It is a common misconception that hiring a fort worth bankruptcy attorney will ruin your credit. In fact, it is really just the opposite. Filing for bankruptcy can actually help you in a variety of ways, including helping you to rebuild your credit. The key is to understand how it is viewed on your credit report, and to learn ways that you can work toward rebuilding your credit almost immediately after your bankruptcy has been completed.
The first thing that you should understand is that creditors will take a look at your credit report and see that you have filed bankruptcy. In fact, it will remain on your credit report for a minimum of seven years, and it can sometimes be on there for even longer. It usually doesn’t mean that a creditor will refuse to offer you a line of credit, but it will make you a higher risk borrower than someone that has not filed for bankruptcy.
Another factor that you should consider is the state of your credit before the bankruptcy. If you have a lot of debts, and several delinquent accounts, it is likely that you will already have a poor credit score. In this respect, your credit won’t drop miserably after you file. It will drop a bit, but you will then have the opportunity to pick up the pieces and rebuild it.
Finally, you must understand that rebuilding your credit after your bankruptcy is not impossible. You will just want to make sure that you take a look at some of the lenders that are willing to lend to you, but don’t let it get out of hand. Just get one credit card, even if it is a secured credit card, and use it to build your credit back up. Pay it off at the end of the month, and you will be well on your way to a better credit score.
These are all great factors to consider before hiring a lawyer to help you file for bankruptcy. Just remember, you don’t have to resort to it right away. You can consider other options, but you don’t want to wait too long. If you do, then you may find yourself in a stressful pile of debt that you can barely see over. Let an attorney help you decide if bankruptcy is right for you.