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Bankruptcy is not the credit stigma it was ten years ago. In fact, some lenders even prefer customers who have filed bankruptcy recently, because their debt to equity ratio will be more favorable, and the lenders know that people can only file Chapter 7 every six years.
Usually, you can obtain an auto loan within a year after you file, and a home loan after about 2 years from filing. After one to two years, creditors will look at your payment and credit history since the time of filing, and will often extend credit offers with terms just as favorable as those available before bankruptcy.
Chances are, if you have been making numerous late payments, or if you haven't been making payments at all, your credit is already being affected negatively. If your car is repossessed, or if your home is foreclosed on, your credit will be seriously impacted. Bankruptcy can help avoid foreclosure or repossession, and will get you back on track so that no more late or missing payments show up on your credit. With a fresh start, you can begin the process of rebuilding your credit.
We offer free, no obligation consultations with our attorneys. Call us today to schedule an appointment, or schedule an appointment online. We look forward to meeting with you and discussing your individual situation.
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