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Law Offices of Stephen Orchard Law Offices of Stephen Orchard

Boca Raton Credit Repair Lawyer

Without a doubt, a consumer bankruptcy filing is probably the biggest, blackest mark that will ever appear on your credit report. Anyone who says otherwise is either telling you what you want to hear or is woefully inexperienced in these matters. However, as outlined below, a bankruptcy filing’s effect usually is not as bad as people think it is. Furthermore, you have the power to raise your score. In many cases, this process begins before the judge closes the bankruptcy.

The compassionate Boca Raton credit repair lawyers at the Law Offices of Stephen Orchard understand how important your credit score is. In addition to lenders, people like employers, landlords, and insurance providers also look at credit scores before they make decisions. So, we give you the tools you need to raise your credit score as quickly as possible. In many cases, by the time the official notation falls off their credit reports, many people have forgotten that they filed.

How Bankruptcy Affects Your Credit Score

A common filing myth is that bankruptcy “ruins” your credit score. This myth is only partially true. Bankruptcy lowers your score, but this effect is only temporary, if you work to improve your score. Furthermore, in most cases, a bankruptcy filing only changes your score from bad to worse. Repeated late payments and other negative information deflate credit scores almost as much as bankruptcy.

On a related note, bankruptcy, especially Chapter 13 bankruptcy, looks much better on your credit report than items like foreclosure and repossession. These entries indicate that the debtor quit. If you filed bankruptcy, at least you did something.

Chapter 13 bankruptcy gives families up to five years to gradually pay back their debts. Chapter 7 quickly eliminates credit card and other unsecured debt.

Borrowing Money During Bankruptcy

Most vehicles last about eight years. So, if you drive a used car when you file Chapter 13, you will probably need a replacement vehicle before the judge closes the case.

Before a Boca Raton credit repair attorney files a motion to acquire additional debt, an attorney must lay the groundwork. Most vehicle dealers write dummy sales contracts, which include all the essential terms, to present to the court. Assuming the debtor needs the vehicle and the terms aren’t outrageously one-sided, the judge will probably approve this motion.

Paying your bills on time is a significant portion of your credit score. So, a motion to add debt is your chance to jumpstart the credit score recovery process.

Rebuilding Credit After Bankruptcy

Many people have successfully rebounded from bankruptcy and gone on to bigger and better things. Here are just a couple of ways to raise your credit score after the judge closes your case.

When people emerge from bankruptcy, we connect them with lenders who work with people that have damaged credit. Your shopping selection might be limited, and you will almost certainly pay a higher interest rate than other borrowers. But many lenders are anxious to work with damaged credit borrowers. Since the loans are high risk, the bank can charge a higher interest rate and make more money.

We also suggest that people get credit cards after they emerge from bankruptcy. Charge something every month, pay off the balance every month, and watch your credit score go up every month.

Contact a Compassionate Palm Beach County Credit Repair Lawyer

If crushing debt is a problem, legal solutions are available. For a free consultation with an experienced Boca Raton credit repair attorney, contact the Law Offices of Stephen Orchard. Convenient payment plans are available.

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