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What Does Life Look Like After Bankruptcy?

Contrary to the popular saying, filing for bankruptcy is not a bad thing. It is, in fact, a good thing as it eventually gives you the opportunity to have a clean financial slate. If your credit is in shambles, bills are piling up, your rent is due, and you have no means of making your monthly payments on your credit card – you should consider filing for bankruptcy. Chapter 7 bankruptcy is the best option if you can’t make your credit payments, but if you need a payment plan to pay back all your debt, you should opt for Chapter 13 bankruptcy.  After filing for bankruptcy, all of your unsecured debts would be discharged, and you’ll have a clean financial slate – but it is not always easy. The red flag on your credit report that indicates you’ve filed for bankruptcy will make it hard to get any kind of loan or credit. Also, it will remain on your report for seven to ten years, depending on the type of bankruptcy you choose. In this article, we will discuss what life looks like after bankruptcy and how to build your credit after.