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Life after bankruptcy: what happens to your credit?

Suffering from debt is a heavy burden. You may feel like you can never recover or more forward with your life, but this is not true. Filing for bankruptcy can help you get back on your feet and get a fresh start. If your debt is weighing heavily on your mind, you might be considering making the decision to file for bankruptcy. However, you might still hesitate at the thought. Bankruptcy can be considered a taboo word, like a scarlet mark on your record.

While it is true bankruptcy will affect some parts of your life, there are ways to recover. Your credit score, for example, will not be ruined forever.

How does bankruptcy affect my credit?

After you file for bankruptcy, your credit score will go down. This is an unfortunate fact about bankruptcy, but it is not hopeless. Bankruptcy stays on your credit report for 10 years, but after this it comes off your report and is no longer readily visible. The impact of bankruptcy on your credit decreases over time, too, so you can start rebuilding your credit.

How can I fix my credit after bankruptcy?

After you file, it is possible to begin fixing your credit almost immediately. Since you do not owe the debts you discharged anymore, your credit score may begin to improve after the initial impact. In order to continue to improve your score, there are a few steps you can take.

First, you can make sure there were not any errors when you filed for bankruptcy and in your credit report. Then, you may want to consider opening a fresh line of credit, being careful to stay under your limit and pay it back in full. Alternatively, you can stay with your current credit cards but still stay careful to pay your bills and stay low in your limit.

Bankruptcy may seem like the end of the world, but there is hope for you. Even though your credit score will take a hit after filing, there are many ways you can rebuild and start fresh after bankruptcy. Concerns about your credit score should not stop you from getting a new start.

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