West Valley City Credit Repair Attorney
Many people refrain from filing for bankruptcy protection because they have misconceptions about life after bankruptcy, or simply do not know what disadvantages there may be. Your creditors may be the source of some of these misconceptions – some of the debts you owe them will be discharged when you file.
In fact, there is very little "downside."
Depending on the type of bankruptcy, many of your debts, particularly unsecured debts, will simply be discharged. Life will also be free of threatening letters, harassing phone calls, interest payments, late fees and penalties, worry and embarrassment.
Credit After Bankruptcy
Rather than being seen by new creditors as a poor credit risk, you now have a lower debt-to-income ratio. You are seen as being proactive in handling your finances. And since you cannot file for bankruptcy again for several years, new creditors know that even their unsecured loans to you will not be discharged during that time.
Your credit rating will go down initially, but rebuilding your credit will not take long. The filing will appear on your credit report for seven years (Chapter 13) or 10 years (Chapter 7). But the fact is, you will soon be getting credit card offers in the mail. It's just that the terms will not be ideal. The interest rate will be higher, for example.
Schedule Your Free Initial Consultation
Contact our office today to discuss your bankruptcy questions. Salt Lake City, Utah, lawyer Justin M. Myers is an experienced bankruptcy attorney and handles every aspect of your case himself. We are available during regular business hours and by appointment evenings and weekends. You can reach us by phone at 888-811-7784 or via e-mail.
