Despite the doom and gloom surrounding it, bankruptcy is not as uncommon as you might think. Due to its stigma, your best friend may have filed and you’d never even know it. Should you decide to go that route, bankruptcy could finally give you the fresh start you’ve been looking for.
Now, I’m not suggesting that you run out and file a BK, because if you’re successful, it “WILL” set you back a bit. Bankruptcy is not as simple as just filing. You have to actually be approved by a judge in order to set the wheels in motion and have it finalized.
Although bankruptcy can stay on your credit reports up to 10 years, a reputable credit repair company can usually remove it sooner. Even if you do nothing, the bankruptcy only affects your credit buying power until it is discharged, which usually takes about 90-120 days.
Once you receive your discharge papers, you can buy a vehicle after 90 days or home after 2 years. In fact, you might find creditors eager to extend you credit because they know you can’t file again for another 8 years. They’re also counting on you to have learned your lesson, so it makes them feel better about taking a risk on you.
You’ll soon find your mailbox stuffed with offers for credit cards almost daily. Before you get all excited, these will not be prime credit offers. They’ll be the same high-interest rate offers you received before filing, but at least they’ll give you a chance to start building up to something better.
In fact, a friend of mine had his bankruptcy recently discharged and was able to raise his credit score to just over 700 and he’s less than two years post-discharge. With the right amount of focus and determination, I am confident that anyone else can do the same.
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