Contrary to misconceptions, there is life after bankruptcy! A common bankruptcy myth is that you will never get credit again after filing. That is not the case. In fact, for many people, bankruptcy is a necessary step in achieving debt relief and a restored credit rating.
If you have questions about how bankruptcy will affect your life and your financial picture, the attorneys at the Sulaiman Law Group, LTD, are here to help. Our experienced bankruptcy lawyers are here to make the law work for you.
Contact us today online or by telephone at 630-413-9054 to speak with an experienced Chicago bankruptcy attorney.
"How Will Bankruptcy Affect My Credit?"
If you filed for bankruptcy, your debt problems were probably dragging down your credit anyway. While bankruptcy will adversely affect your credit in the short term, for many, it is the beginning of the process of restoring good credit.
In fact, many people who file for bankruptcy start receiving credit card offers in as little as two weeks after their meeting with the bankruptcy trustee. The creditors know you are about to have a clean financial slate and want to be the first to get your business.
There are steps you can take to improve your credit after bankruptcy. Of course, it is very important at this point to be cautious about taking on any credit, but obtaining a secured credit card and using it only for necessary items, like food and gas, can help. If it is within your means, you may wish to take on an affordable car loan. Keeping up to date on manageable loans will likely improve your credit.
Some people who file for bankruptcy are able to qualify for a home loan in as little as 18 months. While your interest rates may be higher with a bankruptcy on your credit report, saving up for a sizable down payment can help mitigate the expense.
Every situation is different. Our lawyers will work with you closely to gain a full picture of your financial situation. We can help you understand how bankruptcy will affect your credit and explore strategies for enjoying a healthy financial future.
Contact Our Chicago Bankruptcy Lawyers
Are you facing foreclosure or other debt problems in Illinois? Contact us today online or by telephone at 630-413-9054 to speak with an experienced Chicago bankruptcy attorney.
