A Durham County Attorney Can Advise You Regarding Credit Repair
While filing bankruptcy will be reported on your credit report and will have an initial negative effect on your credit score, a bankruptcy discharge may be the starting point for rebuilding your credit. A bankruptcy discharge will eliminate your legal liability for most and, in some cases, all of the debt you owe at the time you file your case. If you act responsibly in paying your bills and any remaining debts you owe, such as a car payment, after you receive your discharge, you can begin to demonstrate to potential lenders that your bankruptcy gave you the fresh financial start you needed, allowing you to begin re-establishing good credit.
Attorney Terry D. Fisher has spent more than 25 years practicing before the bankruptcy courts in Durham and the surrounding area. He is committed to providing comprehensive representation that is personalized to your unique situation. Speak to North Carolina bankruptcy lawyer Terry D. Fisher today in a free initial consultation.
Take Steps to Repair Your Credit Immediately
Many people in our society are very concerned about their credit ratings, from young individuals to older citizens handling their retirement accounts. We want to know what our credit score is and whether that score is high enough to get loans for cars, homes and other purposes. There is sometimes great anxiety among people filing for bankruptcy, as they believe they will never be able to rebuild their credit. This anxiety, while understandable, may be overcome if the potential bankruptcy debtor understands that filing for bankruptcy can actually be the first step toward restoring an acceptable credit score.
A bankruptcy does stay on your credit report for 10 years. However, you may be able to restore your credit in a few short years. Responsible action on the part of a discharged bankruptcy debtor by paying remaining debts and bills that were not discharged in a timely manner may allow them to obtain a credit card or loan from a bank within a reasonable time after successfully completing a Chapter 7 or Chapter 13 bankruptcy. You may be required to pay a high interest rate, and you may initially have low credit amounts, but it is still credit. If you use your credit wisely and make payments on time, you can begin to improve your credit score.
Credit repair takes dedication and responsibility. As part of the bankruptcy process in either Chapter 7 to Chapter 13, you will take a mandatory financial management class that gives you tools to make better financial decisions in the future. In Chapter 7 cases, this class is usually taken online and requires about two hours to complete. In Chapter 13 cases, the class is provided through the office of the Chapter 13 trustee and takes approximately three hours to complete. Both classes offer strategies to avoid financial problems in the future and to begin rebuilding your credit score.
When a potential client contacts me looking for answers to their debt problems, their appointments and consultations, including the free initial consultation, are with me personally - not a paralegal or legal assistant. From the beginning to the end of a Chapter 7 or Chapter 13 bankruptcy case, I am there to see my clients through to real debt relief. — Terry D. Fisher
Credit Counseling May Help You Understand the Big Picture
Credit counseling is a required step for all bankruptcy filers. However, you should not see this as an impediment to the bankruptcy process. Instead, see it as your opportunity to become a better manager of your finances. From balancing your checkbook to setting aside savings, credit counseling can help provide you with the foundation you need in your fresh financial start.
Contact a Durham County Bankruptcy Lawyer To End Collection Agency Harassment
If you are considering filing bankruptcy, or if you want to have a good understanding of bankruptcy and rebuilding your credit after bankruptcy ending harassment by creditors and collection agencies, contact Terry D. Fisher today at his North Carolina law firm.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
