Rebuilding Your Credit After Bankruptcy

Bankruptcy Is Not the End of the World

If you are in serious financial debt, considering bankruptcy, and you have not yet talked to an attorney about your debt-relief options, you probably assume your life is going to be worse after filing for bankruptcy. You probably envision some kind of scarlet letter on your chest, unable to get any kind of credit for the rest of your life.

This could not be further from the truth!

One of the most common bankruptcy myths is that once you file for bankruptcy you will not be able to reestablish your credit after bankruptcy. But for many of clients, bankruptcy is the first essential step to financial freedom, which includes access to credit from reputable lenders. With offices in Chesterfield, Colonial Heights and Henrico, Virginia, we are convenient to Southside, West End Richmond and Petersburg residents. Let our experienced bankruptcy lawyers help you find the financial freedom you need.

Rebuilding Your Credit After Bankruptcy

Although filing for bankruptcy will stay on your credit report for 10 years, and it will do some initial damage to your credit score, it will probably benefit you in the long run:

  • Stop default: When your debts are discharged, they are no longer reported as delinquent or in default.
  • Appear to be a better risk for creditors: Since you cannot file for a Chapter 7 bankruptcy again for eight years, many creditors will see you as a good risk.
  • Start building small: Because they see you as a good risk, many creditors will be willing to offer you credit cards and other lines of credit with modest limits. If you accept a small number of these credit lines and keep up with your payment, you can begin small with rebuilding your credit, growing your limits higher and getting better rates over time.

We can help you through the bankruptcy process so that you understand the benefits of bankruptcy and how you can rebuild your life after filing.

Contact a Chesterfield Consumer Bankruptcy Lawyer

We want you to have the information you need to make sound decisions as you fight your way out of debilitating debt. Either call or contact us online to schedule an initial consultation.

We work hard to keep our fees and costs as reasonable as possible.

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