Delaware County Lawyer Helping Rebuild Credit
Are you thinking about filing for bankruptcy, but are worried about the damage it will have on your credit? Are you concerned that you will never be able to get a loan or a mortgage?
Bankruptcy does affect your credit, but it is not permanent. Also, it does not completely ban you from borrowing money. The Law Offices of Michael S. Schwartz is a bankruptcy law firm dedicated to helping people achieve debt relief. We can give you the truth about bankruptcy and your credit score and what you need to know before and after filing.
Call us at 866-584-7966 toll free or contact us online to schedule a free consultation.
You Can Repair Credit
A consumer bankruptcy shows on your credit report for up to 10 years after filing. However, your credit score works independently and will go up and down depending on how well you take control of your financial future. In fact, your credit score may increase 50-150 points within a year after discharge if you do well with paying back debts.
Repairing credit can be accomplished in three steps:
1. Remove your obligation for your current debts. This can be accomplished through the bankruptcy process. By filing Chapter 7 or Chapter 13 Bankruptcy, the current debts that you are now obligated for are discharged. They are marked as "discharged in bankruptcy" on your credit report.
2. Establish future accounts that report to the credit bureau. Once you receive your bankruptcy discharge, it is important that you establish new creditors that report monthly to the credit bureau. Not all creditors report monthly. A good way to establish credit is through a car loan. After bankruptcy, many car lenders will loan money - especially if you have a cosigner. A car lender will report each month whether or not a payment was made timely.
3. Make your payments timely. Once you establish new creditors following the bankruptcy discharge, it is critical that those new creditors are paid timely. Doing so will drive your credit score higher.
Your Future Matters to Us
The Law Offices of Michael S. Schwartz wants to guide you back to financial health. We will explain how bankruptcy and credit scores work, and how you can rebuild and repair your credit after filing Chapter 7 or Chapter 13 bankruptcy. We may also refer you to credit counseling if it will help in your situation.
Call Now for a Free Consultation
For a free consultation with a bankruptcy attorney at the Law Offices of Michael S. Schwartz, call 866-584-7966 toll free or send us an e-mail.
We have offices in Southampton, Havertown and Perkasie, Pennsylvania, to serve you.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
