Natalia Brown
speaker
86 appearances
2 recordings
1 series
first heard Dec 2022
last heard Dec 2022
Natalia Brown’s voice in public audio — every appearance, attributed to the second.
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Appearances
Your credit is essentially saying I did not have the ability to pay.
Whether you filed Chapter 7 or 13, your credit report is going to tell any future lender that you did not have the ability to pay.
So once bankruptcy is done and you've been accepted and you've gotten into either payment plan or liquidation,
your ability to acquire a new loan or any new trade line is going to be very difficult.
And generally speaking, that's about seven years.
So it's a complete lifestyle change for a very long time.
The process may not take seven years, but the after effects can last seven years.
So if there's any aspiration to get into a new home or to buy a car, or even for certain jobs where you have to go through a security clearance, you would not be able to get into that job because of your credit score
and your previous bankruptcy.
So it's really important to understand that there's a lasting impact.
One of the first things that someone can do once they're done with bankruptcy is open up a secured card.
Get a $500 secured card and start building that credit history back again.
that's going to show that even though I filed bankruptcy, I now have the ability to pay, right?
And you start reestablishing your credit.
You also want to learn, especially if you're on a payment plan, you've kind of learned to be on that forced budget.
If you're successful in bankruptcy in a chapter 13, you've learned to live within your means.
You've learned to make payments on time.
And now that that debt's gone, you have the ability to save.
That's really important.
Just because you're done with the bankruptcy, let's say your payment was $900, you might want to get a little bit more comfortable again because you were in a forced budget, but don't start spending the $900.
Showing 61–80 of 86 · page 4 of 5
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