One of the more common reasons that many people do not take advantage of the benefits of bankruptcy is the fear that it will do irreparable harm to their credit score. This perception is not necessarily grounded in the realities of bankruptcy and how it really works out for people.
At Sacks & Sacks, P.A, our Jacksonville bankruptcy attorneys understand the concerns that people have about bankruptcy. We can dispel all of the myths and show you exactly how filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy can help you begin to rebuild your credit score.
Personal Bankruptcy Can Help Rebuild Your Credit Score
Many people have heard that a bankruptcy will stay on your credit report for 7 to 10 years. The truth is that even with a bankruptcy on your record often people can begin taking steps to rebuild their credit within 15 months of your discharge from bankruptcy. Often there are various creditors who are willing to extend credit to individuals in that situation.
The best way to rebuild your credit score is through the successful management of an active account. for many people their current credit accounts have become so bloated with high interest rates, late fees and other charges that there is no way to even keep up with the minimum payments.
Once those debts have been dealt with through bankruptcy, you can begin to focus your energies on rebuilding your credit score instead of trying to stay ahead of late fees and other penalties.
To learn more about the opportunity that bankruptcy offers in rebuilding your credit, call 904-396-5557 or simply contact us online to schedule your free initial consultation.