By: Darrell Castle
People worry about what a bankruptcy will do to their credit score.
And rightfully so. Your credit score is important and maintaining a good one can save you a lot of money and frustration in the future.
Just like a bankruptcy, a foreclosure will appear on your credit report. And the foreclosure will probably have negative effects. But the truth is, your credit score probably wasn’t very good already.
What’s one of the main ingredients in a credit score? On-time payments.
And what’s one of the main ingredients in a foreclosure? Missed mortgage payments.
Therefore, if you’re facing a foreclosure, then you’ve missed your mortgage payments, meaning your credit score probably isn’t very good.
A bankruptcy can help you
A bankruptcy can help your credit score in the long run.
By filing for bankruptcy, you’ll lump your mortgage and other debt that’s negatively affecting your credit score into a Chapter 13. You’ll be provided a payment plan in which you make small AFFORDABLE payments on your debt for 3-5 years. In the process, you’ll stop the foreclosure and keep your property.
Then – once the bankruptcy is complete – you’ll keep your home, be current on your mortgage, be rid of that debt holding you back and have a fresh start. This fresh start provides you a wonderful opportunity to begin rebuilding your credit score.
Help after your bankruptcy
At Darrell Castle & Associates, we don’t want to ONLY help you get out of debt through bankruptcy. We also want to provide you with the tools to succeed after.
That’s why we provide our clients FREE access to 7 Steps to a 720. This is an online course that teaches you the tips and tricks the banks don’t want you to know about reestablishing and rebuilding your credit score to an A+ rating after a bankruptcy.
Are you struggling financially and facing a foreclosure?
For decades, Darrell Castle & Associates has practiced bankruptcy law in Memphis. We’ve helped people get out of all sorts of debt and onto a better life. And we can help YOU too. When you call our bankruptcy law firm Memphis, TN families place their trust in, our knowledgeable lawyers can explain to you the bankruptcy process and answer any questions you might have.
Our team is very detailed and responsive, and that’s why our clients like us. Your case will be handled the RIGHT way because that’s what you deserve. You’re not just a case number, but you’re a real person with real problems. Problems we have the ability to help you with
Those are some of the reasons we’ve received multiple Client Distinction Awards from Martindale-Hubbell. You’re in good hands here.
Want a free bankruptcy consultation?
Call (901) 327-2100 today to schedule your appointment. Or you can fill out the form to the right of this page to have someone from our office contact YOU.
More information on life after bankruptcy
Do you want to know more about what life looks like after a bankruptcy? I’ve created a free report that talks about just that. You can download “Life After Bankruptcy” free from my website TODAY.