The impact of a bankruptcy credit report and life after a negative report as well as rebuilding your credit score.
The process of filing for bankruptcy protection should not be taken lightly if you are considering this as an alternative for dealing with your current debt situation. While filing for bankruptcy provides a legal option for many to avoid collection agency harassment, it is also a solution that has negative repercussions for many years to come. A bankruptcy credit report is not appealing to creditors and employers who may use your credit report to determine your personal character. Therefore, bankruptcy must be considered a last resort solution after other options are carefully weighed.
The Impact of a Bankruptcy Credit Report
When your bankruptcy is filed and approved by the courts, this action is reported to all credit bureaus and can remain on your report for up to 10 years. You cannot request that a bureau remove the bankruptcy from your report. Bankruptcies are viewed even more negatively than charge offs, delinquencies or collection accounts. Additionally, your score could drop more than 100 points. Many people are not aware that not all debt qualifies to be discharged during a bankruptcy. These include taxes, student loans and child support. Continued late payments on any of these items will have further negative impact.
Life after a Negative Report
A Chapter 7 or Chapter 13 can make it more difficult for you to buy a home, obtain credit or insurance. Any credit extended to you will come with high interest rates. It is also an embarrassment to admit ones inability to pay debts. However, it is more important to learn from past mistakes and gain financial knowledge to make better choices in the future.
A low credit score after a bankruptcy is not the end of the world. It is possible to maintain a positive report and strengthen your position to deal with future financial matters. For many, bankruptcy can be a path to a fresh start by not having the burden and stress of a lot of debt. Repeat bankruptcy offenders who try to abuse a system designed to help may never learn from their mistakes.
Rebuilding a Negative Bankruptcy Credit Report
It will take time to rebuild a positive credit history and clear your report of any negative items. Many are able to do this by getting small amounts of credit and responsibly repaying the bills on time. Secured credit cards with low limits are another way to try and rebuild good credit. Monitor your progress periodically to help you stay on track.
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