What Will Filing Do to My Credit?

Many individuals are concerned that filing for bankruptcy will ruin their credit. Unfortunately, most people do not realize that they are already hurting themselves. Bankruptcy gives them a chance to "reset" and move toward a fresh financial start. A knowledgeable attorney can answer all of your questions.

The Tennessee bankruptcy lawyers at Kenneth C. Rannick, P.C., have filed thousands of bankruptcies for their clients. We understand the hesitation that is involved when people consider filing for bankruptcy as a solution to their debt problems. There are several misconceptions about bankruptcy that can be addressed through a free consultation with an attorney at our firm.

"Since 1988 I have filed more than 14,000 bankruptcies for clients in the Chattanooga area and helped them get out of debt. I can help you too — and do it affordably." - Kenneth Rannick

Chattanooga Bankruptcy Law Firm

What Will Filing Do to My Credit?

Essentially, the damage has already been done. If your FICO credit score is now high, following bankruptcy it will typically dip, and then rebound over time. Sometimes the credit score is misleadingly high because one has been "robbing Peter to pay Paul", and thereby has remained current by making payments with borrowed money. Obviously you can't borrow yourself out of debt, you just dig yourself a deeper hole. On the other hand if your credit score is now low, it will usually begin to rise because of the bankruptcy.

The goal, then, is to get you out of being overextended and by making collections accounts on your credit report obsolete so you can begin rebuilding your credit. Once you find yourself in difficult financial straits, you have started hurting both your present and your future. Bankruptcy is there to help. People are afraid that bankruptcy is going to ruin their credit. In truth, more long term damage is being done to your credit rating from ongoing late and missed payments, unresolved chargeoffs, and collections, than the bankruptcy. Bankruptcy gives you a chance to either reorganize your debt or eliminate it altogether. Once the debt is under control, you can begin rebuilding your credit. Soon you will receive credit card offers and you will have the ability to purchase a new car or home.

Do not let fear and apprehension prevent you from getting a fresh financial start. Contact our firm with any questions about bankruptcy.

Contact Our Firm

If you have questions regarding rebuilding your credit, contact Kenneth C. Rannick, P.C. Contact our office by calling 423-954-7180 or by simply completing the e-mail form on this website. We offer free consultations and can maintain evening or weekend appointments based on the needs of our clients.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.