Credit After Bankruptcy | Daniel Gershburg
Credit After Bankruptcy
So many of our clients ask me whether they can get credit after Bankruptcy. The answer is a resounding yes. In fact, even if you don’t so much as do a thing to get credit after Bankruptcy. It’s a natural process. Your credit gets rebuilt on it’s own. Why? The answer lies in what makes up your credit score, which is what lenders look at when deciding whether to loan you money to buy a car, home, etc. About 35% of your credit score is made up by your debt/income ratio. Prior to filing Bankruptcy, that number is probably horrible. That’s OK. That number improves drastically after filing. Why? Your debt goes to zero.
Your account history is a huge component as well. Pre-Bankruptcy, that history is likely made up by missed payments, accounts in default, etc. After Bankruptcy? That history gets wiped. Again, a huge benefit to you if and when you file Chapter 7. Credit after Bankruptcy is not just doable, it’s legitimately happens on it’s own.
Watch the video to find out more.