Cleveland Bankruptcy Attorney discusses Truth About Bankruptcy and Your Credit

Are you curious about the truth about bankruptcy? 

Your creditworthiness after bankruptcy is in part a function of your creditworthiness before you filed

Obviously, filing for protection with the bankruptcy court is not a positive for your credit score, but it doesn’t have to be a complete destruction thereof. If you can, it is beneficial to file before you start missing payments. You will start from a better place when you rebuild after filing.

Filing bankruptcy stops all negative reporting from pre-petition accounts.

Reporting from past due and delinquent accounts will not hold you back from rebuilding your credit. Only credit lines opened post-bankruptcy will report monthly. The Truth about Bankruptcy in Cleveland will guide your decisions as you work to determine whether bankruptcy is the path to debt relief.

You will be offered credit immediately after our bankruptcy.

You will be offered credit immediately after your bankruptcy. Many lenders target people receiving discharge from bankruptcy for credit offers. They aren’t great terms…low limits and high interest rates…but, they do provide an opportunity to re-establish good credit. Offers for auto loans and credit cards will come immediately after your bankruptcy. You will be eligible for FHA financing two years after discharge, and conventional mortgage financing will be available after four years.

Our knowledgeable attorney can evaluate your circumstances and then inform you of your options. The more complicated your situation; the more reason to learn the truth about bankruptcy and consider hiring an attorney who specializes in Bankruptcy Law.