What happens to the credit score after bankruptcy? | Jeff Kelly Law

What happens to the credit score after bankruptcy?

What happens to your credit score after bankruptcy?  Am I doomed for many years?  What does my future look like?  Will I ever be able to buy a new car at a decent interest rate?  Will I ever be able to buy that house that I’ve always dreamed about?  Is my financial future ruined? As a bankruptcy attorney who has practiced in this area since 1998, I have heard questions like these hundreds of times.   

The answer might shock you.  Most people recover well within two years of filing Chapter 7 bankruptcy

The damage has already been done

Most potential clients I meet with have either stopped paying on their credit cards many months ago, had cars repossessed, been sued by creditors, had their wages garnished, and/or had their house foreclosed.  Any of these will put a major hit to your credit rating.  For most people considering bankruptcy, the damage to their credit report has already been done.   

Do you ever get a knot in your stomach when you think about your credit score?  Do you ever feel sick when you start thinking about all the debt that is hanging over you?  Chapter 7 might help make that pain go away.  The question is, how do we clean up the past and move forward? 

An effective way to clear the decks is to file bankruptcy.   

Step one is to stop the pressure from creditors.  Chapter 7 bankruptcy stops the collection calls, harassing letters, the lawsuits and the garnishments.   

The second important benefit of bankruptcy is that we can eliminate the underlying debts that are causing the problems.  We can get rid of those nagging past due accounts that have been hanging over your head for years and get you a fresh start.     

This is the point where most bankruptcy attorneys leave it.  Get rid of your debt and move on.  The problem with leaving it there, is what assurance do you have that history will not repeat itself? 

We are different from other law firms

We take it one step further.  My friend Don Golden started a company called Fresh Start for Life to help people rebuild their credit after filing bankruptcy.  Don expresses confidence that most working people can achieve a 720 credit score within 12-24 months of filing Chapter 7 bankruptcy.   

I have a bulk rate deal with Fresh Start for Life so that all my bankruptcy clients get to take this course without having to pay one extra dime.  It is part of the package. 

If you don’t take the right steps to rebuild your credit, you could end up with new high interest loans that could put you right back into another situation where you need bankruptcy again in the future.  Fresh Start for Life will teach you how to avoid the pitfalls. 

When do you start Fresh Start for life?

As soon as your bankruptcy case is discharged, we will enroll you in the course.  

In the course, Fresh Start for Life will teach the fastest way to rebuild your credit after bankruptcy.  

Don promises to teach you how to  

– Make the credit card companies pay you to use their cards 
– Have money left in your pocket every month to buy the things you want 
– Grow your bank account from zero to 60k (or to whatever you need) 
– Find money to pay for emergencies like hot water heaters or car transmissions 
– Get the resources to take the vacations you’ve been dreaming about 

And so much more. 

If you have questions about filing bankruptcy or would just like to move forward, please call me today at 770-881-8449.