Illinois Chapter 7 Liquidation Lawyer Helping You Rebuild Your Credit
Often, the biggest roadblock individuals face in becoming debt free is the concern filing bankruptcy will ruin their credit score after bankruptcy. In reality, if you are overwhelmed with unmanageable levels of debts, financial institutions are unlikely to lend you any money based on your low credit rating. Filing for bankruptcy is first step towards rebuilding your credit.
Peoria bankruptcy attorney Charles Covey has more than 30 years of experience helping clients just like you become debt free. He is committed to guiding you through the bankruptcy process, while addressing any of your concerns over the impact a bankruptcy could have on your credit score.
At the law office of Charles E. Covey, Attorney at Law, we understand the potential challenges you face as you consider rebuilding your credit . Attorney Covey will apply his years of experience and legal skills to help you obtain a fresh start. Contact our law firm today to discuss your financial situation with a highly skilled bankruptcy attorney.
Consider Filing Bankruptcy to Rebuild Your Credit
Filing for bankruptcy is just one factor involved in determining your credit score. A credit score is based on more than 100 factors, including timely payments, the number of unsecured debts you have and any judgments on your record.
Chapter 7 and Chapter 13 bankruptcy will help eliminate negative factors on your credit. In return, your credit will begin to improve. For example, when you establish a repayment plan or discharge your assets, you will gain the financial freedom to begin making payments on time for your secured debts. Simultaneously, any judgments against you will be eliminated from your record. These important steps will help your credit score begin to bounce back.
Addressing Your Credit Score Concerns
At the law office of Charles E. Covey, Attorney at Law , we want to make the bankruptcy process as smooth as possible without any surprises. Attorney Covey will work with you to make sure you understand that filing for Chapter 7 bankruptcy will affect your credit rating for 10 years, while Chapter 13 bankruptcy will influence your credit score for seven years.
However, filing for bankruptcy will not ruin your credit, since it will account for about 35 percent of your total credit score. Instead, filing for bankruptcy will help you begin to gain credibility again with lenders. We recommend starting a saving plan at a credit union or at a local bank. After a period of time, this will show creditors that you are in a stable position to qualify for a credit card and being making payments on time.
You will be required to complete a consumer credit counseling course before and after you file bankruptcy. This can be a valuable way to start making smart financial decisions in an effort to help you rebuild your credit.
Contact our law firm today for a free initial consultation with an experienced Chapter 7 and Chapter 13 bankruptcy filing attorney. From our law office in Peoria, Illinois, we are committed to helping you gain a fresh start.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
