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Simon, Fitzgerald, Cooke, Reed and Welch
Simon Fitzgerald, LLC
Louisiana’s Oldest Bankruptcy Law Firm
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June 2017 Archives

You Can Rebuild Your Credit After Bankruptcy

If you are considering filing for bankruptcy, you may fear that if you go through with the filing, it will mean that you will never again be eligible for a loan or for credit. This is simply not true. In fact, your reduced debt load after having gone through bankruptcy can make you appear to be a better bet for lenders. In other words, you may be more likely to get credit after going through bankruptcy than you were when you had an unmanageable debt load. The mere fact that you are allowed to file for bankruptcy multiple times if needed is a clue that lenders are willing to give you another chance after you go though bankruptcy. 

Increasing household debt in US reaches level of 2008

A new report from the Federal Reserve Bank of New York shows that American households have accumulated the amount of debt that they held during 2008. In that unfortunate year, when the Great Recession hit, American households held about $12.68 trillion in debt. Now, nearly ten years later, American households hold about $12.73 trillion in debt. What may surprise you is that this time around, there isn't much fear of a collapse nor does it seem like this is necessarily a sign of bad things to come.

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