There is no reason to be ashamed if you have had to file for bankruptcy. You show a sense of responsibility by recognizing you are in financial trouble. Even though the filing protects you from creditors, it will have a lasting effect on your credit standing. Depending on if you file for chapter 7 or chapter 13, a bankruptcy typically stays on your record from 7 to 10 years. However, you can rebuild your credit with assistance from a bankruptcy attorney in Howard County, MD.
At The Ingram Firm LLC, our legal staff specializes in helping clients re-establish their credit. While it may be difficult to believe, one of the best things you can do is apply for new credit. Gas cards, secured credit cards, and small loans allow you to show lenders you know how to be responsible. Make every attempt to keep credit card balances at a minimum so that you won’t have any problem paying what you owe.
You can see your credit score gradually go up when you commit to paying bills on time. Timely payments on debt incurred outside of the bankruptcy and paying more than the minimum required will work in your favor. With the assistance of a bankruptcy attorney, you can ask creditors to report your on-time payments to the credit bureaus. Your diligent payment history will help improve your credit score.
It’s never easy filing for bankruptcy and it hinders your ability to move forward in the negative way it can impact your credit score. If you’ve made the decision recently or in the past to file for bankruptcy, it stays on your credit report for ten years. Whether you’re trying to use your credit score to help you take a step forward out of bankruptcy or recovery but are still suffering from your score, The Ingram Firm LLC can provide a bankruptcy attorney in Howard County, MD.
Working through your bankruptcy case will involve adhering to Chapter 7 or Chapter 13 procedures because it can help your chances of wiping your debts clean or minimizing them. Chapter 7 will liquidate any property or non-exempt assets and put the proceeds towards your debts. Even if you’re not able to pay it all off, the court has the power to wipe the slate clean. Chapter 13 allows you to discharge some of your debts, such as medical bills, and repay other debts like home mortgages or car loans over a three to five-year span.
Our highly experienced attorneys will also explore these types of bankruptcies:
- Chapter 9
- Chapter 11
- Chapter 12
Even if bankruptcy can be a detrimental factor towards your credit score, our highly skilled bankruptcy attorneys can help you get your life back on track. It is possible to fix your credit score so that you can get back to your life.