Unfortunately, many people put off filing for bankruptcy when they really should because they’re nervous about how having a bankruptcy on their credit report will affect their ability to purchase a house later on in their lives. As your Dayton, Ohio Bankruptcy Attorney, I would like to provide you with a little bit of insight on this issue, just in case this has been your thought process as well.
There are many ways you can work to save up the money to get out of debt. Some people decide to take on a second or third job. Others will designate a significant portion of their tax refunds each year toward paying down debt. Many people who are fierce in their efforts to become debt free will live for years on shoestring budgets, and will use every extra penny they have toward paying off their debts.
Unfortunately, these ideas just aren’t feasible for everyone. Bankruptcy, however, is an excellent option, even if you’re planning on being able to buy a house in the near future.
Depending on what type of Bankruptcy you file, it only stays on your credit report for a certain number of years. So, if you’re not planning on buying your own house for around ten years anyway, filing for Bankruptcy can actually help you reach your financial goals sooner. Even if you were hoping to purchase a house within the next year or so, it’s often a good idea to put off that purchase so that you can get your finances in order. Many times, that process involves filing for Bankruptcy.
When you file for Bankruptcy, what you’re actually doing is starting over with a clean financial slate. You’re giving yourself a second chance, which means that you are able to make better decisions in your finances than you ever made before.
When you work with a Dayton, Ohio Bankruptcy Attorney, you’ll find that you’ll have an added advantage when it comes to understanding how Bankruptcy can benefit you in the long run. If you would like more information on our services, please contact us today!