A Chapter 7 or Chapter 13 bankruptcy inevitably reduces the financial burdens and stresses in life. The post bankruptcy “Fresh Start” allows individuals to get back on their feet and hit the ground running. However, many still have concerns about their credit and “what to do now?”. At Mostafavi, Marco & Wimmer we work closely with our post discharge clients to ensure they have the education and tools they need to restore their credit and move on with their lives. Keep in mind millions of Americans file bankruptcy every year, and many bounce back quickly.
o Contrary to the myths out there you will be able to qualify for credit. Creditors love post bankruptcy applicants because they know these people are debt free (and they can not file bankruptcy again for quite some time). Remember, the interest rates will not be favorable.
o Auto dealers will roll out the red carpet for post bankruptcy customers. Again, they know that you are debt free and can not file another bankruptcy for some time. Securing a vehicle is a great way to re-establish you credit. The interest rate on the vehicle loan will be high for some time, but timely payments will boost your credit and allow you to refinance.