Is Bankruptcy Worth Damaging Your Credit Score?
Over the years, the credit system has become an essential part of our daily lives. From buying a home or car to the swipe of our AMEX card at the check-out lane, the foundation of most American household rests on borrowed funds. As such, having good credit is vital.
But unfortunately, the cycle of building credit can easily lead to crippling debt. Debt that can, in turn, hurt your credibility with lenders. Yet despite this, many still choose to suffer under the weight of financial stress instead of seeking relief. If this is you or a loved one, reach out to the Law Office of Shelly Kay Flot, PC, today. Whether your hesitation stems from the fear that bankruptcy can further damage your credit score, or you have other concerns, we can help.
Rebuilding Your Credibility
While it’s true that filing for bankruptcy will lower your credit score, it will not ruin it. In fact, what you may not know is that it is possible to begin rebuilding your credit almost immediately after bankruptcy.
To reestablish your credit, you can begin by:
- Getting a secured credit card
- Signing up for store credit cards
- Checking your credit reports regularly
- Taking out a small personal loan
- Opening a credit-builder account
Although bankruptcy can remain on your credit report for up to ten years, not filing can be worse. Not only are you left with debt you cannot pay, but your credit is also still affected. Through the process of bankruptcy, however, you and your loved ones can get a fresh start.
Don’t Wait, Get Relief Today
Don’t wait to begin the bankruptcy process, the sooner you start, the sooner the collection calls stop. Work with attorney Shelly Kay Flot to pursue the debt relief option that is best for you and yours today.