One of the BEST parts of my job is having clients report back a few years later to let me know how they are doing. As an attorney it is very fulfilling to see the fruits of your and your client’s hard work. While many of us take good credit for granted there is still a large part of America that are unable to purchase a home or a car due to past credit issues.
This morning I received a thank you email from a client who had filed a Chapter 7 Bankruptcy with our office almost two years ago. She just closed on her new home (at a great price AND interest rate) and she wanted to let us know so we could pass this along to other clients.
This client had struggled for years to pay her credit card bills and was getting nowhere. On top of that her credit was still bad because of her debt to income ratio. Long story short, after she met with us she decided to file and see if in fact her credit could rebound in a few years. She was no disappointed!
The credit trap is a seductive one and many people believe that once they file bankruptcy they will never be able to obtain homes or cars at a decent rate. The truth for most people coming out of bankruptcy however is that they are LESS of a credit risk that someone with a high debt to income ratio!
Bankruptcy is not for everyone but for many it allows them to reset their finances in about 24 months! If it will take you longer than that to dig out of your debt you should seriously consider meeting with a bankruptcy attorney to discuss your options.
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