For some people, making the decision to file for bankruptcy is easy. For others, the decision is not so easy. One of the things that make this decision so difficult is the negative impact on your credit rating and whether or not you will ever be able to borrow again.
Unfortunately the bankruptcy will be reported on your credit report for several years after your bankruptcy which can make borrowing difficult. The good news is that the bankruptcy information does eventually purge from your credit report.
Whether or not you will be able to borrow again will depend on several things such as your credit score, whether or not you are employed, how much you earn and what you are borrowing for?
Once your bankruptcy is finished and you have been discharged you need to start working on rebuilding your credit. Since it takes time for your credit score to improve, the quicker you start rebuilding the better your position will be when it is time to apply for credit.
So, yes, you will be able to re-establish your credit and borrow again after filing for bankruptcy. Visit our Hoyes.com website for tips on how to repair your credit rating.
Of course, there are also other options that can help you deal with your debts and have less of an impact on your future credit and borrowing ability. If you are having a difficult time keeping up with your payments to your creditors or feel that your monthly payments are not reducing your debts, then now is the time to call us. We would be happy to meet with you to discuss your options and design a plan that will eliminate your debts. Our toll free telephone number is 310-PLAN (310-7526, no area code required). Or send us an email. Let’s get started!
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