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How Filing a Chapter 7 Bankruptcy Could Help Increase your Credit Score

August 12, 2008

Oftentimes a person or family member suffers a catastrophic illness that leads to mounting medical bills not covered by insurance, job loss, divorce, and high credit card debt. Filing a chapter 7 (sometimes referred to as a “liquidation filing”) bankruptcy can be a solution for you. Not only will it help you out of the astronomical amounts of debt, it could help increase your credit score.
Here are some ways that Chapter 7 Bankruptcy may help increase your credit score and help you get your life back on track:
• Depending on your due diligence and ability to procure new credit, being back in the 600 range or higher in a short period of time after filing Chapter 7 Bankruptcy is possible.
• You can apply for credit immediately after your bankruptcy is over.
• You can get a new vehicle loan as soon as a month after your bankruptcy is over.
• If you have the income, you may qualify for a mortgage 2 years after your bankruptcy is over.
• By buying a new home, vehicle, or getting new credit cards, your credit score may rise in a short period of time.
Remember that filing a Chapter 7 Bankruptcy can help get you debt free and let you start again with a clean slate. For legal assistance and more information please contact the attorneys and counselors of Fears & Nachawati.
Fears and Nachawati Attorneys & Counselors
4925 Greenville Avenue
Suite 715
Dallas, Texas 75206
Phone: (214) 890.0711
fears@fnlawfirm.com
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