After You File Bankruptcy Credit is Available Because You’re Debt Free
It’s a fact that after you file for bankruptcy it will hurt your credit. But your credit was probably already in shambles because of all the late pays and defaults on your bills. When you file bankruptcy it actually is old debt problems and will let you start rebuilding your credit and your finances. That’s what new lenders look for when deciding to give you new credit because you are debt free. Most people start getting offers for new credit cards as soon as their case is finished, which can be in as little as 4 to 6 months. You can qualify for car loans and mortgages and as little as 18 months.
It’s a myth that your spouse’s credit will be affected after you file for bankruptcy. Your bankruptcy filing, as long as you’re not jointly filing, in itself, will not affect anyone else’s credit. Your spouse’s credit cards and other debts will be effected only if they file with you. Many spouses choose to file bankruptcy together because it will let them handle all of the debts for the household, but that’s not required. Another myth is everyone will know that you have filed bankruptcy. The only people who are sure to find out are the ones you owe money to. Your boss, friends and family members will probably only find out if you tell them or they take a trip to the courthouse and type your name into the computer system. The odds are pretty slim that anyone will even find out, so don’t worry about it.
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