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How Does Bankruptcy Affect My Interest Rates?

Bankruptcy Law It is an instant relief when after you file bankruptcy, the creditors' harassing phone calls stop but that stress is replaced by dealing with a severely damaged credit report that makes getting credit cards, car loans or mortgages tough. Getting approved for a credit card after your bankruptcy will be very difficult, particularly in the first two to three years. When you do qualify for a credit card again, it will generally start at the highest rates. Purchasing a car is possible in and after bankruptcy. Car ownership is one of the fastest ways to show positive credit history. However, expect to have higher interest rates. With on-time auto and credit card debt payments in the first two years of bankruptcy, you can begin to see a credit score that meets the criteria for a mortgage. Bankruptcy will have an adverse affect on the rate, but not make it impossible to own a home. 

Are you thinking of filing bankruptcy? We can help! Make sure to speak to Jacoby & Jacoby either online or call us at 631-289-4600 to schedule a FREE consultation with one of our bankruptcy attorneys. We can review your individual situation and get you back on the right track.


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