What Happens to My Credit After Bankruptcy?
Your Credit After Bankruptcy — Information From an Oklahoma Attorney
If you are struggling with mounting debt, you may be doing everything you can to stave off bankruptcy due to the fear that your credit rating after bankruptcy will be severely damaged. While bankruptcy should never be your first option for dealing with debt, it may be the best option available to you, allowing you to erase your debts and find the peace of mind that comes with a fresh start.
At Dana McDaniel & Associates in Tulsa, Oklahoma, we help people explore their options for finding debt relief, including filing for Chapter 7 or Chapter 13 bankruptcy. We take the time to get to know our clients on a personal level, allowing us to better meet their unique needs.
Are you concerned about your credit after bankruptcy? Contact our firm today to discuss your options with skilled bankruptcy attorney Dana McDaniel.
Can Bankruptcy Hurt Your Credit?
If you are struggling with debt and considering bankruptcy, chances are your credit rating is already poor. Filing for bankruptcy will not do much more to hurt your credit. The positive aspect of bankruptcy is that you will only have to report a bankruptcy on credit applications for five years and it will provide you with a fresh start to rebuild and maintain good credit.
Unlike decades ago, when you had to put large sums of money down in order to establish your credit worthiness, today many businesses allow you to build your credit based on your payment history and job. This makes it much easier to re-establish your credit quickly, in as little as one year. Most people keep their homes and cars during bankruptcy, and can use their mortgage or car loan payments to begin re-establishing credit.
What Are the Risks to Your Credit After Bankruptcy?
If you file for bankruptcy, you must take it seriously and make all payments on time. During this time, you will be vulnerable, as you cannot file Chapter 7 again for eight years or Chapter 13 again for four years.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.