How does filing for bankruptcy affect my future? 17 Answers as of July 11, 2013

I had lost a decent job some time ago, and have yet to find a job that pays my bills. My debt is constantly growing and I can’t even pay my mortgage anymore. I’m thinking of filing for Chapter 7 Bankruptcy. I need to know how this will affect my future and would I ever be able to get loans later on in life?

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The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
How it will affect your future will depend on what you do after your case is filed. Chapter 7 allows you to rebuild your credit immediately and, depending on what your credit score was prior to filing, it might even improve it right after filing. There are a lot of factors to consider and you should have a consultation with a bankruptcy attorney in your area to go through them all. They do vary depending on personal circumstances.
Answer Applies to: California
Replied: 6/10/2011
Burnham & Associates
Burnham & Associates | Stephanie K. Burnham
Bankruptcy was created so that people who ran in to tough times, like yourself, could get a fresh-start, not destroy all hope. Filing Bankruptcy may affect the interest rates that you are able to obtain, but rebuilding your credit is possible and you will be able to obtain loans in the future.
Answer Applies to: New Hampshire
Replied: 6/10/2011
Daniel Hoarfrost, Attorney at Law
Daniel Hoarfrost, Attorney at Law | Daniel Hoarfrost
The purpose of a bankruptcy is to put your past debts behind you and get a fresh start.Credit can be rebuilt by responsible borrowing in the future.
Answer Applies to: Oregon
Replied: 6/10/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Bankruptcy is called a "fresh start." The sooner you get the monkey off your back the sooner you can start going forward again.
Answer Applies to: California
Replied: 6/10/2011
Bird & VanDyke, Inc.
Bird & VanDyke, Inc. | David VanDyke
Filing bankruptcy does affect your credit. The issue you have to deal with is, can you resolve your debt issues without it? Does the good outweigh the bad? Only you can make that determination. Usually depending on how bad your credit is when you file, you will be able to obtain credit within a few months out of bk. Millions of people have filed bk and these people eventually recover their credit many of them faster than people who have not filed for bk.
Answer Applies to: California
Replied: 6/10/2011
    Mercado & Hartung, PLLC
    Mercado & Hartung, PLLC | Christopher J. Mercado
    A BK filing will have a negative impact on your credit. However, it will only be reported for 7-10 yrs and you will likely be able to able to get credit or loans.
    Answer Applies to: Washington
    Replied: 6/10/2011
    Jackson White, PC
    Jackson White, PC | Spencer Hale
    Well bankruptcy will always be on your credit report. It will affect your score for the next 7-10 years. However, you will be able to get credit again. I have many clients who get offers for credit cards even before the case is closed. You just need to be wise and not wrack up a credit card bill that you cannot manage. I always counsel to not spend more on a credit card than what you are able to pay at the end of the month.
    Answer Applies to: Arizona
    Replied: 6/10/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    Yes, you will. The real question is how will you ever get a loan in the future if you don't file BK. As you pointed out, your debt is constantly increasing, so its getting worse, not better. Your credit is gone, or about to be, and the way things are going, you're not going to improve it, in fact, it will get worse. You'll essentially sit there drowning in the middle of the ocean. You need to get to land, which is filing the BK. Now you have a start-over point from which to rebuild your credit. Then you will be able to get loans in the future should you need them.
    Answer Applies to: California
    Replied: 6/10/2011
    Brian Walker Law Firm, P.C.
    Brian Walker Law Firm, P.C. | Brian Walker
    The short answer is that bankruptcy is not necessarily a "good" thing. A chapter 7 bankruptcy generally stays on your record for about 10 years while a chapter 13 stays on for about seven. While a bankruptcy is not good for your credit worthiness, it may not be as bad as a delinquent payment history, and in some cases, it is the only choice. How it will affect your future in particular depends upon the individual facts of your circumstances. If you would like to discuss your particular case with me, and it is in the state of Washington or Oregon, feel free to contact me.
    Answer Applies to: Washington
    Replied: 6/10/2011
    Lakelaw - Loop Bankruptcy
    Lakelaw - Loop Bankruptcy | David Leibowitz
    Most people do well after bankruptcy and restore their credit. Your ability to get loans later depends on your future ability to repay them. I would wait to file bankruptcy until the future looks brighter for you since you can only file bankruptcy once every 8 years.
    Answer Applies to: Illinois
    Replied: 6/10/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    Bankruptcy is about getting a fresh start, so, yes you will be able to get new loans in the future but you will have to slowly rebuild your credit and prove your worthiness.
    Answer Applies to: Indiana
    Replied: 6/9/2011
    Law Office of L. Paul Zahn
    Law Office of L. Paul Zahn | Paul Zahn
    It will initially impact your ability to get loans, credit cards, and your credit score will drop (although it is probably already low if you are considering filing). The further you are away from bankruptcy, however, the more of an opportunity you will have to repair your credit through good choices. At some point your credit will be repaired enough to get everything that you would be able to get without filing, but you won't still have the burden of the debt hanging over your head. If you are in my area and are looking for an attorney, please contact me for a free consultation.
    Answer Applies to: California
    Replied: 6/9/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    Bankruptcy stays on your credit report for a long time, ten years. You can re-establish credit by paying bills on time.
    Answer Applies to: California
    Replied: 6/9/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    Your future will be brighter after bankruptcy because all your debts will be gone. You can start rebuilding your credit very quickly after a bankruptcy and many purchase new homes about three years after filing.
    Answer Applies to: California
    Replied: 6/9/2011
    Financial Relief Law Center
    Financial Relief Law Center | Mark Alonso
    A CH 7 bankruptcy will give you a fresh start and possibly put you in a better position down the road than you are in today. Over time you will be able to rebuild your credit and obtain loans.
    Answer Applies to: California
    Replied: 6/9/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    Most people have bad credit scores when they file, and find that the scores go up after filing, as their debt (be sure it is reported correctly on credit reports post filing as zero) goes down. A bankruptcy does stay on your credit report for 10 years and it is up to creditors whether to consider it. Some will ignore it after a couple years. Some will not. The general rule is that short term fewer people will loan money and they will charge more, and that effect will usually diminish with time, especially after a year or two.
    Answer Applies to: Georgia
    Replied: 6/9/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    This is the 2d time I've received an incomplete form. Last time it showed in full on my other computer. And when will I start seeing these show up on FB & Twitter?
    Answer Applies to: Virginia
    Replied: 7/11/2013
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