Filing bankruptcy has serious and long lasting consequences, including how it affects your credit, your credit score, and your credit rating. However, the affect on your credit score is temporary and is often the lesser of two evils when compared to defaulting on accounts. This article discusses the various ways in which filing for bankruptcy can affect your credit.
-Public Records.
When you file a petition for bankruptcy, it is a public record, that can be accessed by the court, by creditors, and by companies that compile public records information. When you obtain a discharge from the bankruptcy judge, it also becomes a public record. The discharge and any orders or judgments that arise out of the bankruptcy case will appear in court records, and may appear in online or electronic records. The judgment will also appear on your credit reports for ten years.
-Accounts Discharged in Bankruptcy.
Accounts that are included in bankruptcy must be updated by the creditors to be reported as zero balance, and zero past due. If the account was in arrears prior to the filing of the bankruptcy, or if it was charge off, that information may or may not continue to appear. Any derogatory information, including “Included in Bankruptcy” will appear on your credit report for seven years. You should check your credit reports regularly to ensure that the accounts are being reported accurately.
-Will I Qualify for Credit after Bankruptcy.
Yes. In fact, when you get your discharge from the bankruptcy court, you will probably start receiving new credit applications almost immediately. This is because you will have little or no debt, and because you will not be able to discharge new debt for a significant period of time. However, you should be very cautious about accepting this initial wave of credit offers. These offers will often be on unfavorable terms, including low credit limits, high interest rates, and other charges and fees.

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Isn’t it about time, time for all the chaos to end? It is, nobody should have to endure the foreclosure process, but it happens. It happens to the best of us. So what can you do about it? First of all, it would all be a lot less stressful if you knew what to expect and what you were going to do about stopping the foreclosure process. If you take action to stop you own foreclosure, then you are leaving the ball in your hands to make sure it actually gets stopped. Bank are overloaded and it isn’t enough to put your faith in a third party to stop your foreclosure and then sit by and hope things work out for the best. By taking action on your own (and yes, you can simultaneously use a third party too) you will gain control over your situation and hence, give you some much needed stress relief. Being actively involved in stopping the foreclosure process makes you aware of what going on and the possibilities. When you are aware, you have some control, when you have control, you can swing things in your favor.
So what can you do about it? Here are a few simple tips;
-Learn about the foreclosure process. By doing this, you will know what to expect and be able to make a better decision about how to stop your foreclosure.
-Lean your available options. Once you know the foreclosure process, you will be able to pick the right foreclosure stopping option to fit your individual circumstances. There are lots of options, don’t believe the first one you here to be the “best”.
-Be aware of time. Time is of the essence when stopping foreclosure. The number one mistake is sitting around biding your time. You have more options the sooner you act. The closer that auction gets, the less options you have. Act soon, don’t wait or it may cost you your house after all. Then so much for that stress relief. Learning the foreclosure process in your area will make you aware of time.

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