Many people are afraid to file for bankruptcy because they feel it may ruin their chances to get a loan in the future. The reality is that if you are behind in payments or have judgments hanging over you, your current credit score is probably too low to get a loan. Ironically enough, filing for bankruptcy can be the best thing you can do for your credit.
When you file for a Chapter 7 bankruptcy in San Antonio, most if not all of your debts will be discharged. You will no longer owe payments on old debts.
For more specific information on a Chapter 7 bankruptcy, a San Antonio bankruptcy lawyer can answer questions such as:
How long will a bankruptcy stay on my credit report? While a bankruptcy can stay on your credit report up to 10 years, most lenders only look at the last 2-3 years on your credit report.
Will a bankruptcy keep me from getting a loan? The more important issue should be to work towards improving your credit after you file for bankruptcy. If you can show a lender that you can afford to buy something and have a good credit report you will probably get the loan.
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About Nachawati Law Group
Nachawati Law Group represents parties in mass tort litigation, businesses and governmental entities in contingent litigation, and individuals in complex personal injury litigation. For more information, visit contact or call 214-890-0711.
