Are you looking to put yourself in the position to file for bankruptcy? Are you aware of the repercussions that come along with doing so? If you haven’t discussed your matter with a bankruptcy attorney in Virginia, perhaps now would be a wise time to do so before you take the leap into doing something that may or may not benefit you.
Bankruptcy can be a route you can take to a brighter financial future, if it right for you. It all depends on your particular circumstances and whether declaring bankruptcy is actually going to help you, or make things worse. Once you figure that out, and our Virginia bankruptcy lawyers can help you with this, then you need to be aware of what is going to arise from you filing for it.
There are many misconceptions when it comes to filing for bankruptcy and many that aren’t misconceptions but facts. One thing that might have you on the fence is that filing for bankruptcy is going to tear your credit score to pieces. While your credit score is going to suffer, after all, you probably have many accounts that are delinquent which is why you are looking for some sort of financial relief, it isn’t going to cause permanent damage.
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.