ARE you sick and tired of being in debt and having bad credit? Do you want to start over but simply don’t know where to begin? Is filing bankruptcy an option for you or are other options available? As we face the New Year 2014, this is a good time to look at your finances and see how you can leave your debt problems behind and have a better year for yourself and your family.
I find that a lot of people are mostly concerned about the effects of bankruptcy on their credit more than anything else. (For this reason, my office now has a credit improvement program that can help you rebuild your credit in as little as 12 months after bankruptcy.) Most are under the mistaken notion that once they file for bankruptcy, their credit is ruined forever and that they will never be able to buy a house or obtain credit again. Of course, this is simply not true. Let me explain.
Yes, bankruptcy is reported on your credit record for 7-10 years depending on the type of bankruptcy you are filing but a lot of people quickly bounce back from bankruptcy in as little as 2-3 years. I also find that most people who are in debt trouble already have bad credit anyway and filing bankruptcy, if anything, can only help them rebuild their credit in the long run. Yes, in most cases that I see, bankruptcy can actually improve credit by allowing the person a chance to start over after wiping out debts.
What most people don’t understand is that creditors look at several factors when evaluating a credit application and that whether or not a bankruptcy shows up on your report is only one of those factors. For example, when buying a home, banks are not as concerned about it if your bankruptcy is at least 3 years old and all other credit characteristics are appropriate (good character, stable employment, amount of down payment, etc.). And if you are buying a car after bankruptcy, this is usually not a problem although in the beginning, you will obviously pay a higher interest rate or may even need a co-signor until such time you prove creditworthiness.
If you are in debt and your credit has suffered as a result, it may be better for you to just file bankruptcy and start over. Rebuilding your credit after bankruptcy is not as hard as you think and this is often a better strategy than not paying your bills and letting your credit continue to get worse every single month as you are reported to the credit bureaus by your creditors. Make 2014 a better year by doing something about your situation! Call my office at Toll-Free 1 (866) 477-7772. We have offices in Glendale, Cerritos, West Covina, Valencia and Riverside.
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None of the information herein is intended to give legal advice for any specific situation. Atty. Ray Bulaon has successfully helped thousands of clients in getting out of debt. For a free attorney evaluation of your situation, please call Ray Bulaon Law Offices at TOLL FREE 1 (866) 477-7772.