Las Vegas Chapter 7 and Chapter 13 Bankruptcy Lawyer
Although a successful bankruptcy filing can reduce a great deal of stress in your life and stop creditors from calling and writing, many of our Chapter 7 and 13 bankruptcy clients worry about the long-term effects of a bankruptcy. They are concerned if they can ever finance a mortgage or car or even qualify for a credit card again. In the vast majority of cases, people are able to rebuild their credit in a matter of a few years if they are careful about avoiding debt and repeating the same mistakes that led them to bankruptcy in the first place. The most important thing, however, is to realize millions of people and numerous businesses and corporations have to file for bankruptcy every year. While filing for bankruptcy should definitely give us pause to reflect on how we ended up in debt, it’s unnecessary and counter-productive to beat yourself up over falling into debt.
Can I ever get Credit Card or take out a Loan Again?
If you think that you will not be able to buy anything on credit or a loan over the next ten years, you are mistaken. Being diligent and proactive is the key to rebuilding your credit score. You can very likely secure a credit card with a small limit. Although high in their interest rates, car loans are easier to secure.
By making regular payments on these loans, you can rebuild your credit score over time. It will not happen overnight and there are no tricks involved. A steadily growing record of regular payments over time will restore your credit to higher levels than before you filed for bankruptcy.
A Chapter 7 and 13 bankruptcy attorney at Advanced Litigation Services, we let our clients know that indeed there is life after bankruptcy. If creditors continue to call, provide them with my name and telephone number. That should stop the communications. If they refuse, they could be subject to contempt charges.
Chapter 7 and 13 bankruptcy is not the end of securing credit or loans. While the filing makes things more challenging, you do have the opportunity to rebuild your credit and prove that you will not make the same mistakes again.