What Happens After Bankruptcy?
A chapter 7 bankruptcy is almost always over about 3 months or so after it is filed. At that point, the main concern of most people is their credit rehabilitation.
A chapter 7 bankruptcy is almost always over about 3 months or so after it is filed. At that point, the main concern of most people is their credit rehabilitation. If you kept debts through the bankruptcy by reaffirming car and/or house notes, this will greatly help you rebuild your credit score. If you kept no debts, you might want to accept the preapproved credit cards that come to people often in the first year after they file and use them responsibly to rebuild.
About 2 years after the case is filed, most lenders will again finance you including places like major car finance companies. FHA and VA home loans are available and with approved credit you can purchase a home or refinance your existing home starting about 2 1/2 years after your bankruptcy is filed. Typically, after 5 years from the filing of the case, the bankruptcy is largely a nonfactor in your credit although it can stay on the credit report for up to ten years from filing.