Bankruptcy protection offers considerable advantages for folks who are overwhelmed and struggling with debt. Unfortunately, many people who need protection from creditors hesitate, because of misinformation about the impact filing can have on their credit report. While you might have heard that filing for bankruptcy will destroy your credit forever, the truth is that it may be your only chance at re-establishing good credit.  If you do nothing, your debt will continue to grow and your credit will get worse.

If you have debts that you cannot pay, your credit is already bad, or about to become bad.  Bankruptcy does not make it worse; it stops that unending nightmare and gives you a fresh start and an opportunity to rebuild your credit.

Many people have been told that those who file for bankruptcy will never be able to qualify for a line of credit again. Nothing could be further from the truth.  Most debtors have credit available to them immediately after bankruptcy, and most report that they qualify for home mortgage loans two years out of bankruptcy.  If they had not obtained a fresh start through bankruptcy, they would never qualify for home loans.

If you need bankruptcy, it will improve your credit. The reasons are, first, you will get rid of all that debt you cannot pay, so you will become immediately financially stronger and better able to pay your future debts, and second, you cannot do it again for a long time. So, the creditors know you are a better credit risk after your bankruptcy than you were before.

The bankruptcy attorneys at Boul & Associates, P.C. have over 50 years of combined experience helping individuals and business owners throughout Columbia, MO, get back on their feet with a fresh start. With their expertise, these bankruptcy lawyers ensure that you get the most out of filing and get the second chance at life you deserve. Visit their website to learn more about your bankruptcy options, or call (573) 443-7000 to schedule a consultation today.