Life After Bankruptcy

Most people probably think going bankrupt means losing everything, selling all your assets and starting over from scratch. In reality, bankruptcy is designed to help debtors, and even in a bankruptcy liquidation, they're able to retain some of their assets, as they have a lot of their debt forgiven. Because of a change in the laws in... more »

Your credit score is the snapshot that lenders will use to get a closer look at your financial picture. Having a bankruptcy on your credit report will create a blemish on that financial picture for the next 7 to 10 years. That's not to say every lender will refuse to extend credit to you. In fact, some lenders will seek out your... more »

Declaring personal bankruptcy is often an emotional event, reluctantly decided and acted on. People who find themselves having to consider this very significant step have many questions about being able to obtain new credit in the future or how bankruptcy will affect their credit rating and ability to rent or buy a home. If you are... more »

Although bankruptcy wipes a debt slate clean, it still scars your credit score, and can remain on your credit report for up to 10 years after filing. Improving your credit score after bankruptcy will mean taking a hard look at your past behaviors and creating new behaviors and strategies for handling your money. more »

Sometimes the burden of financial debt becomes too much. A person can feel overwhelmed trying to pay off all his debts. When creditors start collection activity, bankruptcy may be the best option. Bankruptcy can stop creditors in their tracks and save a debtor's assets, giving him peace of mind. With a fresh start, the debtor can... more »