The answer is immediately – really.
Virtually every person that comes to one of our offices seeking assistance with their financial problems is concerned with the impact that a bankruptcy filing will have on their credit. This is, of course, a valid concern. People whom we assist have often been dealing with collectors and credit issues for quite some time. They have put off coming to see us because of their concern about the impact that a bankruptcy filing will have on their credit.
As I have written previously, filing bankruptcy is often the first step that one can take to rebuild their credit. Prior to filing a chapter 7 bankruptcy you are awash with debt and, from the perspective of a prospective creditor, a candidate for bankruptcy. Upon receiving your bankruptcy discharge, you are debt free and unable to seek chapter 7 bankruptcy protection again for another eight years. Looked upon in this manner, you are much less of a credit risk following your bankruptcy discharge.
This is why you will find that many if not most car dealerships advertise that they can provide financing for the purchase of a new or used vehicle immediately after you receive your bankruptcy discharge. If you have difficulty believing this, take a look at this Sunday’s newspaper and look at the automobile ads. Or call a car dealer and ask to speak to the finance manager. Assuming that you have steady employment and an income to support a car payment, you will most often find financing available.
Bankruptcy does NOT necessarily ruin your credit for 7 years, ten years or any other period of time. If you are struggling with debt and need relief, please consult with one of our licensed attorneys now rather than later. We have many convenient locations and take pride in the manner in which we assist our clients professionally and with dignity.