Will Bankruptcy Destroy My Credit Score Forever?
I often get clients who are obsessed with maintaining a high credit score. They insist that they have always paid every bill on time and this has enabled them to get lots of credit cards, unsecured loans, and even home mortgages on reasonable terms.
Unfortunately those same people are sometimes so deep in debt that they have no way of paying their monthly bills from their earnings.
In reality, they are living a lie. Continuously borrowing to maintain a high credit score does not result in financial stability.
Chapter 7 fresh start bankruptcy could be the way to enable these people to live within their means.
Although filing bankruptcy will indeed reduce a credit score in the short term, after the bankruptcy a person’s credit score will normally increase because they has much less debt.
Most people with regular earnings can get a car loan four months after filing bankruptcy. There is even on company that, in some situations gives out auto loans they day after a person files bankruptcy. Home loans are available through FHA as soon as one year after bankruptcy discharge.
If you are in a situation where your bills are overwhelming feel free to contact us for a free consultation at (419) 327-6160 to see whether bankruptcy is your best choice. A high credit score is great, but peace of mind is even more valuable.
If you are not sure of the validity of a call demanding payment for a tax debt, contact your local police, the FBI, or the IRS at 1-800-829-1040