Bankruptcy is definitely a major decision that people make. They usually come to terms with bankruptcy once all other options have failed. Bankruptcy filings happen very often and a chapter 13 bankruptcy attorney indianapolis in can help you along the way. You may need to dig a little, but eventually your credit will have improved. Depending on the amount of damage you did to your credit, repairing it may take a bit longer than expected. It may take 1-2 years to begin seeing substantial results.Re-Building Credit
Financial recovery involved re-building your credit. You can start off very slowly, careful not to hit the same hurdles that you have in the past. The last thing you want to do is go down the same road that led you to filing for bankruptcy to begin with. Start off with just one credit card. Some banks will approve you soon after a bankruptcy has been discharged. You don’t have to settle for a secured credit card. There are a lot of credit cards out there specifically designed to help people post bankruptcy. Just be aware of the high interest rates associated with these credit cards. Bankruptcy law doesn’t allow you to file again for another 8 years. This is what you want to try and avoid at all costs.
Avoid Immoral Lenders/Programs
Creditors know how vulnerable you can be post bankruptcy. There are lenders out there that target people after bankruptcy. Payday loans are a great example. These are things you want to avoid. They are designed to get you in the hole again unless you really need them. They promise to give you what you ask for but with a big price to pay. The interest rates tend to be some of the highest around. Credit repair programs will also target you. They will promise you that they can repair your credit and remove unwanted items from your credit report. These are programs that you shouldn’t fall for because they aren’t honest. You should give yourself a few months when you better your chances of being approved for an unsecured credit card.
A bankruptcy lawyer can help you if you are looking for a way to get out of debt. Please visit https://www.fairfeelegalservices.com/ if you are looking for a way to get out of debt. Bankruptcy law gives you the option of filing for either chapter 7 or chapter 13 bankruptcy. You will be on the road of having a fresh start free of debt.