Tennessee Bankruptcy Lawyers Helping People With Severe Debt Problems
At the Nashville-based office of David F. Cannon, our attorneys talk with people every day about the various issues involved in filing for bankruptcy. One issue that comes up time and again is how bankruptcy will impact a person's credit. Our law firm offers educational, informative counsel designed to help you make the decisions that are right for you. If you are thinking about filing for bankruptcy but are concerned about your credit, our law firm can help you understand if it is worth filing for bankruptcy.
Bankruptcy Will Be on Your Credit Report, but You May Still Be Able to Get Credit
A Chapter 13 filing will be on your credit report for seven years and a Chapter 7 filing will be on your credit report for 10 years. Despite this, once you receive your bankruptcy discharge, you are actually a better credit risk than you were prior to filing bankruptcy! The reason for this is that once your debts are discharged, you cannot file bankruptcy again for a number of years.
You may find that you receive credit card offers shortly after you file your bankruptcy petition. These offers will give you the chance to begin rebuilding your credit score. Assuming you make regular payments on these cards, you may find that you are eligible for a car loan and even a mortgage within one or two years.
It is important to understand that bankruptcy is not the end of the world. Rather, it is a way to escape the burden of overwhelming debt. Filing for bankruptcy will limit your credit opportunities in the near future. If you are prudent about credit in the months and years after your bankruptcy, you should find that your credit score will improve and that you will have opportunities to make major purchases on credit.
To Learn How Bankruptcy Will Impact Your Credit, Contact David F. Cannon
To schedule a confidential consultation with our law firm, call 615-800-3725, toll free at 877-696-8680, or e-mail us today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
