Declaring bankruptcy can be a scary thing for anyone. WSFL-TV’s Trusted Advisor, Chad Van Horn, says you don’t need to be as worried as you think. “People think the worst thing they can do is file bankruptcy and try to avoid it,” he says. “When I pull up a credit score many people are in the 400’s. Sometimes the best thing you can do to raise your credit score is to file for bankruptcy,”
There are a lot of misconceptions about bankruptcy.
“The most common ones are that you can’t buy a house or car for 7 years after you file bankruptcy,” according to Van Horn. “The truth is, many credit card companies start sending you offers immediately after your discharge. They get a list of people who are getting discharged so they can advertise to them. My clients can apply for a traditional mortgage 12-18 months after filing for bankruptcy. FHA mortgages require 2 years. If you’re struggling with debt bankruptcy might be the best way to rebuild your credit.”
Van Horn and his team have a 720 credit score rebuilding program. The goal is to get clients back to that 720-credit score within the first 24 months after filing bankruptcy.
”It’s all about teaching my clients how to build good credit and it will impact your financial awareness moving forward,” says Chad. “The best way to stay on top of your credit scores is to be aware. Make sure you’re frequently checking your credit score and pay attention to it. Making a comeback financially can happen.”
For more info, you can visit their website, email Chad directly at Chad@cvhlawgroup or call (954) 637-0000.
This Inside South Florida segment was paid for by Van Horn Law Group
