A common concern for many people going through bankruptcy is whether they will be able to reestablish their credit after the bankruptcy process has concluded. While this may seem like a dangerous thing for someone coming out of bankruptcy, debt is a practical part of modern life that many people simply cannot afford to go without. It is important to know that a person will still have options, even after bankruptcy.
If your finances have reached their breaking point and you need help moving towards a fresh start, you may want to consider bankruptcy. Contact the Birmingham bankruptcy lawyers of [firm-name], at [phone-number] today to discuss the possible benefits of a bankruptcy filing in your particular situation.
A debtor heading into bankruptcy should try to remember these three things about credit:
A debtor has the option of affirming a credit card’s line of credit during their bankruptcy. This means that the debtor accepts responsibility for paying the debt, and it will not be discharged with other debts through bankruptcy.
It is a simple fact of bankruptcy that many banks will not allow debtors going through bankruptcy to apply for certain credit cards. A debtor needs to stay optimistic, but also should keep in mind the reality that most banks are unlikely to grant desirable credit opportunities to those with a bankruptcy on their record.
Although many banks will refuse bankrupt individuals from getting cards with large credit lines, they will not necessarily stop a debtor from getting a line of credit altogether. Some banks offer credit opportunities for those with weak credit scores, although these cards may have high interest rates and a low credit ceiling.
If you have been struggling to keep pace with your financial obligations, it may be advisable to consult with a skilled and experienced attorney. Contact the Birmingham bankruptcy attorneys of [firm-name], by calling [phone-number] today.