| Rebuilding
Credit
If your financial
situation has gotten to the point where you're considering bankruptcy,
your credit history is probably already pretty bad, and it's my
opinion that a bankruptcy won't make it worse in most cases. While
there are no set rules about rebuilding credit, many of my clients
tell me that they are able to buy houses or receive new credit
card offers within a few years after their bankruptcy is over.
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If
you think about it, you're a pretty good credit risk after a Chapter
7 bankruptcy, because most or all of your debt was discharged, and
the law prevents you from filing another Chapter 7 case for six
years. Credit reporting agencies are permitted to leave your bankruptcy
filing on record for 10 years in a Chapter 7 case, and seven years
after you receive a discharge in a Chapter 13 case. |
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