Your credit will likely improve! If you need to file bankruptcy your credit is either bad already or debt is so high that if even if your payments are current you will have difficulty getting credit in the future. Once your debt is discharged in bankruptcy, you won’t owe that money any longer, so your income to debt ratio will be much better and you will be able to qualify for some credit. Interest rates will likely be higher and you will need to look around and stand up for yourself so that you are not taken advantage of. Although the bankruptcy will be reflected on your credit report for 7 years after filing, as a practical matter you can take steps to rehabilitate your credit immediately after your discharge.

If you wish to engage us to advise you as to your rights and options or to provide other legal services, please click here to contact our Maryland law offices in Baltimore, Dundalk, Bel Air or Owings Mills.