Nashville Bankruptcy Credit Attorney
Many individuals wonder, How will bankruptcy impact my credit? During a thorough consultation, our firm can explain the benefits and challenges of filing for bankruptcy and the effects you might see on your credit rating. At Robert L. Scruggs Attorney at Law, we understand that many individuals feel stress, worry and frustration when attempting to resolve their debt dilemmas. We are available to answer questions with the hope of guiding clients down the path to financial stability.
Free consultation · Convenient location just off the Hillsboro Rd./21st Ave. exit (3) of the I-440 Parkway on the south side of Nashville · Free parking
Chapter 7
Chapter 7 bankruptcy is also known as debt discharge. This form of bankruptcy removes all your debt except what you choose to keep, such as a house or car. Keeping these assets and continuing to make payments positively affect your credit rating. In fact, following a Chapter 7 bankruptcy, most clients immediately begin receiving credit card applications. The truth is that after a Chapter 7 bankruptcy, individuals can purchase a car the next day. Unfortunately, they might pay a substantial annual percentage rate (APR).
The long-term effects of Chapter 7 can be a bit disheartening. The filing of a Chapter 7 bankruptcy can stay on your credit report for up to 10 years. Additionally, most credit applications will ask the question, "Have you ever filed for bankruptcy?" You must always answer this question, Yes.
Chapter 13
Chapter 13 bankruptcy is a debt reorganization and repayment plan. This form of filing will stay on a credit report for up to seven years. After a discharge, it takes two years for an individual of qualify for an FHA or VA loan. The most immediate impact of a Chapter 13 bankruptcy filing is that the individual is not permitted to carry a credit card during the repayment period. Bank debit cards are permitted, but no secured or unsecured credit cards.
Do not hesitate to schedule a consultation with a lawyer at our Tennessee office to learn more about how bankruptcy can help you.
Know your options. Know your rights. You can achieve debt relief today. Call 615-866-2408 or contact us by e-mail to arrange your FREE CONSULTATION directly with our lawyer.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
