If a borrower can scarcely make the minimum payment on their credit cards, or if they’re continually a week or two behind on all their bills, filing for bankruptcy can provide them with the debt relief they need to regain their financial footing. Although discharging some types of debt with the help of a lawyer isn’t the right decision for everyone, it can be beneficial for many people who can’t seem to make ends meet. To find out more about the bankruptcy filing process and its repercussions, consult a Cheap Bankruptcy Attorney In Puyallup Wa. Here, debtors can learn what to expect after filing.
The Immediate Effects of Filing for Bankruptcy
If a person declares bankruptcy, it will show up on their credit report and it will adversely affect their score. However, if they’ve already made a few late payments and they’re in over their head, it’s highly likely that their credit score has already decreased substantially. Every missed or late debt payment will drive a person’s credit score down. Filing for bankruptcy can help a client improve their credit score over time because it will eliminate the debts they can’t afford to pay each month. With a discharge, a debtor can keep those late payments from doing any more harm to their credit rating.
The Cumulative Effects on a Debtor’s Credit Score
Generally speaking, a Chapter 7 bankruptcy stays on a person’s credit report for ten years after the filing date. However, most clients who have bankruptcies on their record can get new credit lines within two or three years by making better financial choices. Chapter 13 bankruptcies typically stay on the client’s credit history for seven years after the filing date. If a person is concerned about fixing their credit after discharging debts through bankruptcy, a Cheap Bankruptcy Attorney In Puyallup Wa can provide case-specific advice.
Make an Appointment Today
If a debtor is contemplating a bankruptcy filing, they can turn to a local attorney for help. Visit the website to learn more about the financial services the firm provides, or call today to schedule a preliminary consultation with a bankruptcy lawyer in Puyallup.
