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Lawrenceburg Indiana Bankruptcy and Estate Planning Blog

How to rebuild your credit after filing for bankruptcy

For many Indiana residents, carrying some form of debt is simply a part of life. Mortgages, car payments, credit card bills and student loans make up some of the more common cornerstones of the monthly budget. What happens, however, when that debt spirals into an unmanageable figure? For some, filing for bankruptcy—either Chapter 7 or 13—is a viable pathway to debt relief, but such an action does come at a cost.

Successfully filing for bankruptcy means a pretty severe drop in your credit score, and it requires some work to rebuild it, but that shouldn’t necessarily dissuade those struggling with debt from considering it as an option. With the right responsible behaviors, it is possible to get your credit score back into the neighborhood of where it should be, thereby positioning yourself for a much brighter financial future.

How Chapter 7 and 13 bankruptcy plans differ

Even as the nation's economy continues to be strong according to financial experts, there are many people in Indiana who simultaneously continue to experience financial struggles. Extremely high and unexpected health care expenses, job losses and divorce are just a few things that a person might experience which could put them in the position of needing debt relief. For some, the best assistance comes in the form of a personal bankruptcy. 

There are two primary forms of consumer bankruptcy. Perhaps the most well-known version is Chapter 7. As Experian explains, in this type of plans, all debts in the bankruptcy are forgiven and the person does not pay anything to creditors.

3 misconceptions about debt

It is not unusual for people struggling with debt to feel shame or embarrassment. These feelings can make it difficult to ask for help and take steps to address an overwhelming situation. However, if you are in this situation, know that you are not alone. In fact, as noted in this Washington Post article, roughly one-third of Americans have debt currently in collections.

As such, the notion that debt only affects a tiny population of people is incorrect. In this post, we will clear up a few other misconceptions about debt in an effort to make it easier for those who are struggling to reach out for help.

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Lawrenceburg, IN 47025

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