Bankruptcy – How Long Will Bankruptcy Affect Me?

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If you’ve been thinking about filing bankruptcy, you have probably wondered what your life will be like afterwards. Many consumers assume that, since your credit report will list a bankruptcy for ten years, they’ll be unable to obtain any kind of credit at all.

It is true that you’ll deal with the effects of bankruptcy for as long as it stays on your record… but it won’t be as bad as you think. The older the bankruptcy becomes, the less important it will be to potential lenders… as long as you rebuild your credit and handle your finances responsibly.

The first year after bankruptcy will be the hardest. Lenders will see that you have had recent financial troubles, and will often be hesitant to issue a credit card or lend you money. Getting an unsecured credit card could prove quite difficult, although there are a few lenders that may be willing to give you a low limit card (usually $200 to $500).

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jay Fleischman, Shaev & Fleischman LLP | Attorney Advertising

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