File Bankruptcy to Rebuild Your Credit
In most case the filing of the bankruptcy is going to improve your credit rating. If you’re filing the bankruptcy your credit is already bad because of slow pays, no pays, cars that have reposed, medical bills not paid and even homes that have been foreclosed on.
The filing of the bankruptcy puts an end to the bad debts that are showing slow pay or charge off, which a charge off doesn’t mean the debt is going to go away, it just means that creditor is done and will sell that debt to a new collection agency. People think everything on your credit will fall off in 7 years NO only the good things fall off in 7 years.
The filing of the chapter 7 Bankruptcy will discharge your responsibility for the debt meaning now it will fall off your credit when the bankruptcy falls off which is 10 years.
Once the debts are all discharged new creditors can take a chance on you to help rebuild knowing you can not file another chapter 7 for eight years.
For more answers talk to a bankruptcy attorney in your area.
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Please fill out our free evaluation form to determine if bankruptcy is right for you.
