San Jose Bankruptcy: Rebuilding Credit

A concern that we hear from our San Jose clients a lot is the stigma attached to bankruptcy. You need to be educated on the subject of Chapter 7 or 13 bankruptcy before dismissing it as an option. The stigma against debtors has greatly diminished over the last 20 years, and there is no indication that debtors will be treated less favorably in the future. In fact, the ability to reestablish your credit after Chapter 7 or 13 bankruptcy is better than it has ever been before. Chapter 7 or 13 Bankruptcy can remain on your credit report for up to 10 years, but you can start reestablishing your credit immediately.

Many lenders determine whether or not to lend you money by examining your debt to income ratio; how much outstanding debt you have compared to your income. Remember that the reason that your credit is poor right now is because you have so much outstanding debt.

Many of our San Jose clients are purchase a vehicle on financing the day they receive their bankruptcy discharge. Sometimes you will pay a percentage point or two higher than a person with unblemished credit, but ask yourself how low of an interest rate would you be able to get in your present situation. You should be able to finance a home within two years after receiving a bankruptcy discharge, as long as you can provide a minimum down payment and show the ability to make the monthly mortgage payment. Many consumer debtors receive credit card solicitations within months of receiving a bankruptcy discharge. Once you are a Sagaria Law client, you are a client for life. We will not abandon our clients once they have received their discharge from the court. This is part of our commitment to you to provide quality legal representation for a fair fee. Talk to one of Sagaria Law’s San Jose bankruptcy attorneys to make sure what you are hearing is the truth and to get you back on track.

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