SubscribeMost people believe that once they file bankruptcy, it will become public knowledge. That’s not really true unless you’re a prominent personality or a major company. Mainly, the people who know about it are your creditors, even though bankruptcy is a public legal proceeding.
Some types of debts cannot be wiped clean if you file a bankruptcy! Surprised? Yes. This is true with child support, alimony, government-issued or government-guaranteed student loans, and debts incurred as the result of fraud.
Good news: loans after bankruptcy are possible! It won’t be long before you will receive credit card offers but they will be offering very high rates. A bankruptcy loan can give people who have filed for bankruptcy opportunities they might not have otherwise, like the ability to own homes and even automobiles.
A common misconception about bankruptcy is that it will leave you with nothing, left homeless, without a car or any other assets. The truth is not so dramatic. Bankruptcy laws vary from state to state. There are certain exemptions that help protect certain assets up to a certain value - such as your home, car, household items, and clothing.
Filing bankruptcy does have a bad effect on your credit report. In fact, it is the worst dent that you can have on your credit history. It stays on your report for upto 10 years! Even though you may be able to qualify for a bad credit loan, filing bankruptcy should not be taken lightly. Regarding filing for bankruptcy more than once: you can file Chapter 7 Bankruptcy once every eight years, Chapter 13 bankruptcy once every two, and there should be at least four years between a Chapter 7 and a Chapter 13 filing. However, there are many ways to improve your credit score after bankruptcy.To learn more, do a little
research on the internet and you should be able to find a lot of information regarding how to improve your credit score after bankruptcy, Good luck!
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Tags: bad credit, Bad Credit Loans, Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 bankruptcy, credit score, debts, filing bankruptcy, Loans, student loan
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