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Many people fear that,
because a bankruptcy is referenced on their credit
reports, the bankruptcy has a negative impact on one's
ability to borrow. Obviously, a bankruptcy is not a
positive mark on one's credit, but you have to
consider your whole credit picture. By the time
somebody files a bankruptcy, his or her credit report
usually looks pretty bleak. The bankruptcy cleans up
past problems and allows you to start building your
credit again.
If you have income, it is often possible to get credit cards and car loans shortly after your discharge. It is even possible to get a home mortgage after as little as one year following a discharge. Many of these same people would not have been able to obtain this credit without getting rid of their old debt by filing for bankruptcy. Back to Bankruptcy Information Lead Page Home
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