Many Carlsbad, Ca Residents Offered Credit Repair Solutions From Bankruptcy Lawyer

A Carlsbad Bankruptcy Attorney can help a someone rebuild his or her credit rating

. Many people believe that once they file for bankruptcy they will never again be able to get a credit card or loan to buy a car or home. This is not true.

Bankruptcy is certainly a negative mark on one's credit report, but it is not the kiss of death by any means. As a matter of fact, it is for many, an opportunity to start life with a clean screen, or clean record, as some might say.

The bankruptcy can actually be reported for up to ten years after filing. But this does not mean that someone has to wait this long before taking steps to build up his or her credit. It certainly does not mean someone has to wait this long before asking for a loan or credit card.

There is actually one advantage to bankruptcy when it comes to applying for a loan or credit card. The person who has recently filed for bankruptcy has no debt, so there is no problem with debt to income ratio to worry about. A lender will not loan money to someone who has a large amount of debt compared to his income.

The person who has recently gone through bankruptcy, simply has zero debt, and if he or she is working, has an income, so is more likely to be approved for a credit card or loan before someone who has a large amount of debt. Of course the loan or credit card will have a higher rate of interest.

That is part of the penalty for declaring bankruptcy; but there are ways to increase a credit score even after bankruptcy was filed. The Carlsbad bankruptcy attorney will be experienced in this type of credit repair and help many people restore their credit worthiness.

by: Hector Calibugar

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