Bankruptcy

Credit Repair After Bankruptcy

By Jonathan Alper

Often I am asked about rebuilding credit after bankruptcy. Although credit rating is a lending issue and not a legal bankruptcy issue, I understand from reports of prior clients that most people find it easier than first throught to re-establish their credit ratings after bankruptcy. This past Sunday's Orlando Sentinel included an informative article about how bankruptcy debtor can repair their credit. Link: Rebuild your credit after bankruptcy -- OrlandoSentinel.com.

Based on the article most bankruptcy debtors are overly fearful of bankruptcy's effect on credit. The Orlando Sentinel  article points out that bankruptcy debtors will receive offers for new credit cards shortly after filing bankruptcy. Although bankruptcy is on your credit report for up to ten years it usually takes a much shorter time to repair the credit damage. Mortgage lenders tell me that bankruptcy debtors can qualify for new mortgages within two years of their Chapter 7 discharge or the filing of a Chapter 13.

posted by Jonathan Alper, bankruptcy and asset protection attorney, Orlando, Florida

Full post as published by Florida Bankruptcy Law on March 10, 2008 (boomark / email).