After bankruptcy you may not be in a position to get credit for an extended period of time. This will definitely be a reality unless you take steps prior to the bankruptcy to avoid much of the damage. If this crucial step is not taken you more than likely will not be able to qualify for any lines of credit for some time.
You may have heard of the guy who files bankruptcy and the next day is able to finance a car or buy a house. You may have been wondering like I was how can this be possible? Well there is a way of minimizing bankruptcy credit damage. What I found out to be true is that the key is to stay current on your payments with your creditors as much as possible until the bankruptcy is finalized. Credit scores are primarily based on payment history so if you can manage to stay current on your payments prior to your debt discharge, you will be in a much better position. The guy who buys a house the next day after his bankruptcy can do this because he never went into default status with his required monthly payments. Many ask how can this be that he just obtained a loan after just filing bankruptcy? The bottom line is that creditors wish to see that you make your payments responsibly and most importantly without a being late.
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If you don't stay current with your payments and you are lucky enough to qualify for a loan, the interest on your given line of credit will be extremely high and credit lines typically low. Despite the fact that the bankruptcy will typically stay on your credit for 7-10 years what matters most is how you handled your payments prior to the finalization of your filing.
This aspect of credit preservation is in no way suggesting that you should run up debt irresponsibly so you can seek bankruptcy services. Make no mistake about it a bankruptcy will adversely affect your credit. However if you're finding yourself in a seemingly irreversible situation I suggest consulting your local attorney if bankruptcy service is right for your situation. Typically they can help you to get your questions answered regarding if you qualify bankruptcy services and can steer you to someone who can help to get your credit back in a desirable fashion.
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