If you qualify for a Chapter 7 filing you can file a bankruptcy petition, obtain a discharge of your debts in about four months, and establish good credit about two years later. Some debts, including recent tax liabilities, alimony, child support and fraudulent debts may not be discharged. You must maintain some credit, such as a home loan, car loan or credit cards, to establish good credit after discharge. Many of my bankruptcy clients apply for secured credit cards for that purpose. Most have better credit ratings two years after discharge than they had when they first came to me.
Bankruptcy can provide that opportunity.
Copyright 2001 by David W. Langley. All rights reserved.