Bankruptcy Myth #1: Filing Bankruptcy Will Hurt My Credit For Ten Years

Denvil Crowe's picture

Denvil Crowe may assist anyone who wants to know the effects of a bankruptcy case on their credit. Please schedule a consultation today at our conveniently located office in Tupelo at 346 N. Green Street. At this consultation, we think you'll feel like you're visiting an old friend for advice. When you leave this consultation, we think you'll have a sense of relief and feel much less stress as the weight of this burden is passed to a qualified and caring professional.

MYTH: I'll never be able to obtain a mortgage again

Past bankruptcy filers may usually obtain a mortgage within eighteen to twenty-four months after discharge of their bankruptcy case despite the fact that bankruptcy remains on your credit report for seven to ten years, provided that your credit is rebuilt and no other negative actions occur.

MYTH: I won't be able to obtain a credit card

After bankruptcy, obtaining a secured credit card and using it wisely, i.e., making sure to pay the balance each month, rebuilds credit, period. Former bankruptcy debtors should stay clear of credit cards, whether secured or unsecured, with annual fees and high-interest rates. Avoid secured cards that do not convert to an unsecured card after eighteen months of on-time payments.

MYTH: It will be a long time before anyone gives me any type of loan

It is not impossible to obtain an installment loan or personal loan. Provided you make timely payments, you will reestablish your credit over time. Making payments on a student loan after your bankruptcy case is discharged is an excellent method of rebuilding credit.

Don’t let the stigma of bankruptcy keep you from solving your financial problems! An experienced Tupelo, Mississippi bankruptcy attorney is here to help you if your financial position necessitates the consideration of filing a Chapter 7 or 13 bankruptcy case.if you have any questions that require immediate answers or if you just need someone to help you accurately review and thoughtfully consider your options, we can help you decide whether bankruptcy is your best option. Call 800-429-HELP (4357), email us at Contact@denvilcrowe.com or check us out online today!

 

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