Life after Bankruptcy Discharge  

A bankruptcy discharge applies to a person who has filed for bankruptcy in the first place. It is a legal process in which a debtor is freed from all obligations to pay his or her debts. There are different kinds of bankruptcy like Chapters 7, 11, 12 and 13. All these chapters apply for different set of people. For some people a bankruptcy discharge is a boon in disguise, while for some others it can be the worse thing that ever happened to them. That is why while filing for bankruptcy you should consider the aftermath from all angles and then go ahead with it.


Life after bankruptcy discharge can be less stressful in terms of debtors harassing you. The debtors are not allowed to contact you because you have filed for bankruptcy and you are saved of much of the frustration.

Another aspect of the life after a bankruptcy discharge is that you are not eligible for any more financial assistance or loans, and you are left alone literally. Nobody will give you a loan because your credit report is bad and also shows the bankruptcy discharge. For most lenders, you are a potential risk factor and your bankruptcy makes you high risk borrower who has a higher chance of defaulting.

It takes nearly 8 to 11 years for the bankruptcy discharge to get eliminated from your credit report. The report will get cleaned up provided you have been making payments regularly. However, in order for the credit report to improve, you should also take loans or credit cards and nobody will give you that. So, for a long time you are stuck and cannot make any major purchases. It becomes a vicious cycle.




Life after Bankruptcy Discharge

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