Myth, not true. Bankruptcy may appear on your credit report for 10 years, however it does not effect your credit for that length of time. There is a common misconception that bankruptcy permanently ruins your credit and there is no coming back after filing. Bankruptcy helps people resolve financial problems. Many clients are able to obtain secured credit and begin to rebuild their credit within months of their debt being discharge. It is possible to see a huge improvement in your credit score in as little as two years. As long as you regularly pay your bills, then you will see your score improve.
Thursday, June 27, 2013
Myth #3 Filing bankruptcy will hurt your credit for 10 years.
Myth #3: Filing bankruptcy will hurt your credit for 10
years.
Myth, not true. Bankruptcy may appear on your credit report for 10 years, however it does not effect your credit for that length of time. There is a common misconception that bankruptcy permanently ruins your credit and there is no coming back after filing. Bankruptcy helps people resolve financial problems. Many clients are able to obtain secured credit and begin to rebuild their credit within months of their debt being discharge. It is possible to see a huge improvement in your credit score in as little as two years. As long as you regularly pay your bills, then you will see your score improve.
Myth, not true. Bankruptcy may appear on your credit report for 10 years, however it does not effect your credit for that length of time. There is a common misconception that bankruptcy permanently ruins your credit and there is no coming back after filing. Bankruptcy helps people resolve financial problems. Many clients are able to obtain secured credit and begin to rebuild their credit within months of their debt being discharge. It is possible to see a huge improvement in your credit score in as little as two years. As long as you regularly pay your bills, then you will see your score improve.
Tuesday, June 4, 2013
Myth #2 If you have been SUED by a creditor it is TOO LATE to file for bankruptcy.
Myth #2: If you have
been SUED by a creditor it is TOO LATE to file for bankruptcy.
Truth: Bankruptcy
can stop a wage garnishment, foreclosure, sheriff sale and/or lawsuit through
the Automatic Stay under section 362 of the Bankruptcy Code . This Section of the Bankruptcy Code states
all creditors of a debtor to cease collection activities. There is little
exception to this section of law. In
most cases it stops a lawsuit or judgment collection in its tracks.
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