ARRANGE AN APPOINTMENT
Many people find that they can re-establish their credit in about two years if, after filing bankruptcy, they promptly make the payments they are left with, such as car payments, house payments or rent and utility payments. However, individual credit ratings are based on overall credit history, as well as income and assets, and it may be harder for some people to re-establish a good credit rating than it is for others.
Alternatives to Bankruptcy
Bankruptcy, which carries with it certain consequences and negative repercussions, is not the only method of dealing with a significant debt problem. Some alternatives to a bankruptcy filing may include an out of court settlement with creditors, reduction of payments to creditors, obtaining help from a consumer counseling service or payment of debts by the sale of assets or borrowing against assets. These methods require some cooperation from creditors, and the chances of success are greater if the debtor attempts these alternatives soon after financial difficulties begin.
The decision to file bankruptcy or pursue alternative relief must be made on an individualized basis and should involve consultation with a qualified attorney.
