There Is Credit After Bankruptcy
A common bankruptcy myth is that you will not be able to get credit again after bankruptcy, and that your credit score will be destroyed forever. This, of course, is not true. One of the most important benefits of working with an experienced bankruptcy lawyer is that you will get the true story about life after bankruptcy.
At Walton Legal Services, we pride ourselves on our personalized legal service that we offer our clients. Our Indiana bankruptcy attorneys can answer your questions about the effects of bankruptcy on your credit. Contact us for a free consultation to discuss Chapter 7 bankruptcy, Chapter 13 bankruptcy and the future of your credit.
Walton Legal Services: More than 30 years | More than 30,000 bankruptcies filed
How Filing Bankruptcy Affects Your Credit Score
While it is true that bankruptcy will negatively affect your credit score initially:
- The damage will not be as bad as it may seem: If you are filing for bankruptcy, your credit score is probably in pretty bad shape to begin with. Filing for bankruptcy will not hurt this score drastically, and the negative ripple will not last forever.
- You will become a better credit risk to many lenders: After receiving debt discharge through bankruptcy, you are not allowed to file for bankruptcy again for years. Since there is no bankruptcy protection to get you out of future debts, many lenders will see you as a better prospect.
- Your credit rating can be rebuilt over time: After bankruptcy, you can start small. Start with a small line of credit that you know you can manage, maintain a perfect record of keeping up to date with this credit and you can make your credit report better than it ever was before.
If you are looking for an Indianapolis debt-relief lawyer to help you find the road to financial freedom, call one of our Indianapolis law offices, call our Columbus, Indiana, office or contact us online. We offer free initial consultations, and we give you detailed up-front information about our fee arrangements, so there will be no surprises.
