If you are one of the many people in Tennessee who is feeling the pressure of mounds of debt that only seem to rise despite your best efforts, you may well have given thought to filing for bankruptcy. While it might sound good to know that you could relieve yourself of some of the debt you owe and cannot pay, you might also be concerned about the long-term impact on your credit of filing for a Chapter 7 bankruptcy.
You should not necessarily let fears of future credit unworthiness stop you from getting the help you need today. As explained by Nerd Wallet, it is very possible to rebuild your financial stability after a bankruptcy, including getting new credit. The fact is that credit is a part of life in today’s society. Few people can buy a car, for example, without taking out a loan. With the right effort on your part, you will be able to get loans and other credit again.
One of the first things you might look doing after your bankruptcy is complete is obtaining a secured credit card. This can be an ideal stepping stone to an unsecured card. Plan to use your cards and then pay them off in full each month. This both avoids interest charges and shows lenders you can use credit responsibly.
This information is not intended to provide legal advice but is instead meant to give consumers in Tennessee an idea of how they can use a bankruptcy to get a fresh start and see their credit scores improve over time.