Providing Personalized Debt Relief Strategies Since 2003
If you have recently filed for bankruptcy, you might believe that your
financial health will be in ruins for at least a decade and that a brighter
future is still years away from where you are today. While your credit
will certainly suffer in the immediate aftermath of filing, it was certainly
not that strong to begin with. The difference is that your eligible debts
will be wiped clean. At San Diego Legal Pros, our experienced bankruptcy
legal team will work with you to find the best method to achieve the debt
relief you need, so you can begin working on a better tomorrow.
Contact our law firm today at (888) 875-9190 to schedule a free consultation
with a knowledgeable member of our team and get started on gaining control
of your finances.
What to Expect After Bankruptcy
Depending on the bankruptcy chapter you filed under, your next steps can
vary. If you successfully, completed a Chapter 7 bankruptcy, all eligible
debts will be formally discharged. From this point, you can begin to rebuild
your credit and make the most of this second chance at obtaining a healthy
financial future. Four months after your discharge, you should acquire
a copy of your credit report. Remember, you are entitled to one free credit
report per year, so take advantage of it to closely monitor the health
of your credit and beware of companies that claim to offer free reports.
If you have already obtained your free copy, they will likely require
a fee or monitoring service.
Keeping watch over your credit is vital regardless of the chapter under
which you filed for bankruptcy. This is your chance at having a clean
slate, so do not let any inaccuracies in your report slide by. Your bankruptcy
case must be clearly marked as “discharged” and your accounts
should say “discharged in bankruptcy.”
Rebuilding Your Credit
Now that you have managed to successfully file for bankruptcy, you are
likely hesitant about signing up for credit cards again since they probably
played a major role in what landed you in this situation in the first
place. While it is wise to be more cautious about your credit card use,
responsibly use of a credit card is actually an effective tool for rebuilding
your credit score. For example, if you were to make small charges every
month and pay these bills in full and on time, this will have a positive
effect on your score. Consider using a credit card to pay your utilities
or other monthly bills using your credit card and set up automatic bill
payments to ensure you always stay current with your bills. To be sure,
always monitor your bank statements and records.
Following your bankruptcy, you will not immediately qualify for most conventional
mortgages or car loans and such, but assuming you pay your bills on time
and take some active measures to rebuild your credit, these options could
be made available to you again in about two to three years after your
discharge. Filing for bankruptcy will not provide the fix you need to
get a big loan, but with a little patience, you can earn the good credit
you need to get there within a relatively short period of time.
Additionally, once you are able to obtain loans or credit accounts, you
will likely see higher interest rates initially. The rates you receive
will depend on your credit score, which will obviously be low after filing
for bankruptcy. Once again, this will change with time as you begin to
replace negative items on your credit with more recent, positive items.
With earnest effort and careful planning, you will see your credit score
Bankruptcy Attorney in San Diego
Many individuals are often fearful of filing for bankruptcy and believe
their credit score will never be able to recover. However, if you are
struggling with debt that you simply cannot pay, your credit score is
likely already in bad shape. After filing for bankruptcy, you will be
able to finally take the necessary steps toward reviving your financial
health, so you can begin living a more stress-free life. At San Diego
Legal Pros, our firm is dedicated to providing individuals with the assistance
they need to get them through what is undoubtedly a difficult time. Our
team will work with you to find the most effective approach toward the
financial future you deserve.
Get started on taking control of your life and contact our office today
at (888) 875-9190 to schedule a free consultation.