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Recovering after Chapter 11
After a chapter 11 filing, an individual, or more likely, business, must grow to overcome the impact of the financial downfall. Some of the immediate concerns will include restoring credit, finding the root cause of financial trouble and fixing it.
Restoring Credit
Other options for restoring credit include obtaining an installment loan that the debtor can afford. This installment loan can be used to purchase a new piece of property or building for the business to call its home. When a debtor repays a home, student, or auto loan on time this can really help the credit history, credit score, and credit report of the debtor. If none of these options work for the debtor, they should seek help from a credit counseling agency, a bankruptcy attorney, or an accountant.
Avoid the Same Financial Problems
One of the most important tips regarding debtors restoring their credit history is to avoid as much financial trouble as possible. If debtors avoid financial trouble following a bankruptcy case then they will be able to restore their credit history quicker and much easier. Avoiding financial trouble includes limiting spending, not buying items that aren’t needed, not spending compulsively or on a whim, paying off credit card bills and loan bills when they are due and much more.
Affect on Records
A bankruptcy case will remain on a debtor’s records for a total of ten years from the date of the discharge of the debts, not the date of the filing of the petition with the court. Bankruptcy cannot be removed from a debtor’s records for any reason other than the ten year period has expired. An attorney, a judge, nor an accountant can have the record of bankruptcy removed from a debtor’s credit history. The debtor will have to live with a bankruptcy case being on their credit history for the next ten years of their life.
- If you need help with filing bankruptcy, click here for a Free Case Review with a Bankruptcy Lawyer near you. The content of this website is provided for informational purposes only, and nothing here should be taken as legal advice.