The end of your bankruptcy proceedings can provide you with a “fresh start”. The court order will end your responsibility for dischargeable debts.

The order will not affect nondischargeable debts such as alimony, child support, educational loans, taxes or debts that incurred by deliberately injuring someone. After the bankruptcy, your creditors may no longer try to collect the discharged debts.

Your bankruptcy proceedings will be noted on credit records for up to 10 years after your bankruptcy filing. During that time lenders, stores and finance companies may consider your bankruptcy among the many factors they review when you apply for a loan or credit card.

Surprisingly, since you cannot file again for Chapter 7 for 6 years, it may be easier for you to obtain a mortgage loan or installment credit for an auto or home appliance. An application for such credit is easier if you wait at least a year before applying for credit and show a history of paying bills on time after the bankruptcy.

Your bankruptcy proceedings will be noted on credit records for up to 10 years after your bankruptcy filing.