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How Will Bankruptcy Affect My Credit?

How Will Bankruptcy Affect My Credit?

Posted By Peter Rasla || 12-Jun-2013

If you are experiencing extreme financial stress due to financial matters and circumstances beyond your control, it may be time to consider bankruptcy or one of the various alternatives to bankruptcy. There are numerous factors which must be considered before filing for bankruptcy however. One of the key questions clients ask is "How will bankruptcy affect my credit?" In all honesty, bankruptcy is a means to an end, and it will help you to end credit collections by discharging debt, thus allowing you to get back on the road to financial freedom.

By the time you get to the point where you are considering bankruptcy as a viable option it is likely your credit has already been ruined. Missed payments, overextended credit, maxed out credit cards, too many credit cards, defaulted loans and foreclosures all have a negative impact on your credit. Filing for bankruptcy may be exactly what you need to discharge or restructure your debt and get a fresh start. It is true that a bankruptcy filing will remain on your credit report for between 7-10 years. Once your debt has been discharged and you start making payments in a timely fashion your credit score can be improved over time, often in far less time than you expect.

If you or a loved one is considering filing for bankruptcy you need to contact a professional bankruptcy lawyer from Peter Rasla & Associates, P.L.C. as soon as possible. When you contact the firm a skilled bankruptcy attorney will be able to answer any questions your may have, review your financial situation, advise you of the options available to you and help you determine whether or not bankruptcy is right for you. The attorneys at the firm have an in-depth understanding of bankruptcy laws and have extensive experience helping individuals successfully navigate through the entire bankruptcy process.

If you want an attorney who will aggressively advocate on your behalf to help you regain control of your financial situation, you are advised to contact an Irvine bankruptcy lawyer at the firm today.

Categories: Bankruptcy