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How to repair your credit in Nevada

If you’re struggling just to make ends meet, filing for bankruptcy could be the fastest way to rebuild your credit. How can bankruptcy help? By eliminating the debts that are bringing down your score and offering you a financial do-over.

Call or text DebtStoppers today at 725-373-5900 to request a no-obligation credit repair consultation with one of our knowledgeable Nevada lawyers. We can review your financial situation and explain how bankruptcy laws can turn bad credit into good.

Credit Repair Laws in Nevada

Filing for bankruptcy allows you to repair your credit by wiping out your debts. In Nevada, there are two kinds of consumer bankruptcies you can select: Chapter 7 and Chapter 13.

With Chapter 7, you’ll get a fresh start by eliminating most of your debts. Even though some of your assets can legally be liquidated to pay back what you owe, in practice, this rarely happens.

If you opt for Chapter 13, you’ll restructure your debts instead of wiping them out and likely pay back 10% or less of what you owe. Your debts will be consolidated into a 3-to-5-year affordable repayment plan.

What is a Low Credit Score?

On the FICO scale of 300 to 850, a score that is less than 580 is considered to be "poor," and scores between 580 and 669 are regarded as "fair.” A low score can prevent you from securing a loan to buy a house or a new car.

Unfortunately, you can’t just wave a magic wand and raise your score. While there are many "credit repair" services in Nevada that claim to be able to make negative marks on your report disappear, there’s nothing they can legally do to remove derogatory information that you can’t do yourself for free. These “businesses” are not the magicians they pretend to be — they are con artists who should be avoided at all costs.

You Can Repair Your Finances With Bankruptcy

Filing for bankruptcy enables you to eliminate the debts that are bringing down your score. Even though bankruptcies stay on your report for ten years, the positive impact on your score almost always surpasses any adverse effects. In fact, we see many of our clients improve their scores just by filing.

Because every creditor is responsible for determining its own criteria for approving loans, you can often obtain auto financing or a credit card shortly after a bankruptcy. Creditors generally prefer to lend money to someone who has eliminated her debts than a person who is still buried in excessive debt. You can also qualify for an FHA mortgage after 1 year if you file under Chapter 13 or 2 years with Chapter 7.

An experienced Nevada debt repair lawyer can evaluate your family’s financial circumstances and advise you on how to start to repair them. Call or text DebtStoppers today at 725-373-5900 to schedule your free debt analysis with one of our qualified Nevada attorneys. We’ve helped thousands improve their debt situation and move on to a better life.

Why wait another day to find financial freedom? Call or text DebtStoppers in Las Vegas, Nevada, today at 725-373-5900 to get started on your custom credit repair plan.