Get Out of Debt Through Bankruptcy
We have people come into our office frequently who need help stopping repossession of your home. Don’t waste time and energy trying to pay them. Just get the bankruptcy paid as quickly as you can, and this will allow you the ability to retain your options.
- Some auto dealers are friendly to those situations where bankruptcy has taken place recently. They are often willing to lend because they know you cannot file bankruptcy on their debt in the 8 years subsequent to filing to receive bankruptcy protection. There are also mortgage lenders like this; although these are more rare. If you do any kind of loan with these type of companies, be absolutely sure that you pay each and every payment on a monthly, timely basis every single time.
- Provide a personal statement on the your credit file with the 3 bureaus that offers an explanation into the reason you needed to file bankruptcy. By doing this, you offer a reason to make sure they don’t think that you did it just because you were careless. Include the actual steps that you have an continue to take in ensuring all payments on credit and debt will be paid on time moving forward.
- Maintain a low debt:income ratio. Keep the ratio of your debt against your income at a level of below 20% to be safe.
- Keep within your means. Pay with cash. Avoid becoming over extended.
- Be incredibly diligent, possibly even OCD about paying each and every single very last bill on time every month. If you cannot afford to pay it monthly, don’t get it.
The situation is such that most people who file bankruptcy will find that their opportunities for getting credit aren’t going to change much after they file. It is more important what you do after you file that will affect your ability to get credit in the future.