Filing for
bankruptcy comes at a vulnerable state for many individuals. The loss of
prestige associated with financial issues is stress that accompanies many
people. They may often fall for myths or rumors without verifying the fact.
However, failing for such myths may decrease your chances of coming out
unscathed from the whole experience.
Myth # 1 – My credit goes for a toss
Filing for
bankruptcy will remain on your credit report for many years. But during these
years, you can take steps to build your financial credibility again. For
example, many Chapter 13 filers make sure to diligently pay off mortgage
repayments for 12 months to boost their credit score.
Myth # 2 – I cannot buy a home
This is
again, a myth. If you do not attempt to do anything t ore-build your
credibility, then, of course, this will happen. But if you work hard to rebuild
your credit history, then it is possible to qualify for a home loan.
Myth # 3 – My credit score is tarnished
In fact,
late payments, repossession, and credit cards defaults are worse enemies of
your credit score health than filing for bankruptcy. So, make sure to continue
working towards re-establishing your credit health.
To sign off
Do not
fall for myths around bankruptcy. Bust them at the right time and get a lawyer
to handle your case of Bankruptcy in Dallas TX.
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