Will A Bankruptcy Keep Me From Getting A Loan In The Future?

June 3, 2009

Many people are afraid to file for bankruptcy because they feel it may ruin their chances to get a loan in the future. The reality is that if you are behind in payments or have judgments hanging over you, your current credit score is probably too low to get a loan. Ironically enough, filing for bankruptcy can be the best thing you can do for your credit.

When you file for a Chapter 7 bankruptcy in San Antonio, most if not all of your debts will be discharged. You will no longer owe payments on old debts.

For more specific information on a Chapter 7 bankruptcy, a San Antonio bankruptcy lawyer can answer questions such as:

How long will a bankruptcy stay on my credit report? While a bankruptcy can stay on your credit report up to 10 years, most lenders only look at the last 2-3 years on your credit report.

Will a bankruptcy keep me from getting a loan? The more important issue should be to work towards improving your credit after you file for bankruptcy. If you can show a lender that you can afford to buy something and have a good credit report you will probably get the loan.

For more information on how a Chapter 7 bankruptcy can help you have a fresh start, contact San Antonio bankruptcy law firm, Fears | Nachawati Law Firm, for a free bankruptcy consultation via toll free at (866) 705-7584 and via e-mail at info@fnlawfirm.com.

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