So you have obtained your Chapter 13 bankruptcy discharge, life is good! So, the next question on your mind is – now what?
Well, this process is what you make of it. Hopefully, any situations and/or habits that caused you financial stress have now been resolved. In addition to the peace of mind you have gained, you will be faced with a lot of choices with your new found financial freedom.
While you can’t anticipate every situation, Chapter13.Me would like to offer you a small glimpse into the world of life after Chapter 13 bankruptcy.
Credit Rating: Keep in mind that you just completed bankruptcy, so your credit score will not be the greatest. However, if you keep paying your bills on time, you will slowly rebuild your credit.
Low-Balance Credit Card Offers: Companies may begin to send you offers for low-balance credit cards to help you re-establish your credit. Please beware. These offers are often attached to costly activation and membership fees that eat away at any credit that can be used on the card. Our advice to you is to choose your new accounts wisely.
Qualification for Mortgages, Car Loans, etc.: Immediate qualification may be out of the picture for a while yet. However, if you pay your bills on time, you may be able to gain access to these loans within 2-3 years of your discharge.
Interest Rates: Filing bankruptcy usually means that you may pay higher rates when you initially begin to apply for loans. Remember, consistency is the key. As you continue to pay your bills on time, you are continuing to build a credit history. This will put you in the position to get better interest rates on your loans and credit accounts.
As you begin to re-establish your financial future, pack light. Try not to take on too much debt that could possibly place you in the same situation that caused your initial financial turmoil. Keep sticking to a financial plan that will increase your financial security instead of keeping it on the verge of disaster.
Overall, not much will really change right after your discharge. What does change is the fact that you have received a “fresh start” and can start rebuilding your credit by making wise financial decisions.
Need more information about attaining some breathing room by filing Chapter 13 bankruptcy? Not sure about filing Chapter 13 bankruptcy at this point? Do you need more insight on life after Chapter 13 bankruptcy?
If you’ve answered ”Yes” to any of these questions, simply complete our free bankruptcy case evaluation form or call 1 (888) 632-0504. We’ll quickly use your information to connect you with a local Chapter 13 bankruptcy attorney who can answer your questions.