Rebuilding Credit After Bankruptcy
GETTING BACK TO 720: REBUILDING YOUR CREDIT AFTER BANKRUPTCY
Are you having trouble making your bill payments on time each month? Have you been threatened with repossession of your car or foreclosure on your home? If so, you’re in good company. In these tough economic times, more and more Americans are struggling to make ends meet. Many people facing financial hardship are concerned about how bankruptcy might affect their credit score. The good news is that it is possible to rebuild your credit following bankruptcy.
At the offices of Redman Ludwig, P.C., in Indianapolis, IN, our personal bankruptcy attorneys are committed to getting you back on track to a brighter financial future. In addition to helping you file for bankruptcy, we’ll work with you to develop a game plan to raise your credit score as quickly as possible following your bankruptcy filing. We offer an optional program that can return you to good credit in as little as 18-24 months.
What Happens to my Credit Score after Bankruptcy?
Filing for bankruptcy may bring your credit score to an all-time low, and a bankruptcy can remain on your credit report for up to ten years. However, many people find that after bankruptcy it is much easier for them to stay on top of their monthly payments, and by following through with the terms of your bankruptcy filing, you can begin rebuilding your credit immediately.
In Chapter 7 bankruptcy, your non-exempt assets are liquidated to pay off your debts, usually at a greatly reduced balance. By following through with your Chapter 7 bankruptcy filing, your debts are brought current and you can start fresh now that your monthly payments have been reduced or eliminated altogether.
In Chapter 13 bankruptcy, your debts will be consolidated into a bankruptcy trust and you and your bankruptcy lawyer will devise a plan to pay a portion of those eligible debts. By making your monthly payments toward your bankruptcy trust on time each month, you’ll be improving your credit score. Upon successful completion of your payment plan, the remaining debts will be discharged, meaning you won’t be required to pay them.
Contact an Indianapolis Bankruptcy Lawyer Today
At Redman Ludwig, P.C., our experienced bankruptcy attorneys do more than just help you file for bankruptcy. We are committed to getting you back on track toward your future financial goals. Our bankruptcy lawyers will help you devise a plan to raise your credit score after bankruptcy, giving you a fresh start. Contact our Indianapolis, IN office today at 317-800-6181.
Our experienced Central Indiana bankruptcy attorneys serve clients in Indianapolis, Carmel, Noblesville, Westfield, Greenfield, Terre Haute, Muncie, Fishers, Richmond, Lawrence, Beech Grove, Richmond, Bloomington, Shelbyville, Greenwood, Franklin, Edinburgh, Plainfield, Lebanon, Zionsville, Brownsburg, Avon, Danville, Lafayette, Kokomo, Columbus, and other communities throughout Marion, Tippecanoe, Hamilton, Hancock, Boone, Shelby, Johnson, Morgan, Hendricks, Wayne, Vigo, Madison, Bartholomew, Delaware, Monroe, Howard, Clay, Putnam, Owen, Randolph, Rush, Green, Montgomery, Clinton and Henry Counties.