Soon after bankruptcy, you’ll start getting credit card application junk mail, but it will be for credit cards which you have to deposit money into an account before you can use them. You’re just borrowing money from yourself, but if you pay those secured credit cards on time, it will start to improve your damaged credit rating. After a year or so, you’ll start getting normal credit card offers, but when you apply, you’ll quickly find out that they probably will turn you down, or they’ll give you a really low credit limit.
Probably the worst drawback from a bankruptcy is the ability to buy a house with a mortgage loan. You can pretty much forget about it until four years after declaring bankruptcy. But, when more than four years have passed, you’ll find some mortgage companies willing to at least consider you for a loan. These problems with purchasing things on credit will follow you for at least seven years, and maybe as many as ten years. Just hang in there, establish good credit again as quickly as you can, and learn from your experience.
These words are from a person I know that filed bankruptcy seven years ago (edited by me). All are based on his experience and may vary from one person to another.
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If you need help with a Northern California Bankruptcy, you can check out some law firms like Lincolnlaw.com. By seeking professional help you can make sure you're doing the bankruptcy correctly and ensuring your rights under the law are fully protected. A lawyer can guide you through the complicated process of being declared bankrupt and can explain your many options.
I am participating in a blogger campaign in behalf of California bankruptcy attorneys via Bucks2Blog and was compensated.
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