Perhaps you hold the belief that your filing for bankruptcy translates into you never getting credit again. However, this is a common misunderstanding. Read on to discover how your credit will be impacted by bankruptcy and how a seasoned Rockland County bankruptcy attorney at The Law Offices of Allen A. Kolber, Esq., P.C., can help you in building it back up.
Will my credit card debt be cleared by filing for bankruptcy?
Before discussing how your credit score will be affected by your bankruptcy filing, it is important to discuss how your credit card debt will be affected.
That is, you must first calculate your credit card debts and file for bankruptcy. Then, you will have to wait for the deadline to pass for which creditors can object to discharging these debts. And once this deadline passes, you will no longer be responsible for paying back your non-priority, unsecured debts. Such debts may include your credit debts, along with your personal loans and your medical debts.
All in all, filing for bankruptcy can help you get out of credit card debt. In turn, this will give you a stepping stone toward rebuilding your credit.
Will my credit be impacted by filing for bankruptcy?
Put simply, your credit will not be permanently impacted by your bankruptcy. In fact, individuals who file for Chapter 7 bankruptcy may receive credit card offers while still in bankruptcy. Additionally, individuals in bankruptcy may lease a car on their own within two years and may obtain a mortgage within four years of their filing.
As you can infer, there are definite actions you can take to work towards rebuilding it. They are as follows:
- You can work towards paying off your debts that were not dischargeable (i.e., student loans, alimony, child support, etc).
- You can work towards applying for a new credit card that you will most likely get approved for (i.e., gas station credit card, retail store credit card, etc).
- You can work towards making your credit card payments on time and avoiding purchases that you know you cannot pay off on time.
- You can work towards maintaining a steady job and showing lenders that you are a reliable, consistent individual.
- You can work towards retaining a co-signer on your loans or your credit cards.
Importantly, we would like to steer you away from hiring a credit repair company, as these companies are almost always scams. Instead, we would like to suggest that you retain the services of a competent Rockland County bankruptcy attorney who will actually work to your benefit. We are confident that you will be able to rebuild, so long as you pick up the phone and consult with us today.