Rebuilding Your Credit After A Bankruptcy Filing
There are no two ways about it: After you go through a bankruptcy, whether it is a Chapter 7 or a Chapter 13 filing, your credit will be damaged. Of course, if you are behind on credit card, mortgage or other payments, your credit score is probably less than ideal anyway. But a bankruptcy filing will remain on your credit report for a decade.
For this reason, rebuilding your credit after bankruptcy should be a priority. Your ability to obtain future credit cards, auto loans or home mortgages will depend, at least in part, on the credit repair process after your bankruptcy is completed.
It’s Important To Take The Long View
Filing for bankruptcy with an attorney in Fort Worth has immediate benefits such as stopping collection orders and putting a freeze on foreclosure proceedings. But it also has long-term benefits. The more time that passes after your filing, the more you are distanced from the negative information on your credit report. That process cannot begin until after you file for bankruptcy.
It’s important not to think of your debts being discharged at the end of your financial rebuilding process, however. You will need to take a hard look at your spending and lifestyle choices to make sure you don’t get into the same predicament again down the road. But with the assistance of a bankruptcy lawyer, you will have a viable roadmap to future success.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.