How Does Bankruptcy Affect Your Credit?
How does bankruptcy affect your credit? Well, the fact that you filed for bankruptcy can remain on your credit record for a period of ten years. However, this does not mean that you will not be able to get anything, finance anything, or make anything during that time. Filing for bankruptcy will not spell the end of your credit.
Bankruptcy Allows You a Fresh Financial Start
Think of it this way: if you’re unable to pay your debts right now, your credit is probably not very good. Maybe you’ve been paying your debts late, or perhaps you haven’t been able to pay them at all. When you’ve got past due debts that are clearly beyond your control it’s unlikely that anyone will give you credit at a reasonable interest rate.
By filing for bankruptcy you can eliminate those debts and begin to save money again. And once you save money you won’t need credit for routine expenses such as groceries, gasoline and clothing.
Contact Experienced Bankruptcy Lawyers Today
For more information about how bankruptcy affects your credit, as well as how you can rebuild your credit after filing bankruptcy, contact our bankruptcy lawyers today.