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Does finding debt relief mean never getting a credit card again?

After making the decision to file for bankruptcy, the petitioner's financial life will change significantly. If the case is completed successfully, the person may have been able to discharge or reorganize debts and come out on the other side more financially stable. Still, some Louisiana residents may worry that utilizing this debt relief option will mean never getting another credit card.

Fortunately, that worst-case scenario does not have to be the result. True, filing for bankruptcy could make it more difficult to appeal to lenders because previous balances were discharged and not paid back in full, but individuals can do their part to rebuild their credit after completing bankruptcy in order to potentially qualify for a credit card later. Paying bills on time and not accruing considerable amounts of debt could help raise credit scores.

If a person does receive a credit card, it is possible that the interest rates will be much higher than for someone who did not file for bankruptcy. However, this could remain manageable as long as the person pays his or her balance in full each month. By keeping balances low and using credit cards responsibility, individuals may be able to avoid ending up in a difficult financial spot again.

Obtaining debt relief through bankruptcy does not have to mean that Louisiana residents will never qualify for credit cards again. Each person's circumstances are different, and credit scores can be rebuilt if parties put in the time and effort to do so. Individuals interested in gaining information on bankruptcy as a possible relief method may want to speak with experienced legal professionals.

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Richoux Law Firm, L.L.C.
110 E. Kaliste Saloom Road
Suite 205
Lafayette, LA 70508

Toll Free: 888-327-5740
Phone: 337-205-7049
Fax: 337-456-6299
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