You’re waiting on pins and needles after filing for bankruptcy. When will it be over? How do I start anew? How long will this ugly situation remain on my records? What will my credit look like in the future?
Typically, within 60 to 90 days of reviewing your bankruptcy information, the court grants your discharge and you are officially released from having personal liability for any discharged debt. Now is the time to begin repairing your credit. By making on time payments on new debt, you can regain your credit rating within a relatively short time from your discharge. Start gradually, by securing a credit card with minimal credit that you pay off in full every month. Prove to the creditors that you are no longer a risky consumer. Prove it to yourself that you can do it! Every new piece of credit you obtain will be noted on your credit score.
In some ways, filing bankruptcy may in fact aid your credit score because discharging your debts improves your debt to income ratio, which is one of the factors that creditors look at when judging your “creditworthiness”. This can happen even though the bankruptcy filing will still be documented by the credit reporting agencies for 7 to 10 years.
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