Filing bankruptcy will undoubtedly have an impact and effect on your life. It is important to realize it is not the end of the world – life does go on after filing bankruptcy. In fact, there are millions of people across the country who file for bankruptcy every year.

Bankruptcy unfortunately has an old fashioned, negative connotation that implies you’re a failure, you cannot handle your finances or you are trying to cheat your creditors and scam the system. Bankruptcy nowadays is often filed by the average person for a variety of different, very common reasons for the purpose of creating a fresh start and fixing mistakes of the past.

What you may not realize is that filing bankruptcy may actually help you in the long run. While there will be obstacles – such as a poor credit score, obtaining a credit card and getting a mortgage – can be overcome.

• Your Credit After Bankruptcy: Filing for bankruptcy may have a serious effect on your credit score. However, it is not impossible to repair your score once your bankruptcy case has ended. Through meticulous and responsible financial management, you can rebuild your credit score and be back on track of your finances in no time. Read more about your credit after bankruptcy here.
• Getting Credit Cards After Bankruptcy: After you have filed bankruptcy, obtaining a credit card is surprisingly not difficult. You actually may be bombarded with credit card and loan offers after you have received the discharge. While you may get a lot of offers, it is important to be aware that some of these may come with extremely high interest rates or fees. We recommend that you avoid obtaining new credit in the future despite how easy it will be. Read more about getting credit cards after bankruptcy.
• Getting a Mortgage After Bankruptcy: Obtaining a mortgage after filing for bankruptcy is not impossible. The amount of time will vary, depending on your credit, the type of bankruptcy you filed and the type of loan that you desire, but the rule of thumb is 2-3 years after your bankruptcy you maybe able to obtain a normal mortgage at a normal interest rate. Read more about obtaining a mortgage after bankruptcy.