Bankruptcy and Your Credit
If you are considering bankruptcy, you are probably worried about how it will impact your credit. You want to be able to get credit in the future, to buy a car or a home. You will be able to. It may take time, but most people find that they are able to get loans and credit cards much sooner than they expected.
Are you overwhelmed with debt? Are your concerns about your credit score holding you back from filing bankruptcy? The sooner you contact us at the Arizona Law Group of Trezza & Associates, the sooner our attorney can address your concerns and get you started on the path toward a fresh start on your finances.
What Is Your Current Credit Score?
If you are considering bankruptcy, your credit score is probably already damaged from late payments. Letting your car get repossessed or your home get foreclosed on will not help matters. Chances are you would have trouble getting credit now if you applied for it. Bankruptcy is not going to make matters worse. It is the first step to making things better.
How Creditors Look at Bankruptcy Filers
Many people are surprised at how creditors truly look at bankruptcy filers. Creditors will see you as a fairly minor credit risk, simply because you cannot file bankruptcy again for years.
It is also important to know that the underwriters who review credit applications do not really look at credit scores. Instead, the underwriter will give you a grade based on your credit history, either an A, B, C or D. The bottom line is that a D is a D, no matter how you got there. Bankruptcy is the first step to rebuilding your credit.
After three years, you may be able to get a mortgage for a reasonable ate. You may be able to get a car loan even sooner. You will be able to get credit cards surprisingly fast, but you will need to make certain that you take care in using them.
Contact Us to Learn More About Keeping Your Home and Car
"Will I be able to get credit in the future?" Our Tucson lawyer can answer that and all other questions. Contact us to discuss your options.
