same entity that was included in the bankruptcy. Creditors do not make money off of you unless you are paying them interest, over the limit fees, balance transfer fees, ATM fees, late fees, and penalties. So, who would be a lower risk to extend credit to… a recently discharged debtor who is used to carrying credit card balances and making minimum payments (and cannot file Ch 7 again for 8 full years), or someone who has never had a credit card in their life? If you chose the former, you are correct. When you get your bankruptcy discharge The Law Offices of Stephen R. Wade will provide you with valuable information to enable you to rebuild your credit as soon as possible. It is not uncommon to become qualified to buy a home within a couple of years of bankruptcy discharge. By eliminating unpayable debt, you will be in a better position to begin saving again. Contact The Law Offices of Stephen R. Wade for a free evaluation today. |