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Tel. (813) 876-3328
Fax (813) 876-3306
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Common Post Bankruptcy Myths
Welcome to the Attorneys & Debt Counselors Blog
Common Post Bankruptcy Myths
September 2011
Credit after bankruptcy is possible. The decision to file for bankruptcy is usually a last resort for people who are
plagued with debt. While bankruptcy may offer a fresh start and debt relief, the decision will ultimately impact
your financial future. However, there is a lot of misconception about establishing credit after bankruptcy.
If you have filed bankruptcy or are considering filing bankruptcy you can rebuild your credit. The following are
the most common myths surrounding bankruptcy:
Filing for bankruptcy will ruin my credit permanently
Not true, as a matter of fact, many people who file bankruptcy actually bounce back with higher scores after filing
bankruptcy if they successfully change their spending habits.
Bankruptcy prevents you from obtaining credit for 10 years.
Bankruptcy will stay on your credit report from 7-10 years but you’ll be able to obtain credit much sooner. Many
people receive numerous offers for credit cards after filing for bankruptcy. The problem with these credit cards
is that many of them have very high interest rates. Your best bet is to find a card that is secured and reports your
credit history but doesn’t report the card as secured.
Start with low limit credit cards and slowly rebuild your credit history. That way, when you are ready to finance a
car or mortgage a home, you’ll have a recent payment history that is good.
If a potential employer sees that I’ve filed for bankruptcy, I won’t get hired.
One bankruptcy will generally not disqualify you as a candidate at most companies. It’s usually best to be
upfront and inform the potential employer rather than waiting to see if they find out.
If I file for bankruptcy I’ll never be able to finance a car or get a mortgage.
Once you begin to establish credit again, take steps to prove your credit worthiness such as paying off your
credit cards each month. Your credit score will climb back up and eventually you will qualify for car and home
loans with good interest rates.
I you are considering bankruptcy or have questions regarding bankruptcy, call the Attorneys and Debt
Counselors today to schedule a free consultation.
September 2011
Credit after bankruptcy is possible. The decision to file for bankruptcy is usually a last resort for people who are
plagued with debt. While bankruptcy may offer a fresh start and debt relief, the decision will ultimately impact
your financial future. However, there is a lot of misconception about establishing credit after bankruptcy.
If you have filed bankruptcy or are considering filing bankruptcy you can rebuild your credit. The following are
the most common myths surrounding bankruptcy:
Filing for bankruptcy will ruin my credit permanently
Not true, as a matter of fact, many people who file bankruptcy actually bounce back with higher scores after filing
bankruptcy if they successfully change their spending habits.
Bankruptcy prevents you from obtaining credit for 10 years.
Bankruptcy will stay on your credit report from 7-10 years but you’ll be able to obtain credit much sooner. Many
people receive numerous offers for credit cards after filing for bankruptcy. The problem with these credit cards
is that many of them have very high interest rates. Your best bet is to find a card that is secured and reports your
credit history but doesn’t report the card as secured.
Start with low limit credit cards and slowly rebuild your credit history. That way, when you are ready to finance a
car or mortgage a home, you’ll have a recent payment history that is good.
If a potential employer sees that I’ve filed for bankruptcy, I won’t get hired.
One bankruptcy will generally not disqualify you as a candidate at most companies. It’s usually best to be
upfront and inform the potential employer rather than waiting to see if they find out.
If I file for bankruptcy I’ll never be able to finance a car or get a mortgage.
Once you begin to establish credit again, take steps to prove your credit worthiness such as paying off your
credit cards each month. Your credit score will climb back up and eventually you will qualify for car and home
loans with good interest rates.
I you are considering bankruptcy or have questions regarding bankruptcy, call the Attorneys and Debt
Counselors today to schedule a free consultation.
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