Bankruptcy is difficult and it could happen to any of us. If that happens, keep in mind that life isn’t over and you still have plenty of things in your life which can bring you profit. According to a bankruptcy lawyer, there are a few things you should do after bankruptcy.
Save your bankruptcy papers
Each bankruptcy attorney will tell you that papers which were acquired during the bankruptcy must be saved for as long as possible. The best thing to do is to place them with permanent records, just in a case you need them at some point. If you are wondering why, you should know that these papers and documents can protect you from creditors and from many other issues. PDF formats are highly desirable in this situation.
Just in case a creditor is looking for a debt which was associated with your bankruptcy, give him the case number and you are done. If he continues to look for payment, contact the foreclosure attorney/lawyer/services providers. Often times, federal and state law will protect you from providing settlement.
Getting the credit again
Yes, it is possible to get credit after bankruptcy. As a matter of fact, you can get a mortgage as well, but there are a few things to keep in mind. First of all, you cannot get both of these things straight away. There is some time which must pass. For credit purposes, the debt that was a part of the bankruptcy will stay visible on the report for 6 years. Of course, there is no need to wait 6 years in order to get the credit.
The first thing to do is to check with the credit bureau in order to determine if everything is accurate, regarding your case. Chances are high it is, but it is a wise decision to make. Once this is completed, you should start with getting a new credit card.
The credit card you will want to get now is called a secured card and basically, it is a debit card with safe payment on the account. The amount of money which must be deposited depends on the bank, so it cannot be generalized. You will use the card in the same way you use other cards of yours. This helps you to get a better credit score, which will help you a lot in life as you rebuild your finances and try to move forward.
For mortgage, you will have to wait a bit longer. This is because lenders will look for income, debt and credit score. After bankruptcy, really only the credit score is affected. Once you have recovered it, you can get a mortgage again. But first, you should get a secure card to start building credit.
The final word
Bankruptcy doesn’t mean the end of the world. With a proper bankruptcy consultant, you can end a poor credit situation and start a new credit score. Of course doing all of this by yourself doesn’t usually end up working out. There are a lot of things you will need advice and consultation about and RLC P.A. Lawyers and Consultants are the best people for the job.