Jimmy E. McElroy & Associates
Dedicated to Helping People in Financial Distress
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July 2018 Archives

What can you do to rebuild credit after bankruptcy?

If you are a Tennessee resident who has filed for bankruptcy, you may be working to rebuild your credit in the aftermath of your filing. While, initially, you may find that you have a harder time obtaining credit, you can typically slowly build it back up by paying higher interest rates than you might, had you not filed for bankruptcy. Building your credit back up is an important and necessary step, however, if you wish to obtain any new loans moving forward, and there are certain steps you can take that may streamline the process.

Should you apply for a credit card following bankruptcy?

If you have filed for bankruptcy in Tennessee or anywhere in the nation, the chances are that you have been left with a damaged credit score. However, there are ways that you can rebuild your credit following a bankruptcy. Some people may decide to apply for a credit card with a low credit limit, and are careful to pay off their entire balance at the end of every period. However, experts warn people about the dangers of subprime credit cards and the companies that approve them.

Understanding lien stripping

At the law offices of Jimmy E. McElroy & Associates in Tennessee, we understand and empathize with the way our clients feel when they face overwhelming debt and bankruptcy is their only way out. Sometimes Chapter 7 better fits their needs, but if you want to save your home from foreclosure and have a second mortgage on it, Chapter 13 may be your best option.

Will you lose your house if you file for bankruptcy?

If you are like many Tennessee residents, you may be trying to figure out how to start digging yourself out from under overwhelming debt, but you may not have a strong understanding of your options. You may know that bankruptcy is one method many people use to get a fresh financial start, but you may have questions about the bankruptcy process, and whether you will lose your most valued possessions if you file.

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