Owning a house and car are part of the American Dream. Unfortunately, if you are behind on your mortgage or car payments, you may be worried that you will never be approved for another loan. Some people know they can't afford their current lifestyle, but they are afraid if they downsize temporarily, they won't be approved for a new loan when they are ready to invest and buy again.
Sadly, this fear stops many people from filing for bankruptcy. In reality, it works in an almost opposite way. Filing for bankruptcy gives people the opportunity to be free from their debt. Although bankruptcy shows up on your credit report, it can also be the necessary turning point for eventually improving your credit report because you have less debt.
If you are worried about the impact bankruptcy will have on your credit, a Cumming bankruptcy attorney can help. I am Marcus A. Rosin, P.C., and I have experience helping individuals understand the positives of bankruptcy.
Like anything that impacts your credit, bankruptcy does not affect your credit forever. Your score can improve 70 points within a year of filing bankruptcy, and it will continue to improve after that if you continue making good financial decisions.
There is a good chance that if you are thinking about filing bankruptcy, your credit score is already suffering. Bankruptcy may impact your credit score further, but it then provides the means to improve your credit score and your financial situation drastically. The sooner you file bankruptcy, the sooner you will be able to repair your credit.
Many people receive car offers within weeks after receiving a bankruptcy discharge, and you can be approved for a mortgage after that as well. Lenders may view you as more credit worthy because most or all of your debt has been eliminated.
If you are thinking about filing bankruptcy, I can help you understand the long-term positive impact it will have on your credit score. Contact me online or call (678) 909-1300 to schedule your free initial consultation with an experienced lawyer.