Las Vegas Bankruptcy Attorneys Free Consultation
If you have filed Chapter 7 and Chapter 13 with a bankruptcy lawyers Las Vegas NV, you probably have been told that it will leave a lasting impact on your personal credit history. Although bankruptcy offers debt relief, the down side is that it may stay on your credit report for up to ten years. However, these effects don’t need to necessarily prevent you from obtaining new loans and beginning the process of rebuilding your credit profile. The negative impacts of bankruptcy starts to diminish soon as your Chapter 7 or Chapter 13 case is closed. Attorney John Ryan is a Las Vegas Bankruptcy Attorneys free consultation.
As soon as your chapter 7 case closes, you may be eligible to qualify for new lines of credit with terms with interest rates and terms that, while not stellar, may be reasonable albeit above average. In fact, recently discharged debtors are oftentimes invited to apply for new cards. However, before you decide to retake the plunge and apply for a new Visa or Mastercard, remember to use your credit wisely and make sure that you are in a financial position to afford to repay the balance. If you are attempting to rebuild your finances and avoid falling behind on payments following chapter 7 after bankruptcy, look for a card from a bank that will report your payment history.
A recent bankruptcy might make it difficult for you to qualify for an unsecured Visa or Mastercard. If you are able to obtain an unsecured card or another type of credit, chances are that it will prove costlier than it did before you filed for Chapter 7 bankruptcy. That is because you are now a higher risk and the terms will reflect that, typically in the form of higher interest rates and lower credit lines. Financially, a secured Visa or Mastercard may provide you with a better deal than any of the unsecured cards you may be offered following chapter 7 or chapter 13 bankruptcy. your bankruptcy.
So, following chapter 7 or chapter 13 bankruptcy in Las Vegas/Henderson, it is best to begin rebuilding your finances by obtaining a secured card. To get in the habit and to demonstrate that you can repay the amount you owe, a secured card requires you to deposit funds equal to your credit limit with the credit card issuer. A secured Mastercard or Visa requires up to $500 to be deposited. Note: This secured card credit limit could appear very small as compared to the high credit limits you may have enjoyed before chapter bankruptcy. If you are suffering from high credit card, medical or student loan bills meet with bankruptcy attorney offering free or cheap consultations.
Do a little research, you may be able to find a secured credit card is at lower rates than unsecured credit cards. However, be careful when shopping for secured cards as some do not report your payment history. The effect of this is that if you are trying to rebuild your credit and maintain positive payment history of your bills following bankruptcy, you will want to be rewarded in the form of the secured card reporting this beneficial information.
Also, you want to be careful in how you select your secured card. Search for a card,that has no application fee and an affordable annual fee. Some secured cards carry some significant fees and these should be avoided .
If you maintain a decent credit limit, show that you can handle your bills and make your payments on time, after about 12-18 months you may be upgraded to an everyday unsecured credit card.
However, there are some unsecured credit cards that you simply will want to steer faraway from. Most unsecured credit cards charge you such high up-front fees that you are in debt before you even receive the credit card.
Since your goal is to re-establish your c, do your homework and find a secure card that is best fitted to you without high fees and that reports your payment history. Then apply for that one card. Don’t apply for many cards as they’ll show up as new inquiries on your credit reports. This may prompt creditors to hold off on extending new credit to you.
Bankruptcy Lawyers Las Vegas NV
Las Vegas Bankruptcy Attorneys Fees vary, but many of the best Las Vegas Bankruptcy Attorneys offer free consultations, just make sure you check their bankruptcy attorney Las Vegas reviews. Las Vegas Bankruptcy Lawyers and Henderson Bankruptcy Attorneys offer chapter 7 and chapter 13 with flexible payment plans. Attorney John Ryan of the Law Office of John Ryan is a chapter 7 bankruptcy attorney las vegas