When people reach the end of their financial rope, they often turn to Bankruptcy Lawyers in Wetumpka AL. These times can be filled with a number of questions and a great deal of unknowns concerning the bankruptcy process. In addition, some people are concerned about how a bankruptcy will affect their credit score both for the immediate and for the future. Fortunately, a sit down consultation with a bankruptcy lawyer can help dispel some of these concerns.
The Damage Isn’t Permanent
The first thing that needs to be understood is that the immediate impacts of a bankruptcy on a person’s credit score will be significant. There’s no getting around the fact that having a recent bankruptcy on a person’s credit report can cause their credit score to suffer.
The thing that most people will find out by talking to an attorney is that this is not a permanent issue that they will have to deal with. The bankruptcy may stay on a credit report for up to seven years to ten years, but, even during this time, a person can slowly begin to rebuild their credit. When the bankruptcy no longer shows up on a person’s credit report, they may be in a position to enjoy a better credit score than they ever have in the past.
Doing Better Going Forward
Another important facet of bankruptcy is the opportunity to learn from a person’s mistake. Many times, gross financial negligence has led an individual to need the services of Bankruptcy Lawyers in Wetumpka AL. In some cases, it was not planning for a potential reduction in wages, a lost job, or an injury. While not everything can be anticipated, there are certain financial steps a person can take to help minimize the impact on their finances if they lose their job, see a reduction in their wages or if they are out of work for an extended period of time because of a sickness or injury.
There are many more things to discuss about an initial consultation with a bankruptcy lawyer. If you are facing the possibility of bankruptcy, it’s normal to be concerned, anxious or stressed out about all of these things. Thankfully, bankruptcy lawyers like those found at Courtney & Mann LLP can be extremely calming when answering your questions and adequately preparing you for the bankruptcy process.