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 Issues After Filing Bankruptcy
Russ Miller (Guest Blogger)
Thu, Mar 23rd, 2006 11:12 am

Special thanks to Russ Miller, Loan Officer at Infinity Mortgage for writing this material.  He has been very valuable in providing us content this month.

Q&A on Issues After Filing Bankruptcy:

What happens after I file my bankruptcy?
Under normal circumstances, the bankruptcy court will automatically issue the discharge 60 to 75 days after the First Meeting of Creditors.

What happens to my credit rating after bankruptcy?
You can reestablish credit though and be back in "A" credit two years after the discharge of bankruptcy. The bankruptcy is a judgment and will be listed for a period of up to 10 years after the discharge.

After bankruptcy, can I get credit?
Sure. For awhile though, expect to pay high interest rates and fees. There is a whole mortgage industry loaning to people with less than perfect credit.

If I need to file bankruptcy again, how long do I have to wait?
You must wait 6 years to file again or if your bankruptcy was dismissed you must usually wait for 180 days to re-file.

Disclaimer:
This information deals with Chapter 7 consumer bankruptcy. Each state has its own bankruptcy laws, so you need to check with your state for details. Information dealing with Chapter 13 bankruptcy and consumer debt restructuring is not discussed in the above FAQs. The information contained in the following FAQs is provided for general information purposes only and is not intended to be a legal opinion nor legal advice nor is it intended to be a complete discussion of all the issues related to the area of Chapter 7 consumer bankruptcy. Every individual's factual situation is different and you should seek independent legal advice regarding specific information.

 

[ Next Article: More Bankruptcy Questions and Answers ]
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Darin "Sid" Cameron spent 15 years working in the technology industry which in 1998 relocated him to St. Louis. In 2004 he took over web development tasks for Kimberly's real estate team and later became the full-time Marketing and Operations Director in 2005. In 2011 Sid launched two brokerages, The Realty Store, Inc. and Realty Referral Partners, Inc, while continuing to perform marketing and operations for Kimberly's team. Sid holds a real estate broker's license in Missouri, CRS certification and was the first CyberStar in the St. Louis area.
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