Life after bankruptcy is not as horrible as you might think
Sun Jun 21, 2009 | | Posted in Debt
Bankruptcy is not the way to live and eventually die if there is any chance at all of avoiding it.
But if you have exhausted all venues to avoid going that route and if there is no other way out, it is not the end of the world for you. There is life after bankruptcy.
However, you went to court and you had a successful bankruptcy. Regarding your credit history, bankruptcy will still be on your record for some time.
Bankruptcy has eliminated the liability for the debt you had accumulated over the years. However, the creditors still have the right to continue reporting your past account activity on your credit report.
Your score, obviously, went from good to bad. The bad score will remain on your credit report for seven years from the date that the first negative report was filed in your name. There are different financial events and occurrences that you should be aware of regarding bankruptcy and they are:
- Late payments, collection accounts and charged-off accounts can remain on your report for seven years from the initial missed payment.
- Judgments remain for seven years from the date the judgment is filed.
- City, county, state and federal tax liens remain for seven years from the paid date of the lien. Unpaid liens remain for 15 years from the date the lien is filed.
- Bankruptcy will remain on your credit report for 10 years from the date of filing.
What do you think?
You might also like...
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- Understand how credit rating score is measured
- Tips how to handle bankruptcy as a last resort
- Consumer debt is consistent with bankruptcy filings
- Tips To Avoid Making Credit Mistakes
Information contained herein is general in nature, and is provided for informational and educational purposes only. Past performance is no guarantee of future results. Talk to your financial adviser.
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