Hi I’m Roddy Lanigan with Lanigan and Lanigan in Winter Park, Florida. He talks briefly in a new video on the Lanigan YouTube channel about the number one myth in bankruptcy law.
The number one myth in bankruptcy law is that you can’t rebuild your credit for eight years. While the bankruptcy will stay on your credit report for eight years you begin rebuilding your credit report right away.
“I’ve experienced clients that have rebuilt their credit within 24 months acquiring scores of over 700,” Roddy said. “You can rebuild your credit, don’t listen to the detractors bankruptcy might be the best option for you.”
When you file bankruptcy it’s imperative that you begin rebuilding your credit. You can do so by paying all bills on time. Taking out a personal loan and keeping it open as a line of credit without using it for a period of at least two years.
It’s important to take out a secured auto loan that you pay back on time every month. You can also get a secured credit card and not only use it for regular purchases, but pay it off in full every month. Don’t leave a large balance on it for any reason. Pay cash when possible and when you’re not able, pay on a credit card and pay it off in full.
Consultations with Roddy Lanigan can be made by calling 407-740-7379 before coming into the offices located at 831 W. Morse Blvd., (Winter Park, Florida). Free parking is available behind the building.