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Welcome to Thrive After Bankruptcy.Org
This site was developed to offer information to help you navigate the life after bankruptcy waters and help you get back on your feet and minimize the effects of bankruptcy as soon as possible. Bankruptcy is not the ten year credit death sentence it used to be. Other factors, pre and post bankruptcy, are now being looked at by all types of lenders and the bankruptcy itself is not as important as it used to be. It is the goal of this site to assist you in making good decisions post bankruptcy so that you can do what many others are doing, and Thrive After Bankruptcy !!!
Credit Repair
The ideal bankruptcy filing occurs before any payments are missed.
If you can manage to do this, your credit score will only take a minor hit and in many cases your score will be higher shortly after discharge than it was before filing.
As you probably can guess, filing for bankruptcy before any payments are missed is rare.
So if you are like the rest of us in the real world and missed payments before you filed, there will be some work to do after your discharge to repair your credit.
Renting After Bankruptcy
If you are surrendering your house as part of your bankruptcy, you may be concerned about the possible difficulties in renting with a bankruptcy on your credit report. While renting after bankruptcy can be more challenging, you will find there are plenty of property managers, landlords and owners who will be willing to give you a second chance.
Mortgage After Bankruptcy
All attempts to obtain a home loan after bankruptcy should be put on hold until 2 years after discharge. After this, an FHA loan will possibly be attainable and after 3 years, a non FHA loan becomes a possibility.
Auto Loan After Bankruptcy
Getting an auto loan after bankruptcy at a reasonable interest rate can be challenging.
Two musts are:
- Your Bankruptcy needs to have been discharged.
- You need to have cleaned up your credit report
(Read More)
Foreclosure After Bankruptcy
If you are surrendering your home as part of your bankruptcy, you will need to determine what is the best time to start looking for a rental and leave your home. Even if you include your home in your bankruptcy, it still will go through the same foreclosure process as if didn't file bankruptcy and simply stopped making payments.
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.
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