After going through bankruptcy, it is not uncommon to have a moment of relief. After all, bankruptcy charges off a lot of your debt, or at least restructures it so that it is easier to pay. While these are great benefits, there are some things you need to consider for the future. Your new goal is to rebuild your credit. Looking at your credit report is one great way to start. The following are some things you need to understand about your credit report after a bankruptcy:

Checking Your Credit Report

It is a good practice to check your credit report regularly, no matter the state of your credit. After a bankruptcy, it becomes even more important to check your report to make sure the changes to your debts are updated. The reporting agencies can often take a while to update your report, so it is good to check it often to see where you stand.

Pay Attention to the Bankruptcy Hit on Your Credit

Before you even file for bankruptcy, a bankruptcy attorney should have already informed you that it will have an impact on your credit for some time, up to a decade depending on the type of bankruptcy you filed. This seems like a long time and you may begin to feel discouraged. What you need to keep in mind while you are steadily rebuilding your credit is that your score will continue to increase over time despite having filed bankruptcy. Before you know it, you will be able to get a car loan or even a mortgage with the bankruptcy still on your credit report.

Look for Discharged Debts

When you are checking your credit report, you need to check the discharged debts. The debt should have a note on them that they have been discharged. You should see a zero balance unless your debt is being reaffirmed. If you see a debt that is not reaffirmed but is still showing a balance, you will have to dispute it with the credit reporting agency showing the balance.

If bankruptcy is one of the options that you are considering to get out of debt, you need to understand how it will impact your credit. Try to remember that it is not a bad decision to make, but it is not always good for everyone. Carefully weigh the benefits and risks when you are deciding whether or not you want to move forward.