What happens after my discharge?

Bankruptcy and Your Credit Rating. Bankruptcy will appear on your credit report for several years. This does not mean you cannot get credit after filing bankruptcy. Most lenders will extend credit within two or three years after filing a bankruptcy case. Many creditors consider you a better credit risk after you filed bankruptcy because you have few other debts, if any, and you are unable to file bankruptcy again for seven years.
Generally, the effect of bankruptcy on your credit is not a bankruptcy issue; it is a banking or credit issue. Most questions concerning reestablishment of credit are best answered by people at banks, credit agencies, or consumer credit services. Most banks and mortgage companies state that a debtor can establish normal credit two years after filing Chapter 7 bankruptcy.
Many debtors report that after filing bankruptcy and receiving their discharge notice that their credit reports still show certain debts as “written off” or “discharged.” It may take the credit reporting agencies several months to update your file. Regardless of what is on your credit report, no creditor listed in your bankruptcy can collect money from you. If your credit report incorrectly reports certain debts you must resolve errors directly with the credit bureau because no bankruptcy law issues are involved in the incorrect reporting of your credit history. If you have contested the error directly with the credit reporting agency and the creditor, and the incorrect information is not corrected, you may want to contact an attorney to discuss your legal rights under the Fair Credit Reporting Act.

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