Roseville Bankruptcy: Rebuilding Credit

Our Roseville clients have reported fearing an unfortunate stigma from filing bankruptcy before they actually go through the process.  After filing, however, many are surprised to learn that their fear was unfounded.  With over a million filings each year, bankruptcy has become common-place and much less stigmatizing.  Even options for credit post-bankruptcy have improved.  In fact, it is easier to re-establish credit post-bankruptcy than ever before.  Even though the bankruptcy itself will stay on your credit for ten years, you can immediately begin to establish a positive credit history.

Lenders are most commonly interested in your ability to repay.  To determine this they mainly look at your debt-income ratio which compares your income to your outstanding debt.  Before bankruptcy, with more debt than you are able to pay, your debt-income ratio will make obtaining credit expensive or impossible.  Though bankruptcy is a negative in the short run, if you are forever unable to lower your debt-income ratio your difficulties with obtaining credit can continue in perpetuity.

Many of our Roseville clients have been pleasantly surprised at how fast they are able to purchase a vehicle after a bankruptcy.  Often, immediately after discharge, they are able to get financing by paying just a percentage point or two more than someone with flawless credit.  Within a year or two, financing a home becomes an option assuming you have behaved responsibly post-bankruptcy by making payments on time and controlling the amount of debt you have.  Perhaps too soon credit card offers will begin to arrive in the mail.  Sagaria Law’s concern for our clients doesn’t end with the bankruptcy filing but continues as our clients go down the road to financial stability.  Call today to schedule an appointment with one of Sagaria Law of Roseville’s bankruptcy attorneys to educate yourself on your options and start down the path to financial security.

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