Perhaps you took the plunge and filed for bankruptcy after realizing that the stark financial challenges you were facing were insurmountable and simply couldn’t be dealt with any other way.
Many people come to that realization after a candid and comprehensive discussion with an experienced debt relief attorney, learning that the process — long sanctioned under federal and state laws and designed to enable debtors to regain their financial footing — is not simply an adverse and depressing exercise.
In fact, there is a clear and strong upside for hard-pressed persons in Texas and nationally who smartly and proactively engage the bankruptcy process in order to gain a fresh financial start.
The proof is in the numbers. According to government data, well more than one million individuals and businesses throughout the United States sought bankruptcy protection in 2013.
As noted in an article discussing Chapter 7 and Chapter 13 bankruptcy, filing “is by no means a financial death sentence.”
One central concern — and golden opportunity — for many filers is improving their credit scores in the aftermath of bankruptcy. This matters, of course, given that lenders use scores to assess repayment risks; the higher the score, the greater the access to loans and attractive interest rates. The lower the score, conversely, and … well, you get the picture.
Although bankruptcy filers know that their scores take a serious ding, they can also take solace in knowing that a rebound is a flat certainty in bankruptcy’s wake when they deal with their financial obligations responsibly and consistently over time.
There are many strategies for improving a credit score, including timely repayments on a secured credit card, the opening of new checking and savings accounts., and paying balances in full when possible.
A proven bankruptcy attorney can provide important details concerning the bankruptcy process and rebuilding a strong credit history in its wake.