Best Bankruptcy Lawyers in Bethesda, MD

Bankruptcy is a consumer protection law that gives you the right to get a fresh start. The vast majority of consumers will either file a Chapter 7 or Chapter 13 bankruptcy. Bankruptcy allows you to discharge (erase) your debt while keeping many of your assets (possessions). More explanation as to the difference between Chapter 7 and Chapter 13 bankruptcy can be found below.

In many cases your credit will actually go UP after your bankruptcy filing. The reason for this is that after your bankruptcy you will have much less debt. Your debt to income ratio can be greatly improved and that in turn can increase your credit score.

Your credit score can quickly improve after your bankruptcy. However, since bankruptcy is a matter of public record, your bankruptcy filing can appear on your credit report for ten years.

We usually tell our clients that a good rule of thumb is six months to be able to get a car loan and two years to be able to get a mortgage loan. Of course you could always buy a car or home after bankruptcy with a co-signer who qualifies for those loans.