No one wants to have to file bankruptcy, but it can only get better from here. At Fox Law, we walk with you through the bankruptcy process because we know it can get you on track for a fresh start. If you choose to file bankruptcy, you will soon learn that life after bankruptcy begins earlier than you would think — during the process you will start to regain control over your finances. This new found control and stability will stay with you in the years to come after your debts have been discharged.
Do You Want to Live Life Without So Much Financial Worry? Call Today.
If you would like to learn more about bankruptcy, call us today at (615) 264-5695 for a free consultation via phone, in-office, or video conference with experienced Bankruptcy Attorney Eric Fox.
Will Bankruptcy Wreck My Credit?
If you are behind on your bills, your credit score has already taken a mighty hit. Chapter 7 or Chapter 13 bankruptcy gives you the chance to get a fresh start. A Chapter 7 bankruptcy will generally stay on your credit report for seven years, so your credit will be affected. A Chapter 13 will stay on your credit report for two years, and your credit will be affected. The bankruptcy process is the first step toward rebuilding your credit score. Bankruptcy may affect your credit at first, but it will soon get better. In any case, if you are behind on payments, and cannot get caught up, your score may never get better — unless you win the lottery.
With bankruptcy, you can get out of the hole, start to rebuild your credit score and get into a position where you can pay off your debts each month. Often credit scores improve very rapidly for our clients after bankruptcy.
We have clients who were offered new credit cards within a year of bankruptcy. They pay them off each month and now have very strong credit scores. We know because they have come back with their friends and family to help them rebuild their credit too. Other clients rebuilt their credit by simply paying their rent on time each month, not getting into further debt, or making their car payments on time.
What Do You Mean by Fresh Start?
Our team will work closely with you throughout the process. While it may seem frightening at first, you will soon learn that bankruptcy can give you that fresh start you’ve been wanting for years. While many of your debts will be eliminated — credit card debt, for example — there are a few types that cannot be eliminated. These are generally:
- Taxes (though income taxes can be discharged if they are three years or older and were filed for at least two consecutive calendar years)
- Money owed for child support or alimony
- Criminal fines
- Loans you obtained by lying to a creditor
- Student loans (unless you are unable to pay and obtain a hardship discharge)
Once you get the credit card bills, mortgage payments and car payments under control, you will find that you have the courage and the organization to tackle your student loan bill.
You Will Already Have a New Lifestyle
While bankruptcy can take up to five years, you may begin reaping the benefits soon before that time comes. For example, in Chapter 13 you will enter into a payment plan. You will get used to paying your bills on time and living within your budget. This is a habit that can serve you well in the future.
Contact a Lawyer About Rebuilding Your Credit Score in Tennessee
Call us today at (615) 264-5695 for a free consultation via phone, in-office, or video conference with experienced Bankruptcy Attorney Eric Fox.
We are located in Hendersonville, Tennessee and have been assisting residents all over Middle Tennessee for 18 years. Our office hours are Monday through Thursday from 8:00 a.m. to 3:30 p.m., Fridays 8:00 a.m. to 3:30 p.m., with evening and weekend appointments available upon request.
We are here to help you.