Credit is essential to most people when buying a home or vehicle, and many people need access to credit even to buy essentials. It's understandable, then, to wonder how bankruptcy will affect credit scores and the ability to borrow money.
Bankruptcy usually has an immediate negative effect on credit scores. However, the story does not end there. Before deciding to forgo bankruptcy, consider:
- Chapter 7 bankruptcy can wipe out tens of thousands of dollars of unmanageable debt.
- Chapter 13 bankruptcy can restructure overwhelming debt so that 1) payments are lowered and 2) many debts are eventually eliminated.
- Credit can usually be rehabilitated following bankruptcy.
Helping Clients Re-Establish Credit After Bankruptcy Since 1994
At The Roll Law Office, PLLC, we don't just fully handle your bankruptcy process. We also provide counsel regarding how to re-establish a good credit score as quickly as possible following bankruptcy. Highly effective steps can include:
- The diligent repayment of remaining debt
- Follow-up with credit bureaus to ensure that discharged debts are noted on reports
- Limiting but not completely halting the use of credit, establishing that you are a responsible borrower
Please remember that bankruptcy improves your finances. When finances improve and stay improved, good credit generally follows.
Our firm operates six offices across the Phoenix area, including offices as far away as Show Low, and we would be happy to help you regarding bankruptcy, debt relief and the re-establishment of your credit after bankruptcy. For more information, please contact our firm.
Contact a Phoenix Bankruptcy Attorney
To learn more about how The Roll Law Office, PLLC, 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.
