A New Beginning
Bankruptcy: A New Beginning
Bankruptcy is a New Beginning for your financial life! We have seen this over and over through our clients. The common myth people hear about filing bankruptcy is that they will never be able to purchase a house, car or anything else using credit again..
It’s simply not true! That’s why you often here the phrase “fresh start” when attorneys talk about filing bankruptcy..
(See our blog post: It’s the New Year. Get a Fresh Start!)
For one thing, as soon as you file Chapter 7 bankruptcy or Chapter 13 bankruptcy, you start rebuilding credit immediately. There is no more negative reporting to your credit bureaus, and when your bankruptcy is complete, your debts will be completely wiped out (or, as we call it, “discharged”). The discharge of your debts will be reflected on your credit reports and your accounts will show a $0 balance..
(See These Three Simple Steps Can Take You from Bankruptcy to Financial Freedom.)
You can then begin to rebuild your credit. You can apply for credit cards, car loans, etc.. There are no legally required waiting periods with the exception of FHA Home Loans, which will not be approved until two years has passed since the filing of a Chapter 7..
But before you go out racking up new debt in effort to rebuild your credit, we want to help you to make sure you have everything you need to be successful and in control of your new financial life. That’s why we offer our clients a Rebuilding session..
What our rebuilding sessions offer:.
We want to make sure you get the most out of your Chapter 7 or Chapter 13 bankruptcy. This means that we make sure you are poised to start rebuilding your credit right away. In our rebuilding session we:.
- Go over your credit report and make sure it is accurate. If there are any mistakes, we can take care of that for you, or
- we can show you exactly how to do it!
- We will teach you how to make a realistic budget, tackle any remaining debt and keep up with bills.
Good credit is one way to increase your credit score. We can show you the differences between good and bad debt, give you tips on how to get the best loans, and counsel you on how to deal with debt incurred after the bankruptcy.
We want our clients to take advantage of all we have to offer!
When you hire Wasson & Thornhill, you are arming yourself with the knowledge you need to truly get a fresh start and rebuild your credit after bankruptcy.
(Check out: Filing Chapter 7—Get a Fresh Start Leaving You with No Debts and Discharge of Debts under Chapter 13.)
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