Yes, your credit score will be impacted by filing bankruptcy, but you we encourage people to immediately start building credit again. Many lenders believe that people who have filed bankruptcy are a good credit risk because 1) you have already learned your lesson and don’t want another bankruptcy on your credit history and 2) if you complete a successful Chapter 13 plan you have proven to the lenders that you are financially responsible.
We find that you will be able to get a credit card right after seeking debt relief. Yes, the interest rates will be higher and the balance lower, but if you are paying them off every month none of that really matters. The key is to take financial responsibility so you do not have to seek San Diego debt relief again.
Also, we see financially responsible individuals get home loans within a couple of years. Again, the interest rates might not be the best, but over the life of the loan you might be able to refinance and get a lower rate because you have been keeping up on the payments. The Chapter 7 or Chapter 13 bankruptcy will not have the impact on your credit history as it once did.
As San Diego debt relief lawyers, we firmly believe that any negative effects on credit score are outweighed by the benefit of discharging burdensome debts that are weighing on your family and yourself. Debt relief is the right thing to do.
At the Law Office of Harold D. Thompson we have helped thousands of individuals with San Diego foreclosure, debt relief and Chapter 7, Chapter 11 and Chapter 13 bankruptcy. We will start your case for as little as $800.00. Call our office TODAY at 619.615.0767 or visit our other websites at San Diego Bankruptcy Lawyer Blog or My San Diego Bankruptcy For More Information.