Rebuilding your credit after bankruptcy.
A San Jose bankruptcy attorney explains how to rebuild your credit after bankruptcy:
While a bankruptcy action will be reported on your credit report for up to 10 ears, you can start rebuilding your credit immediately. One of the most important factors in your credit is your debt-to-income ratio. If you have more outstanding debt than you have the ability to pay, your credit is probably not very good. Filing for bankruptcy will eliminate most of your debts and will reduce your debt-to-income ratio – likely to improve your credit in the long run.
Once you have filed for bankruptcy, you will not be able to file again for 8 years. This is why there are many lenders that will actively solicit business from people who have filed for bankruptcy. To rebuild your credit, you may need to obtain a credit card. You can demonstrate to lenders that you are determined to slowly rebuild your credit by managing your money and credit card wisely. Many people will be able to finance for cars as well as homes within a year or two after discharge, although the interest rate may be higher than average.
If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!
