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What to Expect After Filing for Bankruptcy

Life post-bankruptcy is couched in mystery. No one likes to discuss their financial woes in-depth and situations differ from person to person, so rumors abound as to what one can expect to happen – and the difficulties one may face – after filing. However, there are certain things that individuals can reasonably expect after filing bankruptcy, and we believe that anticipating these events well in advance can help you cope with, and accept, the difficulties they may present. As one of the best credit repair companies in the nation, Quality Credit Repair strives to help its clients be fully educated on all aspects of their financial status.

  • No immediate qualification for conventional loans. Mortgages, car loans and other “serious,” conventional large loans will be less readily accessible than they were prior to filing if you don’t know your rights. The good news, however, is that if you pay your bills for 2-3 years without issue or delay, these loans will once again be within your grasp, right? The truth is you need results fast, 3 years is a long time to wait and will have a negative impact on your family’s way of life. Consolidating your debt into a systematic, reasonable plan may work for some but not for all, so what are your options? You need a credit professional to step in and defend your consumer rights and put them to work immediately. The federal fair credit reporting act or (FFCRA) are laws that were written on your behalf to protect you against creditor abuse. It was designed to promote accuracy, fairness and the privacy of information in the files of every (consumer reporting agency), also known as (CRA). FFCRA also limit the power creditors have & provides relief to consumers by providing legal disclosures so consumers can take corrective action like credit disputes – a service offered by the experts at Quality Credit Repair.
  • Higher interest rates. Unfortunately, the first few loans for which you are approved after filing bankruptcy are likely to be much higher than they would be for someone with a high credit score. Your 3-digit credit score will be very low after filing bankruptcy and is a large factor in determining interest rates. However, it is worth powering through a high interest rate – so long as you can afford it, right? NO! Sure newer positive items will replace old, meaning that it is possible to improve your credit score with newer paying history but at what cost? It’s understood that biting the bullet is one thing but allowing information to report about you with no say is against your rights and forces you to make bad decision! Credit education – a service offered by the experts at Quality Credit Repair.
  • Offers for low-balance, high-interest credit cards. Shortly after information of your bankruptcy is released to financial institutions, disreputable lenders will likely attempt to take advantage of the difficulty you will face in procuring lines of credit by offering fast, high-cost loans. These will often be touted by the creditors as an excellent way to rebuild credit, but in reality these cards often come with expensive fees, unforgiving late-payment charges and high interest. Though it may take extra work and research, reputable lenders will help you re-establish credit despite poor credit history; this is another service that the experts at Quality Credit Repair are happy to provide for clients seeking to improve credit post-bankruptcy.

If you feel as if you’re in over your head due to a recent bankruptcy filing, the experts at Quality Credit Repair are here to offer compassionate, nonjudgmental advice to set your finances on the road to recovery. We will help explain what you can expect both during and after the bankruptcy process, and help you to manage your finances to ensure the recovery process goes as smoothly as possible.

For a free consultation, contact Quality Credit Repair today!