Affects of Bankruptcy and Credit

HOW WILL BANKRUPTCY AFFECT MY CREDIT?

At The Law Firm of Wampler, Souder and Sessing L.L.C., our Attorneys understand that many people have legitimate Questions about the credit consequences of filing for bankruptcy. Just because a bankruptcy is referenced on a credit report, does not mean the bankruptcy has a negative impact on one's ability to borrow. Obviously, a bankruptcy is not a positive mark on one's credit, but you have to consider your whole credit picture.

By the time somebody files a petition under Bankruptcy Law, his or her credit report usually looks pretty bleak. A Chapter 7 Bankruptcy relatively quickly scrubs clean past payment/debt problems and allows you to start building your credit again. A Chapter 13 Bankruptcy will allow you to begin making stable and consistent timely payments to a trustee and will, again, begin the process of rebuilding your credit profile.

In both cases, if you have income, it is often possible to get credit cards and car loans shortly after your bankruptcy is discharged. Our Law Firm believes everyone deserves a second chance. It's a fact that it remains possible to get a home mortgage after as little as one year following a bankruptcy discharge. Many of these same people would have been unable to obtain this type of credit without resolving their old debts through a bankruptcy petition. Contact our offices today at (301) 881-8895 to learn more about the many Legal Services we provide. If you'd like a no obligation consultation on the benefits of filing for bankruptcy, simply complete our online Inquiry Form.