LIFE AFTER BANKRUPTCY

Contrary to what the credit card companies want you to believe, there is life after bankruptcy.  After bankruptcy you are actually a better credit risk because you can only file bankruptcy every eight years.

After you file for bankruptcy you can usually purchase a car on credit.  You will typically be required to pay a higher down payment or a higher interest rate for the first 24 months after your bankruptcy.

You can also purchase a home.  For the first 24 months you may need to get alternative financing (i.e. land contract or rent to own).  There are a lot of options if you take the time to look.  After 24 months, you should be able to qualify for an ordinary mortgage at ordinary rates.

Contrary to what you would think, after bankruptcy you should obtain a low limit credit card.  Charge small amounts and pay it off every 3 months.  This will increase your credit score over time.  Additionally, if you can you should save money on a regular basis even a small amount (i.e. 20.00 per week).

Considering everything else in your life is ok, you should have normal credit in about 24 to 36 months.

After reviewing your budget, you should prepare a listing of all of your debts including interest rate of each debt. At that point, you should contact our office to discuss your bankruptcy and non-bankruptcy options.

BANKRUPTCY LAWYERS - GRAND RAPIDS MICHIGAN

Krupp Law Offices P.C. represents clients facing bankruptcy throughout West Michigan, including the cities of Grand Rapids, Holland, Muskegon, and Grand Haven, and the counties of Kent, Ottawa, Allegan, Barry, Newaygo, Montcalm, and Ionia.

Our office can help.

KRUPP LAW OFFICES PC

161 Ottawa NW Suite 201

Grand Rapids MI 49503

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 LINKS:  BANKRUPTCY GENERALLY