Filing for Bankruptcy Can Actually Improve Credit for Atlanta Consumers
Talk about a Catch 22.
One of the most common reasons folks don't file for bankruptcy is the fear that it will ruin their credit, according to Atlanta bankruptcy attorneys. But in many cases, bankruptcy is the one and only way to save your credit score.
Let's say you've missed mortgage payments and other bills, borrowed from friends and family to make ends meet or garnished part of your paycheck to the bank. The truth is, your credit is already shot. If you've hit rock bottom, you've got nowhere to go but up. And if you give it a chance, bankruptcy can help you climb out of that hole.
Look, we all know what to do to make our credit better. We need to start paying the bills on time, stop maxing out our cards and begin to lower our debt so that we have more financial flexibility in the future. But knowing what we need to do and actually doing it are two entirely different things.
Bankruptcy is there for when we need a little outside help to get the ball rolling, if you will. Are your debts so large that you can't afford to pay more the minimum each month - or anything at all? Filing for bankruptcy can provide you with a payment plan that you can manage, so you can stop making excuses and actually lower your debt. In the process, you'll be legally protected from foreclosure and other creditor actions.
Once you're on the path to financial freedom, your credit will start to repair itself. Sure, lenders will be able to see that you filed for bankruptcy for the next several years. But that isn't necessarily the bad thing it's made out to be. In fact, many DebtStoppers clients have received loans shortly after filing for bankruptcy.
A bank doesn't care what you do personally - all they care about is risk. When you're obviously not paying your bills and relying heavily on credit, you have risk written all over you. But when you have zero debt and a history of on-time payments - as you'll have after completing bankruptcy -- you start looking like a better investment.
Why stay in debt and continue allowing your credit to spiral downward? Find out for free if bankruptcy could be the answer to your credit woes when you sign up for a one-on-one debt analysis courtesy of an Atlanta bankruptcy attorney. All you've got to lose is that bad credit history.