|Pennsylvania Bankruptcy - Potter County, McKean County, and Tioga County
Rebuilding Your Credit and Moving On
Many people avoid declaring bankruptcy even when it provides the help and debt relief that they need simply because they are paralyzed by fear regarding the future. Will I ever be able to take out a loan? Can I purchase a car. Will I ever be able to own a home. There is a lot of intentionally misleading information out there designed to steer you away from filing for a bankruptcy put out by creditors who do not want you to enjoy bankruptcy protection and by debt consolidation companies that want to make money off of you as long as they can. Don’t believe the hype. Here are some facts about Bankrutpcy:
Rebuilding Credit: Yes, you can put the pieces back together again. Bankruptcy includes mandatory education that will show you how to avoid problems in the future and to rebuild your credit. Here are some additional tips: Know your credit score and check it periodically to mark your progress and confront any mistakes as soon as possible. Apply for a secured credit card and keep up with the payments so you can establish a positive credit history. We generally see people restored to decent credit within 18-24 months of filing for a Chapter 7.
Lifestyle Adjustments: Following your bankruptcy, it’s a good idea to take precautions against any situations that could result in more overwhelming debt. Do your best to adopt a lifestyle that is both enjoyable and affordable. Building up your savings account will be helpful as it provides you with a financial cushion if you get an unexpected bill. Pay your debts, pay your bills, and focus on moving forward.
If you are considering filing for bankruptcy, call Ross & Ross at (814) 274-8612 to let us help you.
* Federal law requires the following disclosure: We are a debt relief agency helping people file for relief through bankruptcy under the bankruptcy code.
** There are other types of bankruptcies. Chapter 11 is for businesses and Chapter 12 applies to farms.
***Legal Disclaimer: The contents of this site are for informational purposes only and do not constitute legal advice. No lawyer-client relationship exists until one of our attorneys meets with you and agrees to accept you as a client.