Rebuilding Your Credit After Bankruptcy from a Panama City Beach Bankruptcy Attorney
Bankruptcy is a choice that all Americans can choose to use
to get rid of their debts and have better finances in the future. Credit scores
can be something that can hold you back from many life opportunities, if your
credit scores are low. Things such as buying a home, renting a home, and even
securing credit cards can all be affected by what your credit score is. Filing
for bankruptcy is another thing that will affect your credit score. However, there
are ways to rebuild credit once you have filed for bankruptcy. Bankruptcy can
be the answer to a much better and more secure financial future for you. Here
are some ways to rebuild credit once you have made this option through a bankruptcy
lawyer in Panama City Beach, FL.
There is no way around the fact your bankruptcy will be on
your credit report for 10 years after it is discharged. Most filings for
bankruptcy are behind on something such as mortgage or credit card payments.
Failing to pay these fees can also have a negative result on your credit score.
Your credit score is going to go down through this process, but there are ways
to rebuild it once you are finished. This differs between Chapter 7 bankruptcy
and Chapter 13.
With a Chapter 7 bankruptcy, the person can begin to
re-establish credit immediately after the discharge of debt, typically a few
months after the filing of the case. A person can apply for types of credit
immediately after as well, such as credit cards and loans. This does not mean
that every application will be accepted though. Smaller credit options will
most likely be approved right after, and then down the line the larger ones.
Chapter 13 bankruptcy takes 3-5 years to complete. When it
is complete and confirmed bankruptcy, then creditors can report negatively to a
debtor. They will most likely not report every on-time payment that was made
during the bankruptcy but will report that you have filed for bankruptcy with a
Panama City Beach bankruptcy
attorney. In order to gain credit during this, permission must be granted
by the court system. Once the case is over, then the person can gain credit
without permission.
Martin
Lewis and Steven Jurnovoy joined as partners in 1998 to create the law firm of
Lewis & Jurnovoy, P.A. The primary emphasis of the law firm is in the
representation of individuals and sole proprietors in Chapter 13 Bankruptcy
("Debt Consolidation") and Chapter 7 Straight Bankruptcy.
Lewis &
Jurnovoy, PA
1004
Jenks Avenue
Panama
City, FL 32401
(850)
913-9110
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