Life After Bankruptcy
One of the biggest fears that people have about bankruptcy is that it will destroy their credit. As we discuss below, filing bankruptcy may impact your credit. However, if you would otherwise be unable to pay your debts on a timely basis, delaying the bankruptcy process may only add to the amount of time it takes to restore your credit.
If you are struggling with debt and want to learn more about bankruptcy, contact B&B Law Group in Lutz, Florida. Our experienced bankruptcy lawyers serve clients throughout the greater Tampa Bay area.
How Will Bankruptcy Affect My Credit Rating?
There is no clear answer to this question. Unfortunately, if you are behind on your bills, you may already have a bad credit rating. Bankruptcy will probably not make things any worse.
A bankruptcy can appear on your credit report for ten years. Since bankruptcy wipes out your old debts, however, you are likely to be in a better position to pay your current bills, and take the appropriate steps to quickly rebuild your credit rating.
When a lending institution looks at your financial situation to determine if you are a good candidate for a loan, they are likely to consider your overall debt load. Since you can discharge most forms of consumer debt with a Chapter 7 bankruptcy, you may significantly improve your debt-to-income ratio as well.
Contact Our Tampa Bankruptcy Attorneys
We are pleased to offer a free consultation and case evaluation to help you determine if bankruptcy is right for you. We can also help you determine which type of bankruptcy is best for your situation. For help, call us today at 813-333-9583 or contact us by e-mail.
