You can bounce back from bankruptcy way more quickly than you think. For instance, debtors who file bankruptcy can qualify for an FHA loan in as few as two years, or a conventional loan four years after filing.
What about credit scores? They can and frequently do go up right after filing.
Bankruptcy can help repair credit faster than trying to chip away at debt with predatory interest rates or judgments that last for 20 years. Most people that we talk with, if they decide to file, they usually wished they’d pulled the trigger and gotten that “fresh start” years before.
Bankruptcy is a tool that many people want to avoid if possible, but we’re here to say that it isn’t the permanent black mark that people claim. It does stay on your credit report for 7-10 years, but it doesn’t mean that your credit is a black hole for that length of time. Most people obtain credit for all kinds of things during that time – and for very reasonable rates.
If you have questions about how your situation could be improved by a bankruptcy, please reach out for a free consultation (we’re in the Tampa Bay area – which covers several counties around Tampa).