Your Credit History is a Matter of Time

Despite the many advantages of the public education system that is available in the United States, there is a notable lack of preparation for the demands of the so-called “real world”. Little attention is paid to arming young adults with the life skills such as managing their money wisely and budgeting for monthly or unexpected expenses. As a result, it is all too common for people to find themselves in some amount of financial trouble early in adulthood.

If you have found yourself increasingly unable to keep up with the terms of your debt payment agreements, then it might be appropriate for you to consider filing for bankruptcy protection. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494 to speak with a skilled and experienced attorney about the potential advantages and disadvantages of a bankruptcy filing.

Time and Your Credit

One of the most important things for you to bear in mind as you are contending with an overwhelming debt load is that delayed action creates a deeper hole out of which you must attempt to climb. In fact, the consideration of the different ways that time influences your credit score offers some useful insights. Consider the following:

• The length of time that an account has been active influences your credit score – older accounts are valuable, provided they are properly managed.
• The longer you fail to make timely payments, the more severe the negative effect on your credit score.
• Judgments that are brought against you for unpaid debts can show upon on your credit report for 7 years, and until they are paid, there is little that you can do to counter them.
• Bankruptcy filings may appear on your credit report for up to 10 years, but you begin to end the accumulation of negative history and can start rebuilding your credit history as soon as you file.

Building a good credit score requires time, effort, and patience. Despite this, even a difficult financial situation can be improved. You just need to be committed to working on it.

Contact Us

Let us help you to repair your financial circumstances. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494.