Uses of Chapter 7 Bankruptcy
A chapter 7 bankruptcy is used mainly to discharge unsecured debts. Unsecured debts are credit cards and medical bill. Once a person has gone through some form of change in income the abilty to pay the credit cards is no longer possible the chapter 7 is the fastest way to eliminate this type of debt. Once the bankruptcy is filed all collection on these debts will stop forever.
The chapter 7 bankruptcy is on your credit for the next ten years, but that doesn’t mean you will have bad credit for the next ten years. It is the opposite — you can start rebuilding very quickly as long as you’re making money again and paying the bills you still have on time. A house is usually possible to buy in a couple years, a car in a couple years but have a down payments and a 8- 12 interest rate is about the best you will receive.
Credit cards will start taking a chance on you before the years in but plan on a high interest rate and a low balance but by using it and paying every month the next offers will better.
Very important: this is your chance for a fresh start Do Not miss any payments on anything.
Reestablishing Your Credit
Regain Your Financial Health
Fort Worth Bankruptcy Attorneys
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