So, Fresno Bankruptcy can actually start you on the way to good credit? This is an important point to ask your Fresno Bankruptcy Attorney. To begin, you need to understand that the old saying : "the bigger they are - the harder they fall." Comes into play here.

If your credit is in the 700's or above , it is true that your credit is going to take a very big drop after filing for bankruptcy. However, most people that file bankruptcy have been struggling to make their payments for a several month. So their credit score is already in the very low.

The way credit companies rate your credit has to do with the high balances you have on your credit cards and how many slow pays that show up on your credit report. Once you file for bankruptcy, the balances are wiped to zero and the credit companies can no longer report any late payments.

So your credit slate has been wiped clean . Typically a person will see a significantreduction in their FICO score for a short time , but as you start to make smart financial decisions your FICO score will begin to slowly rise . Your slow payments no longer show up and your report has no over the limit balances .

People often receive an offer for a credit card within 6 to 9 months of filling bankruptcy . Of course the rates are rediculously high . If you choose to accept a credit card, be very cautious Only use the new card for gas and incidentals and pay it off at the end of each month .

After a year or so, you'll be able to buy an automobile on credit . But don't race out and buy the car of your dreams. Consider that car as a credit tool. Purchase a car that represents very affordable payments that you can easily afford . Don't forget , this car is not your dream car. It's a car to get you back into the American Dream. It will help you re-establishcredit .

Every day , people often ask if bankruptcy will ruin their FICO score . The true fact is, most people already have very poor credit and the quickestway to start a new credit life is through a thoughtful bankruptcy.

Obviously, each person needs to make the decision to declare bankruptcy carefully and with good legal advise . We suggest you contact a Bankruptcy Attorney in Fresno to explore all of your options.

You can contact the Winter Law Group at http://www.bankruptcyattorneyfresno.org or by phone at 559.321.8671. The Winter Law Group is a debt relief agency under the United States Bankruptcy Code.