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Bankruptcy Myth: I will never recover from bankruptcy

Potential clients are always telling me in a matter of fact voice that they know they will never be able to buy a car or a house again after filing for bankruptcy. Wrong. What happens to your credit after bankruptcy is up to you. Rebuilding your credit after bankruptcy requires responsibility, discipline, patience, and budgeting skills, but it is possible. Most of my clients report an improved credit score approximately a year after bankruptcy which helps them get their life on track.I have a few clients who are filing for bankruptcy in hopes of buying a house in a few years. Some real estate agents have referred clients to me and even the VA has told one of my soldiers that if he were to file bankruptcy, they will help him get a home loan two years after the bankruptcy is over.In my Waco bankruptcy practice, I tell clients all the time that I do not want repeat clients, I want referrals. I try to ensure that clients are given the skills to repair their credit and go forth and prosper. I encourage clients to take classes during the bankruptcy that will help them learn budgeting skills including classes by Dave Ramsey (see http://www.daveramsey.com/debtor-education/) and use free online resources to help them budget (see https://www.mint.com/).I help clients correct mistakes on their credit report after the bankruptcy is over. It is very important that you review your credit report and report and correct any inaccurate information you find there. One common mistake clients find on the credit report after bankruptcy is that some debts are still listed as “open” on the credit report. By sending the credit reports a letter after the bankruptcy is over as I do in my practice, you can normally correct that error.Rest assured: if you pay your bills on time and don't apply for or use all the credit someone is willing to give you, you will begin to build the kind of record that will make you a “good customer” again in the eyes of the lenders. And that is true even if you just came out of bankruptcy.Can't pay all your bills? Drowning in debt? Email me at info@thekehllawfirm.com or call 254-633-2876 TODAY for a FREE, no-obligation consultation. It never hurts to ask questions. Let my family help yours!

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