Ease of Getting Back on Your Feet After Medical Bankruptcy

Ease of Getting Back on Your Feet After Medical Bankruptcy

How easy this transition is going to be is partially determined by how easy you expect it to be. If you're expecting that your financial troubles are over, this is going to be a difficult shock for you. If you're expecting it to be impossible, that's also incorrect. You can get through this and build up credit again, but it is going to take some time (maybe less than you think) and some effort. The ease of getting back on your feet after bankruptcy is largely determined by your own efforts and expectations. If you ignore the problem and hope it'll fix itself, this is going to be a very difficult time for you. If you expect it to be easy and smooth, this is also going to make things very difficult.

The best thing you can do for yourself is accept that this is going to be difficult and you have to make some changes to make your situation work, but that eventually things will improve.

Your discharges will not fall off your credit report for many years, but you can have a decent credit score in as little as two with some good solid effort right from the start.

You're going to need to rebuild your financial history with things like loans and credit cards--but how to get those things when you have this on your record? Well, you can get secured options (where you put up some form of collateral) and then slowly build towards unsecured options. Lenders and such will care about why it is that you had to claim bankruptcy, so briefly (in one or two sentences) explain that you had medical bills that made bankruptcy your only option left but that under normal circumstances you are responsible with your money and capable of making repayments and are looking for the opportunity to prove that and get your finances back on track.

Getting back on your feet will be difficult, but doable. You can get through this and have your finances back to a healthy situation again.

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