One of the most common questions about
filing for bankruptcy is whether or not filing for bankruptcy destroys credit. In all honesty,
if you are at the point where you are considering filing for bankruptcy,
your credit has more than likely already suffered some damage. When an
individual is unable to maintain his or her financial obligations to banks,
credit card companies, leasing agents, mortgage companies, medical groups
and other creditors, it has direct impact on a credit score. Late payments,
delinquencies and a failure to fulfill your financial commitments will
cause your credit score to plummet.
If your car has been repossessed, or your home has gone into
foreclosure, it will be reflected on your credit report. Filing for bankruptcy is
a way in which you can put an end to the financial difficulties you have
been experiencing, start fresh and begin the process of rebuilding your
credit. In a situation in which your credit has been significantly damaged,
the best chance you may have of restoring your credit could be to file
for bankruptcy. The unsecured consumer debt you had will be discharged in
Chapter 7 – and will no longer be due, and will never bother you again. Once
your bankruptcy is complete, and you have finished the mandatory financial
management class with your debts discharged, there are key steps you can
take that will help you reestablish your credit and get your ability to
take a loan restored.
If you feel that bankruptcy may be the best solution to your financial
problems, it is in your best interests to immediately contact a skilled
bankruptcy lawyer. The lawyers at
Hensel Law Office, PLLC have successfully guided many, many people through the bankruptcy process.
They have years of experience with various forms of bankruptcy, and can
help you to get the benefits of a fresh start. When you retain legal counsel
from a Michigan bankruptcy lawyer at the firm, you can rest assured that
you will be given high-quality legal representation and sound advice you
can use to help free yourself of crushing debt so that you can begin rebuilding
your credit. To get started,
contact the firm today.