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Your Credit Rating & Bankruptcy
One of the biggest concerns about filing for bankruptcy is the effect that it will have on your credit. It’s true, you might not receive credit offers when your debts are discharged through bankruptcy. However, many individuals can obtain a starter card to rebuild credit. There is light at the end of the tunnel!
Since every person is different, it is important to speak with a bankruptcy attorney. It is difficult to decide if bankruptcy is the right decision; finding an experienced, caring attorney can make the process easier. You are affirming that you cannot pay your debts and that is hard…but there might not be a better option. Bankruptcy saves a lot of families from financial ruin.
Bankruptcy will likely stay on your report for 7-10 years depending on the kind of bankruptcy you file. However, you can start rebuilding your score right away by paying your bills on time. Plus, the further away bankruptcy is in your credit history, the less of an impact it will have. You can get back to where you started and improve as you move along in your credit journey.
Nowadays, there are plenty of tools to help you monitor your credit. It won’t happen overnight, but with hard work and dedication, you can overcome the damage bankruptcy does to your credit.