Bankruptcy Lawyer – Bridgeport, CT

Bridgeport, CT Bankruptcy LawyerIf you have concerns about the potential consequences associated with filing for bankruptcy, it is important to connect with an experienced Bridgeport, CT bankruptcy lawyer at The Law Offices of Ronald I. Chorches before making any assumptions about how filing for bankruptcy could affect your situation uniquely.

Bankruptcy Lawyer – Bridgeport, CT

All too often, Americans who are struggling with debt shy away from the idea of filing for bankruptcy because they are under the impression that, in doing so, they will destroy their ability to build a stable financial future. In reality, filing for bankruptcy is the best possible opportunity that many Americans have to regain financial stability and security. Although this seems like a counterintuitive reality, working with an experienced Bridgeport, CT bankruptcy lawyer at The Law Offices of Ronald I. Chorches can help you take control of your financial situation in ways that could benefit you far more significantly than you may be initially inclined to believe.

Will Filing for Bankruptcy Destroy My Credit?

It is true that filing for bankruptcy will result in a significant drop in your credit score and a negative mark on your credit history that will not “drop off” for 7-10 years. However, it is important to understand that the negative impact of your bankruptcy filing will lessen over time. The older that your bankruptcy filing is, the less that lenders will take it into consideration when determining whether to extend you credit.

Additionally, if you take advantage of the fresh start that bankruptcy provides by building healthy debt management habits over time, your credit score will improve and improve and improve. Marketwatch indicates that within four years of filing for bankruptcy, you may be able to regain a credit score in the 700 range. Many people who don’t file for bankruptcy struggle with massive debt issues for years on end. This struggle can tank one’s credit score. When you file for bankruptcy, you give yourself the opportunity to build a better credit history than you’ve had in some time. By contrast, if you continue to struggle with debt with no end in sight, your credit score will continue to suffer. It is for this reason that some lenders actually look favorably on a bankruptcy filing, provided that the consumer in question has developed healthy habits post-filing. In this way, bankruptcy serves as proof that you’ve taken control of your finances and are unlikely to struggle with new lines of credit moving forward.

Legal Assistance Is Available

If you have not yet scheduled a consultation with The Law Offices of Ronald I. Chorches to discuss the “ins and outs” of your unique financial circumstances, please do so now. Once we’ve evaluated your situation, we’ll be able to provide you with objective feedback about your options and the likely pros and cons of each of those options. That way, you can make an informed decision about whichever approach to debt management and debt relief will serve your family best. Connect with our experienced Bridgeport, CT bankruptcy lawyer team today to learn more; we look forward to speaking with you.