Hello and thank you for allowing me the opportunity to assist you.
After you file for bankruptcy, you will have a difficult time finding a lender who is willing to give you any sort of credit, whether it’s for a house, credit card, car loan, etc. If you do qualify, your interest rate will be much higher than a person with a decent credit score will qualify to receive.
In addition, you may have a hard time finding an apartment since landlords may be reluctant to lease property to somebody who they perceive may not pay his bills, and who may one day file bankruptcy again to eliminate an unpaid rent debt as well. Furthermore, employers may be reluctant to hire you if they believe that the bankruptcy implies a certain lack of responsibility.
But, as time goes on the bankruptcy will become less and less important. Eventually, when it’s no longer listed on your credit report, it won’t be a factor at all. There are exceptions, however: For example, some lenders or employers may expressly ask you whether you have ever filed for bankruptcy. They won’t care that you were discharged 30 years earlier and have had stellar credit ever since … they will still want to know about it. They may use that fact to refuse to give you a loan or to hire you. You should know those are rare cases, however. In most cases, your bankruptcy will not affect you after it is removed from your credit report.
Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.
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Hi again. I just read the additional info that you posted in your first question (it wasn’t there when I began answering your initial question), and I want to comment:
For the most part, debts do not last forever. Eventually, the statute of limitations (SOL) will prevent the creditor from winning a lawsuit against you. And, as you mentioned, the debts cannot be listed in your credit report after 7 years. The clocks for the SOL and the credit reporting will only reset if you do something like make a payment.
However, debts can last a very long time if you are sued and the creditor wins a judgment against you. Judgments can last decades.
As for how long before you will need to wait to get a job, etc. ... there is no restriction. You can have a job immediately. It's just that some employers may not hire you (it's their right). Most employers probably won't run a credit check. But some may. It just depends on that particular employer. The same goes for landlords. You'll be able to find somewhere to work, and somewhere to live ... but it may not be the company you wanted to work for, or it may not be the building you wanted to live at (but then again, they may be exactly what you wanted).
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