Many clients are worried about filing bankruptcy because they fear that it will negatively affect their credit. However, this is not true. Filing for bankruptcy does not mean you will never be able to obtain a mortgage or loan in the future. If you file for bankruptcy, it remains on your financial record for 7-10 years but it does not mean that your credit is ruined. In fact, your credit can often improve after filing bankruptcy because it starts to reduce your debt and your debt to income ratio will improve.
Additionally, filing bankruptcy means you are not eligible to file bankruptcy again for a number of years, which actually removes you as a credit risk. For these reasons, filing bankruptcy can be a great way to obtain a “fresh start.” If you have concerns about bankruptcy, you should contact an attorney right away so that we can explain the various bankruptcy options to you and clear up any misconceptions you may have.
Who Can Help?
If you have been afflicted with any financial problems and are wondering if bankruptcy is the right option for you, contact NNK at 972-939-4878 for a free consultation. Bankruptcy matters are complicated and can take up to a few months to resolve, so it is important to contact an attorney as soon as possible. At NNK, we are committed to helping your achieve financial freedom and gaining control over your life.