Allmand & Lee are Bankruptcy Attorneys who specialize in consumer bankruptcy and offer dallas bankruptcy services that help good people through one of the toughest times in their life. For more information please visit us at http://www.allmandandlee.com/
You may have filed for bankruptcy or are thinking about filing for bankruptcy, and are worried that it will haunt you forever.
Rather than focus on the perceived negative aspects, you should concentrate on the positive ones.
Bankruptcy Will Not Stay With You Forever
While it is true that bankruptcy will stay on your credit record for a period of 10 years after you have filed, you will still be able to increase your credit rating if you manage to clear all your debts.
Do not be worried about your credit rating when you file for bankruptcy. Chances are that it is in a bad state anyway, as you would have already been late on or defaulting in your payments.
Your credit rating will have reached its lowest point by the time you file for bankruptcy. After the filing, you will be able to concentrate on raising your rating again by making prompt payments in the future.
You Can Still Get a Loan after Filing for Bankruptcy
If you have maintained your new repayment schedule after filing for bankruptcy under chapter 13, then you can probably get a loan within a period of 2 years.
You will also be eligible for a secured credit card, where you might have to put up collateral equal to the amount of credit that you will be given.
As time passes by and your credit rating improves, you will be able to get a regular, unsecured card. The interest rates that you will be eligible for will probably start coming down as well, as you will be viewed as a better credit risk.
Keep in mind that if you file for bankruptcy for a second time within a span of a couple of years, it will definitely send up a red flag to potential lenders.
Bankruptcy Can Give You another Way to Repay Your Debt
Instead of thinking that your bankruptcy will haunt you forever, look at it as another way of getting another chance to repay your old debts in a much less stressful way.
This can slowly restore your confidence and self-esteem. Your lenders will also be appreciative if you stick to your repayment schedule. So stay mentally strong and control your finances, and give top priority to clearing off your old debts first.
Try to analyze the problems that caused you to file for bankruptcy and avoid falling into the same trap again. Keep an eye on your credit rating and get updated reports from the credit bureau regularly.
Keep Your Chin Up
Don't let filing for bankruptcy get you down. Treat it as a challenge, which will enable you to emerge as a stronger person.
Bankruptcy can be very testing financially and mentally. You should be prepared for a rough ride, but only for a limited period of time. Once your finances are in better shape and you have set a new level of control, then that period will soon be just a faded memory.
Remember that a bankruptcy will stay only for 10 years against your credit record. If you stick to your financial recovery plan, then you will be back on your feet in no time!
- Related Videos
- Related Articles
- Ask / Related Q&A
- The Importance of a Good Bankruptcy Attorney
- Finding A Competent Bankruptcy Attorney
- Bankruptcy Attorney - Professional Help In Bankruptcy Proceedings
- Loan Modification Attorneys - For Some, The Only Way To Get Approved
- Understanding Minnesota Bankruptcy and Hiring Minnesota Bankruptcy Attorney
- Best Bankruptcy Attorney
- How To Determine The Best And Reliable Bankruptcy Attorney
- Don’t Lose Your Home! Contact a Bankruptcy Attorney Today!
Making More Money With EBay
By: Brock Hamilton | 12/11/2009One of the biggest websites to ever hit the market is eBay. The website is filled with millions of people selling little treasures - it might be the grandest auction to ever exist! To many people, besides the joy of buying something, there of course is a competitive...
Reasons Why You Need to Do an Identity Theft Check
By: Tony Francis | 12/11/2009Identity theft is one of the continuously growing crimes in today's society. In America alone, the 2008 statistics has shown that over ten million people have experienced a certain form of identity theft, making it more possible that it will hit you. This is why you should do a routine...
3 month payday loans: easy access to cash before payday
By: Gregg Hall | 12/11/20093 months payday loans are easy loans as they can be easily availed through online services.
Understanding the Risks of Identity Theft
By: Tony Francis | 12/11/2009You must already know at this point what identity theft is. Basically the crime where someone steals your personal information and then proceeds to assume your identity to use it for a good number of things, identity theft is really one of the scariest things that can happen in a...
Credit Identity Theft - How to Avoid It
By: Tony Francis | 12/11/2009Credit identity theft may be the most common form of all the categories of identity theft. Apart from the fact that it is the easiest to pull off - all one needs is another person's personal information, a lax credit card company, and the guts to pretend to be somebody...
How Short Sell Works
By: Daniel Rogger | 12/11/2009Getting through Your Short Sell Process A short sell is a property sale where, to avoid a foreclosure, both the first purchaser and the bank agree to sell the property for under the value of the mortgage on it. It's the art of compromise with houses and multi-figure buck amounts. A short sell is generally the last option before a full on foreclosure. A short sell, or short refi, has a number of requirements before it can be consummated. The first is that the home owner w...
An Overview on the Egyptian banking industry
By: Bharat Book Bureau | 12/11/2009Bharatbook.com included a new report on "Egypt Banking Sector Analysis" which provides the factors affecting the growth of Egyptian banking industry.
Trade Futures with CFDs
By: Serge Martin | 12/11/2009Futures trading involves people making contracts where the payments for the commodity involved are to be made in the future at a specific time. Usually, the buyer and seller know the value of the asset and both of them agree when the exchange is to be done. Futures trading with CFDs is where the buyer does not have to completely buy and own the commodity. This way, you do not have any rights over the shares or commodities for which you trade.
Your Bankruptcy Attorney - Guiding You through the Process
By: Eulalia Allmand | 13/06/2008 | FinanceHere is what your bankruptcy attorney will do once you have contacted them.
Should I File Chapter 13 Or 7 Bankruptcy?
By: Eulalia Allmand | 12/06/2008 | FinanceUsually (depending on the situation), individuals try to file for bankruptcy under Chapter 7 in order to get most of their outstanding debts discharged. The time taken to do this is also quite less as compared to filing under Chapter 13.
Stopping Foreclosure On Your Home
By: Eulalia Allmand | 25/04/2008 | FinanceA foreclosure on a mortgage is a legal step that a lender resorts to when a consumer cannot repay the mortgage loan. The lender forecloses on the property and puts it up for sale to recoup their investment.
Reestablishing Your Credit After Bankruptcy
By: Eulalia Allmand | 18/04/2008 | Financehen it comes to reestablishing your credit after a bankruptcy, the first thing that you must consider is how long you should wait. Not everyone's circumstances are the same; some will not have the extra income to take on debt, some will still be repaying old debt based on their Chapter 13 bankruptcy repayment schedule, and they will all have a different credit score.
Top Reasons That Drive People into Filing Bankruptcy
By: Eulalia Allmand | 10/04/2008 | FinanceFiling for bankruptcy can be a hard decision for most people to make; however, the circumstances surrounding their situation make it impossible for them to see any other way out. There are many reasons that normal trustworthy people, much like you and me, decide that filing for bankruptcy is their only option.