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EFFECTS OF BANKRUPTCY
The end of your bankruptcy proceedings can provide you with a fresh start. The court order will end your responsibility for dischargeable debts. The order will not affect non-dischargeable debts such as alimony, child support, educational loans, taxes or debts that you incurred by deliberately injuring someone. After the bankruptcy, your creditors may no longer try to collect the discharged debts.
Your bankruptcy proceedings will be noted on credit records for up to ten years after your bankruptcy filing. During that time, lenders, stores or finance companies may consider your bankruptcy among the many factors they review when you apply for a loan or credit. Surprisingly, since you cannot file again for Chapter 7 for six years, it may be easier for you to obtain a mortgage loan or installment credit for an auto or other purchase. An application for such credit is generally easier if you wait at least a year before applying for credit and can show you have paid your bills on time since the bankruptcy.
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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
Copyright © 2012
by Velasco Law Office. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.
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