There are tons of advertisements and jingles professing credit scores, and how vital it is to keep your score in check. Once you file for bankruptcy it is important to understand the difficulty of recovering your credit score after your debts are cleared. Credit is
We understand the inherent fear you might be having about your credit score after filing for bankruptcy, and at
Giordano Spanier & Heckele Law Firm we are here to help you through this difficult time, and guide you in the right direction to get you back on track.
Let’s talk about how bankruptcy affects your credit score after filing. Take a look at where your credit score stands as of now. This is a good indication to where you might stand after bankruptcy. It is likely if you face potential bankruptcy your credit score is already low. Bankruptcy affects your score in terms of points. Depending on the type and amount of debt you face will dictate how many points will be deducted from your score.
The higher your credit score, the more points will be deducted from your score. In most cases, it does not matter how high or low your credit score is because FICO will deduct points from your score based on credit activity. Your credit score is in danger of suffering, but it is important to evaluate if there is any way you can in fact pay off creditors to lessen your debt before filing bankruptcy.
Another important factor to remember when judging your credit score, and whether or not bankruptcy is the right choice for you is to way the pros and cons of Chapter 7 or 13 options or if debt consolidation or relief options are a better financial choice for you and your family.
At Giordano Spanier & Heckele Law we are here to help answer all of these tough questions for you, and decide the best course of action to keep your financials as intact as possible throughout this tough time.