When You File Bankruptcy, You Get The Chance To Rebuild Your Credit
Credit scores are confusing at the best of times, but when you are considering filing bankruptcy, a credit score can seem like a sword hanging over your head. At some point, you need to decide if is it worse to continue missing debt payments and steadily lowering your credit score or to take one large hit and be able to start fresh.
At NextStep Bankruptcy Law, we work to dispel the biggest bankruptcy myth – that your credit will never recover from bankruptcy. The truth is that bankruptcy can provide a desperately needed fresh start and can put you on the path to financial security. Walk a brighter path today by discussing your situation with our attorneys. Call: 312-667-7717.
What Bankruptcy Really Does To Your Credit Score
Consumer bankruptcy will stay on your credit report for seven to ten years. This means that, yes, it will impact your credit score, but it also means that the effects are not permanent. During that time, you can significantly improve your credit score by adopting long-term, positive financial habits such as:
- Creating a budget that reflects your actual cost of living, without the added burden of interest payments or payments for debts that were either discharged in your bankruptcy or included in your repayment plan
- Paying your bills on time, without the added financial burdens of ongoing debt
- Securing new lines of credit (sparingly) that you can keep under control
There is no overnight fix for your current credit crisis, but with slow, consistent and responsible financial management, you can recover, and bankruptcy can be a great tool to help you do that.
NextStep Bankruptcy Law Will Help You Plan Your Path To Financial Freedom
Our attorneys are ready to guide you. We will answer your questions, help evaluate your finances and give you personal advice about your legal options. Contact us today for a free consultation.