I wish I had a dollar or two for every person who said to me, in a tone of voice that made me realize that they actually believed what they were saying, “Of course I know my credit will be trashed for 10 years after I file.”
I’m always pleased to inform them (respectfully) that they are incorrect. While it was true back in the 80’s that filing a bankruptcy was a long-term detriment to your credit, that is ancient history today.[quote]Today, by simply following a few simple steps, you can easily and quickly rebuild your credit after filing a bankruptcy. It’s not very hard.[/quote]
And, in most situations, the credit score has nowhere to go but up because often when a person files a bankruptcy they have already reached a low point in their credit score.
This is not always true, however, because some of the folks I represent have actually never missed a payment when they walk into my office. They’re walking into my office because they know that the long string of making payments on time has now come to an end.
It doesn’t matter either way, because it’s easy and quick to rebuild credit after bankruptcy.