Deer Park Credit Restoration Attorney
Bankruptcy and Credit Restoration
If your debts are rising but you have been unable to make progress on them and don't see how you are going to be able to, you may have considered bankruptcy as a viable method of debt relief. At times, people hesitate to file based on the mistaken belief that Chapter 7 or 13 bankruptcies will somehow worsen their credit or make it impossible to get in the future. Neither of these ideas are accurate. The attorneys at this firm have 29 years of experience representing good people who have run into financial trouble. I am Dennis M. Slate, Attorney at Law and my firm has helped thousands with their bankruptcy matters, including the use of existing laws to restore bad credit.
Your current debt situation has probably stretched your finances to the point where your credit rating has severely suffered. The purpose of bankruptcy is to give you a fresh start on your finances. This goal would not be fulfilled if your credit was ruined at the end of the process. No matter which chapter you file for, upon completion of bankruptcy and the years to follow you can actually improve your ability to obtain credit. A knowledgeable Deer Park bankruptcy lawyer from my firm can show you have this can be accomplished in your case.
Filing Your Bankruptcy Petition
The key benefit of bankruptcy is that it provides for a legal discharge of your debts and when the process is concluded, all or the vast majority of your debts will be gone. This applies to credit restoration in that one of the most important factors in determining your credit rating is the ratio of your debts to your income. With your debts resolved, this ratio can be vastly upgraded. Additionally, by successfully going through bankruptcy you will have demonstrated to future creditors that you are able correctly manage your finances, which is an ability they will look for.
After a bankruptcy petition is filed, many banks will allow you to quickly obtain a secured credit card. Frequently, once you have completed bankruptcy you can be eligible for a home loan in a matter of just a few years. As you will now be debt free, your ability to pay your mortgage or other debts will be greatly improved. Also, if your credit reports contain information that is out of date, incomplete, misleading or inaccurate, I strive to get this corrected as this can help to improve your credit rating.
Find out how bankruptcy can work to restore your credit; contact a Deer Park credit restoration attorney from my firm today.