When people find themselves in need of debt relief, they frequently want to know how bankruptcy will impact their ability to obtain credit.
There are times when debt settlement is a better option and there are times when bankruptcy can be your friend.
Declaring bankruptcy will often result in improved credit scores as early as one year after discharge, which will often increase your chances of obtaining credit help in the future. With regard to a mortgage loan, you will usually have to wait two years after obtaining a bankruptcy discharge before obtaining a mortgage loan.
If your income is good, you may be able to get a vehicle loan immediately after obtaining the discharge in a bankruptcy case. People have often told me they get credit card offers in the mail even prior to obtaining their bankruptcy discharge.
As a bankruptcy attorney, I caution my clients to be careful about debt they incur after the filing of the bankruptcy case because it will not be dischargeable in a new bankruptcy case for several years.
The bankruptcy laws in the State of Missouri and around the St. Louis area can be different than in other states, but here's a quick video that should provide some clarification.
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