Not the End — A Beginning
One of the most common questions that Patrick Cordero is asked is, “what will happen to my credit after I file for bankruptcy?”
A common myth is that filing for bankruptcy leaves individuals and families unable to have any hope of attaining future credit. We know that even the most responsible consumers need credit every day, whether to buy a home, a car or even a birthday present. Credit is a key part of the economy of this country and South Florida, and many people think that filing for bankruptcy is the final option that will leave them forever unable to repair their credit.
In fact, our attorneys have consulted with clients and advised them about how to obtain credit after filing for bankruptcy. Most of our clients are able to get new credit a year or two after filing for bankruptcy.
At the Miami Law Offices of Patrick L. Cordero, PA we want you to be fully informed about your rights and options under bankruptcy law. We have helped thousands of clients and we can help you put yourself in a situation where discharging or restructuring your debt today doesn't put you at a disadvantage in the future.
Life After Bankruptcy
It may seem incredible to think that a bank might want to extend lines of credit to a person who has filed for bankruptcy, but in fact you may actually be seen as a better credit risk than many others. There are a number of reasons:
- By the nature of bankruptcy, banks and credit card companies realize that you will have less debt or no debt whatsoever.
- With less debt as a result of bankruptcy protection, you are probably in a better position to make new payments.
- After filing for bankruptcy, you may not do so again for eight years, meaning that your credit is actually more secure.
- Many people who file for bankruptcy become better managers of their finances as a result.
Whether you file for Chapter 7 or Chapter 13 protection, you can take steps in your life after bankruptcy to improve your credit rating and put yourself in a position to rebuild your credit. Within a few years of responsible payments, you may even be able to reduce interest rates and find yourself with normal credit.
Understand Your Options
Contact our lawyers to discuss your options, opportunities and your life after bankruptcy. We have built a 19 year reputation for serving the people of Miami and South Florida with an emphasis on experienced representation and personal service. Take advantage of our free initial consultation — call us today at 305-445-4855 or toll-free at 1-888-Free-799 or contact us online. We also assist Spanish speaking clients.
