Credit Repair in Riverside
How will bankruptcy affect my credit?
A frequently asked question regarding
bankruptcy is if it is going to ruin a person's credit should they decide to file. As in all legal questions, it is important to examine the facts before reaching a conclusion.
Most of those who come to the firm for financial assistance do so because of out of control debts that they are unable to pay and their credit standing is already in trouble. One of the main factors in credit rating is, however, the amount of debt you have in comparison to your income and at the conclusion of either Chapter 7 or
13 bankruptcies you will be debt free or nearly so. While bankruptcy will usually stay on your credit report for 7-10 years, it is not true that it will ruin your credit standing. On the contrary, by filing for bankruptcy you start yourself on the path towards credit repair.
Through one on one service, Price Law Group can help you find out if bankruptcy is the best solution to your financial troubles. As opposed to some firms who only file for bankruptcy, even if it is not the most optimum tool for the job, the firm can use loan modifications,
short sale negotiation, debt negotiation and other methods of
debt settlement to assist you. If bankruptcy is the correct way to proceed, then once the firm files your petition, credit restoration can begin.
Building Your Credit Score Back Up
Frequently, within a year or two after bankruptcy, a person can rebuild their credit to the point of being able to qualify for significant loans. Meanwhile, your credit can be improved by an attorney from the firm correcting out of date, misleading, inaccurate or incomplete data contained in your credit report. Potential creditors will look at how you conduct yourself during and after bankruptcy. By making and following a good budget you can go far in restoring your credit. You can also obtain a secured credit card as a means to showing creditors that you are able to pay your bills in full and on time. If you file for bankruptcy, that fact alone will not bar you from future credit or the ability to repair it.