Helping Clients Interested in Buying a Home After Bankruptcy
Are you interested in filing for bankruptcy, but are concerned that you will be unable to obtain a home loan once your bankruptcy is complete? Several persistent myths continue regarding bankruptcy. One of the most detrimental is "I will never get financing again."
It is true that bankruptcy will negatively affect your credit score. This fact, however, is just part of the story. For instance:
- Credit is often available in the near term after a bankruptcy, but at a higher cost. This higher cost can be vastly outweighed by the advantages of bankruptcy.
- Once your Chapter 7 or Chapter 13 bankruptcy is complete, your financial situation will improve. Creditors know this and are often willing to extend credit. An improved financial situation post-bankruptcy also can mean you are able to repair your finances and, consequently, your credit more quickly after bankruptcy.
- There are steps you can take to improve your financial health following bankruptcy. For instance, it may not make sense to cut up your credit cards. Instead, they can be used to rebuild your credit score.
Bankruptcy is usually the low point of a person's financial life. As time passes, most people can raise their score after having discharged or restructured thousands of dollars of overwhelming debt. Often, a credit score can go up just a few years after bankruptcy.
Creditors know that filing for bankruptcy can be a highly responsible act and can respond accordingly. For more information from an experienced attorney regarding how bankruptcy can affect your ability to obtain credit and buy a home, please contact our firm.
Contact a Phoenix Personal Bankruptcy Lawyer
To learn more about how The Roll Law Office, PLLC, in Arizona can help you get a financial fresh start, please contact us today to set up a free consultation. We operate offices in Tempe, Mesa, Scottsdale, Glenwood and the White Mountains/Show Low, Arizona, and can be reached at 866-603-1533 or 602-652-2403.
