Will filing for bankruptcy ruin my credit score?
Will bankruptcy prevent me from getting credit again?
Short answer: OF COURSE NOT!
Filing for bankruptcy is the key to releasing you from debt. But declaring bankruptcy can, however, lower your credit score. It also stays on your credit history between 7-10 years (7 years for filing Chapter 13 and up to 10 years when filing chapter 7). But it’s really important to remember that getting rid of your debt will help you get out of debt. This will help you actually boost your credit score again while staying in your current situation (in debt) will not. So filing for Chapter 7 or 13 bankruptcy can be the first step to you getting credit again.
An effective attorney will help take the next step to improve your finances instead of just helping you file for bankruptcy even if might not make sense for you. At Adler Law firm, we help you make decisions that will positively affect your financial life. We’ll only encourage you to file for bankruptcy if it actually makes sense for you. We’ll assess your scenario using our proprietary diagnostic test in our free consultation. If it makes sense to file, then we’ll discuss the next steps with you. If it doesn’t, we’ll help give you the best practices for navigating your scenario.