How would bankruptcy affect me in the long term? 7 Answers as of June 23, 2015

What exactly does this mean for me in the long term? I am an individual and am 29 years old and have been unemployed for a while.

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Ronald K. Nims LLC | Ronald K. Nims
If the long term is 5 years, it should have very little effect. People who make their payments and don't run up debt they can't afford reestablish their credit in two years or so.
Answer Applies to: Ohio
Replied: 6/23/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
The bankruptcy is on your credit for 10 years but after 2 years you can get a mortgage.
Answer Applies to: New York
Replied: 6/22/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Bankruptcy stays on your credit report for 10 years. This is not the end of the world. You can get a secured credit card and use it wisely for awhile to rebuild your credit. Of course you have to have income to make this work.
Answer Applies to: California
Replied: 6/19/2015
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
Your question about the long-term effect of bankruptcy on you could cover a lot of ground: emotional effects, if any; financial effects; how it might affect your romantic life, etc. I will assume you are really asking about future credit and general financial effect. The answer is not surprising: filing BR will reduce your credit score. By how much seems to be affected by lots of other elements in the equation (your initial score; your earnings; the percentage of available credit you have used; and likely lots else), but it's definitely a reduction. Some lenders will not advance credit to someone until X years have passed since the bankruptcy discharge. However, there is almost always some other lender who will give you credit, although often with a higher interest rate. You can restore your credit score in 24 to 30 months by common-sense: pay every single bill which stays with you after the bankruptcy (e.g. rent or mortgage, utility bills, any credit card you may keep, etc.) on time. Make it an almost religious duty to pay all those bills before they are due, and you'll get lots of brownie points and gold stars for doing so for many months. After a few years then, if you do things right, the bankruptcy will have little or no effect on your creditworthiness. It disappears from credit reports after 10 years. I hope this helps.
Answer Applies to: Wisconsin
Replied: 6/18/2015
GARCIA & GONZALES, P.C. | Richard N. Gonzales
It affects your credit. Of course, not filing bankruptcy also affects your credit (adversely). You can rebuild your credit after filing bankruptcy. You can also contact the creditor and offer to pay a lump sum payment (less than is owed), in lieu of filing bankruptcy. It is a choice of evils sort of quandary. Most people do not have access to a lump sum payment, making bankruptcy the only option.
Answer Applies to: Colorado
Replied: 6/18/2015
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    Bankruptcy will reduce your credit score, but it will also eliminate most of your debt, giving you more money to put towards paying living expenses on time.
    Answer Applies to: Nevada
    Replied: 6/18/2015
    Law Office of Barry R. Levine | Barry R. Levine, Esq.
    A record of your filing will remain on your credit report for up to 10 years. It is not, however, the end of the world credit-wise.
    Answer Applies to: Massachusetts
    Replied: 6/18/2015
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