Both Chapter 7 and Chapter 13 bankruptcy are there to give you a FRESH START by allowing you to discharge, or permanently eliminate, all of your dischargeable debt. Many people are concerned that once they file for bankruptcy, they will never be able to acquire credit again. This is simply not true. Once you obtain a discharge in your bankruptcy case, you can immediately begin to acquire credit again and rebuild your credit score.
Most people are rightfully concerned that filing a Chapter 7 or Chapter 13 bankruptcy will damage their credit score. However, by the time most people get to the point that they are seriously considering filing for bankruptcy protection, their credit score is already pretty damaged. Consider this: How good can your credit score be if you’ve had a foreclosure, repossession, eviction, garnishment, judgment taken against you, or simply haven’t been paying your bills on time? The truth is, you are not going to improve your credit score until those negative things are removed from your credit report or discharged. The sooner you file your Chapter 7 or Chapter 13 bankruptcy, the sooner you can get that discharge and a fresh start toward improving your credit score.
Another major concern for people filing for bankruptcy is their ability to rebuild their credit. This is a valid concern but is generally overstated. Most people are able to obtain credit cards and buy cars within days after the discharge of their bankruptcy case. Most people are able to buy a house within a year or two of their discharge, even people who previously lost their home in foreclosure. You can rebuild your credit after bankruptcy.
YOU CAN RECOVER FROM BANKRUPTCY. To find out more about life after bankruptcy, call 725-1000 to schedule a free consultation with one of the experienced bankruptcy lawyers of the Hurst Law Firm. We’ve helped thousands of people in Memphis, TN and the surrounding areas file for bankruptcy and recover from bankruptcy.
* We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.