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Bankruptcy Will Destroy My Credit

Individuals in Cincinnati who are considering bankruptcy should not worry that their credit will be ruined in that process; in fact, many people come through the bankruptcy process with better credit than they had prior to filing for relief. Since most people in Cincinnati who file for bankruptcy are already carrying an unmanageable level of debt, it is very likely that their credit is also very poor. As such, by eliminating the bulk of your debt, if not all of it, you will represent a better risk to creditors. If you live in Cincinnati and are considering bankruptcy, you should speak with Cincinnati bankruptcy attorney Ryan J. Ruehle Attorney at Law, LLC, to learn more about the options available to you.

With a better means of meeting your monthly payments for new credit you carry after bankruptcy, many creditors will be likely to extend loans to you soon after the bankruptcy process has been completed, albeit at higher rates of interest.

Affects of Bankruptcy to Your Credit

While bankruptcy will appear on your credit report for a period of time—seven years for Chapter 13 and ten years for Chapter 7—it will not ruin your credit. However, bankruptcy will likely have the following effects on your credit:

  • You will likely represent a better risk for creditors
  • Your will be better positioned to pay off any new credit
  • Any loans you accept will likely be at higher rates of interest

Since every case will be unique, you should speak with a Cincinnati bankruptcy attorney to learn more about your situation.

Consult with a Bankruptcy Attorney in Cincinnati

The process of bankruptcy can be complex; Cincinnati bankruptcy attorney Ryan J. Ruehle Attorney at Law, LLC, can help inform you of your options before you make a decision that will have a direct impact upon your life. To speak with our team of Cincinnati bankruptcy attorneys about your circumstances, please call our Cincinnati offices at (513) 621-0999 today.

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