SAN DIEGO, May 16, 2018 (GLOBE NEWSWIRE) — “Contrary to what some people think, bankruptcy can, and in many cases will increase your credit score and allows you to buy a new home,” says Bankruptcy Legal Center, a bankruptcy law firm that helps people get out of debt San Diego.
Repay Debt and Reestablish Credit
Depending on where your score is right now, you may see a significant increase, or even a quite dramatic increase. By repaying your credit card debt and other debts on time each month, you will be reestablishing credit resulting in your credit score to rise. Your present credit score is an important factor that affects the type of increase that you can expect. Many of Bankruptcy Legal Center’s clients find that they have a 600 credit score within one to two years after filing and receiving a discharge. Before filing bankruptcy, Bankruptcy Legal Center will pull a credit report with your projected future credit score to give you an idea of where you can expect your score to end up. Some of Bankruptcy Legal Center’s clients enjoy a 700 credit score within as little as three to four years after filing their case. Reestablishing credit is an important part of implementing a complete debt relief solution. After you successfully get out of debt San Diego, your next step will be to rebuild and reestablish your credit again. Your lawyer can show you how to bring up your credit score and get back on the right track to financial stability.
Keep Your Home and Car
A frequent concern expressed by most people is whether they will be able to keep their home or car when filing bankruptcy. In most cases, they will be able to keep their home, car and all of their other assets. It is a rare case in which people may have too many assets to keep, and if that is the case for you then your attorney will definitely inform you during your initial consultation. Bankruptcy Legal Center will never place their client’s assets in jeopardy of being taken by the bankruptcy court. If there is any possibility that a client may have to give up one or more of their assets, Bankruptcy Legal Center will let them know during their consultation. If a client’s assets are currently not fully protected, there are a variety of legal pre-filing planning methods and mechanisms that Bankruptcy Legal Center can help them utilize in order to ensure that all of their belongings are protected when their case is filed.
Save Your Home from Foreclosure
Bankruptcy can also be a very effective means of helping people save their home from a foreclosure. Many people are unaware that by filing under Chapter 13, they can keep their home even if they are a year or more behind in their mortgage payments. As long as they are willing and able to repay their past due loan payments over time, then they can stop a foreclosure and save their home. This is true, even if a lender has denied a modification and does not want to work with you anymore.
Buying a New Home After You File
Many of Bankruptcy Legal Center’s clients find that after they file bankruptcy they are able to purchase a new home, sometimes in as little as 1-2 years after they receive their discharge. However, the typical timing for qualifying for a home loan is 2-3 years after a bankruptcy case is completed. So if there is a need to file bankruptcy to get out of debt it is reassuring to know that one can still qualify to buy a home within a relatively short period of time after they file and complete their case.
Bankruptcy Legal Center
101 West Broadway, 3rd Floor
San Diego, CA 92101
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