Rebuild your credit in Texas through bankruptcy
If your family has fallen behind, filing for bankruptcy in Texas could be the quickest way to repair your credit. Bankruptcy eliminates the debt that’s destroying your score and gives you a fresh financial start.
Call or text DebtStoppers today at 469-646-0750 to schedule a free credit repair evaluation with one of our experienced Texas attorneys. We'll analyze your family’s finances and show you how bankruptcy laws can help.
Texas Credit Repair Laws
Bankruptcy lets you repair your credit by eliminating your debts. You can choose between two types of personal bankruptcies: Chapter 7 and Chapter 13.
Chapter 7 gives you a complete financial do-over by wiping out most of your unsecured debts. While Texas laws technically allow your property to sold to repay your debts, in our experience, DebtStoppers clients usually keep most — if not all — of their belongings.
The other option is Chapter 13, which reduces and reorganizes your debts instead of eliminating them entirely. You'll make one reasonable payment each month for 3 to 5 years, allowing you to repay about 10% or less of what you owe.
Is My Credit Score Bad?
Scores below 580 are deemed "poor," and scores between 580 and 669 are considered "fair" on the FICO scale of 300 to 850. You probably already know that a low score can stop you from getting financing to buy a car or new home.
Unfortunately, there is no magic spell you use to make your score increase. The "credit repair" services in Texas that insist that they can make the derogatory information disappear from your report are not magicians — they are crooks who will pocket your money and run. Anything they can do to remove negative marks from your report, you can do yourself for free.
Financial Repair Through Bankruptcy
Bankruptcy allows you to get rid of the debts that are lowering your score. While bankruptcies will show on your report for ten years, the positive influence on your score will almost always outweigh any potential negative effects caused by filing. In fact, many of our clients increase their scores by filing.
Since each creditor gets to create its own criteria for granting loans, you can usually get approved for financing after bankruptcy. In fact, many creditors would rather lend money to a person who has wiped out her debts than someone who is overextended financially. Therefore, you can typically get approved for an auto loan or credit card shortly after filing.
Low scores can also prevent you from buying a house. After you get your new start, you can receive an FHA mortgage after 2 years if you file Chapter 7, or a single year if you choose Chapter 13.
A seasoned Texas debt repair professional can review your family’s situation and recommend the best way to rebuild. Call or text DebtStoppers today at 469-646-0750 to request a free debt analysis with one of our qualified Texas lawyers. We've helped countless people start over financially, and we can help you too.
There’s no reason to stay in debt another minute! Call or text us today at 469-646-0750 to get your personal credit repair plan.