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Will Bankruptcy Ruin My Credit Forever?

Will Bankruptcy Ruin My Credit Forever? A major concern for someone considering bankruptcy is the worry over whether or not it will ruin their credit forever. When you file for bankruptcy, you essentially put a line in the sand and let your creditors know that you are in over your head and you cannot reasonably pay the debt off. In some cases you may liquidate your assets to settle the debt and in others the courts may rule that your debt must be discharged.When your debt is discharged, your credit report will show a 'removed in bankruptcy’ indication instead of showing debts owed. This indicator usually stays on your report for seven to ten years, and then is automatically removed. As soon as two years after bankruptcy you may be approved for a home loan. You may consider applying for a secured credit card which relies on a downpayment from you to establish a credit line. Much of rebuilding your credit relies on not repeating the same mistakes you did prior to your bankruptcy. Choosing this path does not create an immediate clean slate but it does give you a chance to get out from under the crushing weight of debt beyond what you have the resources to ever pay off.Call The Law Center PC today at 303-991-5200 to schedule your free consultation with one of our debt relief experts, and find out if bankruptcy is the right choice for you! : The Law Center PC

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The Law Center P.C.

One of Colorado’s premier one-stop legal firms for major life transitions.

  • Robert B. Wareham Esq.

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