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(USGovernment-News.Com, January 18, 2013 ) St.Petersburg, FL -- As the number of citizens dealing with bankruptcy and foreclosure has increased, due to the economic crisis of the last few years, the St Petersburg Bankruptcy Help law offices have become more and more sought after. A St Petersburg bankruptcy lawyer does not only specialize in teaching clients how to file for bankruptcy and avoid foreclosure, but also in supporting their clients to reconstruct their credit scores after filing for bankruptcy. Although bankruptcy is considered to be a last resort solution.
St.Petersburg citizens decide for this alternative because of their serious financial problems, hoping they can reduce the impact of bankruptcy on their credit scores in time.
When it comes to the best way of avoiding foreclosures, St Petersburg FL attorneys advise clients to file for chapter 7 or chapter 13 bankruptcy, although this could affect their credit scores for a long time. The consequences are significantly smaller than dealing with foreclosure and the impossibility to continue to pay one’s debts. Many citizens fear to file for bankruptcy because they think it will ruin their credit scores forever. However, bankruptcy remains on a person’s credit report for 10 years, in the case of chapter 7 bankruptcy, or 7 years, in the case of chapter 13. After this period, the negative consequences of filing for bankruptcy will be practically eliminated.
Any St.Petersburg bankruptcy attorney will say that one does not have to wait 10 or 7 years to have a good credit history once again, because there are numerous ways through which credit scores can be improved in time. For example, people who have filed for bankruptcy are advised to pay their bills on time, keep their jobs, keep their credit balance below 50% of their credit, and avoid application for a great number of credit cards. Following this advice will help them improve the credit score damaged by bankruptcy and hope to have the possibility to apply for new credit in the future.
The key to credit score improvement, says the St Petersburg attorney at St Petersburg Bankruptcy Help, is paying one’s bills on time, for a long period of time. The longer this period is, the higher the chances of enjoying a good credit score are, despite bankruptcy. In fact, the situation after bankruptcy is not as dramatic as it would seem, because there are numerous creditors who offer loans to citizens who have just filed for bankruptcy. However, these loans usually have high interests and fees, so citizens are advised not to make new debts right after bankruptcy, at least until their financial situation is stabilized.
Bankruptcy attorneys hope to help citizens learn more about their rights and the available methods to improve credit scores, in order to destroy many of the myths concerning foreclosures and bankruptcy.
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