Call us at 954-356-0450
We take many of our clients through the bankruptcy process each year to eliminate burdensome debt. We can also help to repair credit after a bankruptcy to get you back on your feet. We provide a combination of constructive advice combined with appropriate challenges to items on your credit report to build your credit score and restore your credit. Call us for a consultation.
Many individuals now see bankruptcy as just the first step in rebuilding their credit. See our article on Repairing Your Credit Through Bankruptcy. Then comes credit repair.
The reporting of credit in the United States is governed by the Fair Credit Reporting Act. It limits the reporting of most adverse credit to a period of seven years from the time the debt is sent to collection or charged off. It also requires that credit reporting agencies verify adverse credit within a reasonable period once properly challenged. That is what we do.
For people who are behind on their credit cards and other installment payments this usually means spending years to payoff credit card debts or bring the debts current followed by seven years of poor credit ratings. This situation can last a decade or more. We can help shorten this credit repair period dramatically. We often recommend a bankruptcy filing to eliminate the debt followed by credit repair to remove any errors from your credit report.
Bankruptcy and Future Credit
Federal lending guidelines followed by many mortgage lenders and banks permit the lenders to consider a loan applicant once two years has passed after a bankruptcy discharge. If you qualify for a Chapter 7 filing you can file a bankruptcy petition, obtain a discharge of your debts in about four months, and establish good credit about two years later. With supplemental credit repair this time may be reduced to six months.
Some debts, including recent tax liabilities, alimony, child support and fraudulent debts may not be discharged. You must maintain some credit, such as a home loan, car loan or credit cards, to establish good credit after discharge. Many of our bankruptcy clients apply for secured credit cards for that purpose. Most have better credit ratings two years after discharge than they had when they first came to us. Bankruptcy followed by credit repair can provide that opportunity.
Law Offices of David W. Langley
8551 W. Sunrise Blvd., Suite 303
Plantation, FL 33322
Phone: (954) 356-0450
Fax: (954) 356-0451
For an appointment call (954) 356-0450