Filing for bankruptcy can feel like the end of a long, exhausting process, but it’s also the start of a new financial chapter. Once you’ve filed, you may have questions about how bankruptcy affects your credit and what steps you can take to move forward.
CNBC Select spoke with Leslie Tayne, a debt relief attorney, about what to expect after filing, which financial mistakes to avoid and how to start rebuilding your credit.
What happens after bankruptcy?
What happens to your debt after you file for bankruptcy?
After a bankruptcy discharge, qualifying debts are legally cleared, meaning you’re generally no longer personally responsible for paying them. However, not all debts qualify, and certain liens may remain. In Chapter 7, a discharge…