WILL I BE ABLE TO GET A CAR OR HOME LOAN AFTER MY CHAPTER 7 BANKRUPTCY DISCHARGE?

Many potential clients fear they will never be able to finance a car or home again after receiving their Chapter 7 discharge. There are others that mistakenly believe they must wait a decade or more before they can begin rebuilding their credit. In fact, you can begin establishing new credit immediately after receiving your discharge, including applying for car and home loans. Although you may face higher interest rates after having filed bankruptcy, these rates will improve with the passage of time and the establishment of positive credit history (e.g., making timely credit card payments for several months) after your Chapter 7 discharge. In fact, many of our clients have found that good credit practices (e.g., timely payments and maintaining low credit card balances) after their discharge, combined with the fresh start provided by Chapter 7, have allowed them to significantly improve their credit within a much shorter time than anticipated. If you are considering Chapter 7 bankruptcy and have questions regarding its impact on your future credit history, contact Douglasville Bankruptcy Lawyers at (770) 485-6620.