How Will Filing for Bankruptcy Affect my Credit Score?
Your credit score is what stores, lenders, and banks use to determine if you qualify for a line of credit or a loan to make a purchase. It also determines what your interest rate will be in the event you get approved. Home mortgage lenders use your credit score along with many other things to decide whether they will provide you with the finances for you to purchase a home.
But, if you do declare bankruptcy, you can expect that:
- You will have limited access to credit.
- You may be required to pay higher interest rates for at least 7-10 years.
- It will take some time after declaring bankruptcy for your credit score to improve.
There are some things, however, that you can look forward to after filing for bankruptcy.
- You will see some sort of improvement in your credit score shortly after your bankruptcy is finalized.
- You can obtain secure credit cards to begin building back up your credit.
- You will be on your way to financial freedom and getting a fresh start.
Is Filing for Bankruptcy Right for You?
Before deciding whether bankruptcy is right for you, you should consider speaking with a legal professional who can further explain the process, the benefits, the downfalls, and much more. USAttorneys.com can assist you in the process of finding a local Virginia bankruptcy attorney who can provide you with all the answers to the questions you have as well as guide you in the right direction.
There are certain aspects of bankruptcy that you should be aware of before preparing to file which is why we encourage you to give us a call now and allow us to get you paired up with an attorney who can aid you.
