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On Behalf of | Apr 4, 2018 | Bankruptcy

So you have filed for bankruptcy. You have reaped the benefits of your decision. You are no longer in bankruptcy and you are finally able to start fresh. What happens now? Is it possible to “bounce back” or “repair your finances?” For how long will your credit score be affected? These are important questions that need to be answered if you want to successfully move on to a better and more secure debt-free way of life. Fortunately, the answers are not difficult to ascertain.


Chapter 7 bankruptcy is a much shorter process than Chapter 13 and includes a near-complete forgiveness of non-governmental debts, so you may be asking this question just weeks after you have filed. Your credit score is probably low, and you may not have many assets. What can you do to fix these things? Firstly, you can continue living with a budget that allows you to avoid debts. A change in lifestyle can help ensure that you do not need to file for bankruptcy again. You are likely much less anxious and stressed, so finding better employment is a possibility where it may not have been previously.

Did You File a Chapter 13?

This type of bankruptcy can last up to five years, so you may be asking this question a long time after you have filed. Chapter 13 bankruptcy does not require a liquidation of assets, so you may have more trouble keeping to a specific budget if you still have asset upkeep. On the other hand, if you are able to continue using the budget outlined for you during your bankruptcy, you will be well on your way to a much different, debt-free lifestyle. Taking control of your finances can help you take control of your life.

Is Credit Repair Possible?

Because bankruptcy affects the FICO score for years, you may be worried that credit repair is impossible. Many agencies profess to be able to fix your credit, and while it is definitely possible, you should be wary about whose help you hire. Much of this depends on you; the specifics of your specific credit repair are based on what you do and how you do it. Talk to your Draper bankruptcy attorney about your options, what is required of you, and approximately how long it will take; once you know these things, you can get started on your road to recovery.