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You’ve Filed for Bankruptcy – What Now?

 

How Bankruptcy Affects Your Credit

When considering the future of your finances after filing for bankruptcy, you can expect to have a difficult time securing credit for the next three to five years. You can also expect the negative mark to appear on your credit report for what is usually ten years, but may be reduced to seven to eight years in some cases. More specifically, bankruptcy affects your credit by lowering your credit score about 200 points, which is most often because of late payments on accounts and not just because you filed for bankruptcy. However, if during the bankruptcy proceedings you decide to keep some of your debt, like your mortgage or car loans, and continue to take responsibility for these loans, then you may have an opportunity to preserve your credit score and your future credit worth regarding lenders. After filing for bankruptcy, you should be very careful about taking on new credit, being sure to evaluate how responsible you can be in handling debt all over again.

Bankruptcy and Your Living Situation

One of the main questions in many people’s minds after filing for bankruptcy is how the financial move will affect their living situation. The good news is, if you’re a prospective tenant, some landlords who own individual homes may actually be open to considering your application. Since you have no debt after filing for bankruptcy and you are likely eager to improve your financial situation, paying rent and living expenses on time is probably a high priority for you. Unfortunately, when it comes to management companies and larger apartment complexes, your record may be frowned upon by those in charge of reviewing your application. On the other hand, if you’re a homeowner, reaffirming your mortgage is the only way to keep your home. If you include your mortgage in the bankruptcy, you’ll be handing your home over to the bank.

How Bankruptcy Affects Your Financial Future

Filing for bankruptcy can make you feel hopeless, but there is certainly hope for a promising financial future. Keep in mind that you’ll need to continue making payments after filing for bankruptcy if you have other credit lines, and that you’ll have to pay close attention to your credit score. It may take up to three years before you are eligible for a conventional loan, and when you are, the associated credit score requirements will likely be stringent. If you’re considering taking on a mortgage after bankruptcy, consulting a financial advisor or mortgage banker about the bank’s guidelines and your specific circumstances can help you get a better idea of your financial situation. If you have considered filing for bankruptcy in Oklahoma, but you’re not sure it’s the right step to take, contact an experienced Oklahoma City bankruptcy attorney for legal guidance. If you’ve already filed for bankruptcy and are currently trying to rebuild your finances, an experienced OK bankruptcy lawyer can help you through this sometimes difficult process.

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