A Little Advice for Those Considering Chapter 7 Bankruptcy

Most legitimate bankruptcy attorneys will be able to give you a fair assessment over the phone. Make sure you share the facts with your situation. Many times people are embarrassed of their situation and they hide the facts. This will only prevent an attorney from helping you fast and getting the process underway.

We cannot stress enough the need to get several assessments of your situation. This is key in not only getting the right advice, but also to make sure you get an attorney that is sincerely in the business of helping you.

Will I ever get credit again?

Bankruptcy will be reported on your credit report for up to 10 years. That said you can start right away in establishing your credit. Lenders typically consider your debt to income ratio as well your credit history.

Filing for Chapter 7 helps you eliminate your debts, but also helps in reducing your debt to income ratio as well. This does help in establishing good credit for you in the future. Creditors are in the business to make money by lending you money. Remember this and you will be able to find a lender that will sell you money in your situation.

There are lenders in the business of helping people in your exact situation. You may not get the best interest rate, but you have to start somewhere.

Remember, you can only file for bankruptcy every six (6) years. Dont find yourself in the same situation again! If you need financial counseling, dont be embarrassed. Learn how to manage your income, and your debt after your bankruptcy and you will be on your way to a clean financial bill of health.