Serving Clients Throughout Tennessee and North Georgia
If you are struggling with excessive debt and considering bankruptcy, you may have heard that filing for bankruptcy will ruin your credit forever; that you’ll never be able to get a home or car loan after filing. This is simply not true. In fact, many people who file for bankruptcy have a much easier time getting credit than if they hadn’t filed at all. After all, if you are considering bankruptcy, your credit probably isn’t very healthy in the first place.
While filing for bankruptcy will impact your credit, it can be the first step in resolving your debt problems and getting your credit back on track. At the Law Office of W. Thomas Bible, Jr., our attorneys can help you explore your debt relief options and gauge what kind of impact filing for bankruptcy is likely to have on your credit. We provide experienced bankruptcy representation to clients from Chattanooga and throughout Tennessee and North Georgia.
There Is Life After Bankruptcy
Bankruptcy marks the end of creditor harassment, debt collection tactics and a world of stress and anxiety. For many, it also marks the beginning of a restored credit rating and a healthy financial future.
While many people think they will get no credit offers after bankruptcy, the opposite often proves true. If you file for bankruptcy, you may receive many credit card offers once the bankruptcy process is completed. This is partly because creditors know you must wait several years before filing for bankruptcy again.
We urge caution in taking on any new lines of credit after bankruptcy. Obtaining a secured credit card with a low credit limit may be a good way to start. Only purchase items you need such as food and gas, and pay the entire balance every month. In time, this healthy credit habit will start to show up on your credit report, eventually helping you obtain new and larger credit opportunities.
It is not uncommon to be able to obtain a car loan or home loan in less than two years after filing for bankruptcy. Only take on credit you can handle. With sound financial planning, you can restore your credit and live debt free.