Bankruptcy and Credit Scores
Having a good Credit Score on your credit report is very important in our lives. In a time when things are costing more and more being able to receive a zero percent interest rate compared to an 18 percent that is a lot of money. Our credit is very fragile, you could have perfect credit for years but go through a job change or a divorce and that 700 credit rating can drop to the 500s in a very short time. Once it drops it is not going to go back up because now you have slow pays and no pays. Until you pay these people off then seven years later it will fall off your credit. It is at that point you can start rebuilding.
With the filing of the Chapter 7 Bankruptcy all at once, every thing bad that has happened will be Discharged. Once this happens now your are in a rebuilding mode. The first year if you buy a car, it will be at a higher interest rate the second year a lower and so on. With this Fresh Start credit cards will take a chance with you, again it will be at a high interest rate and low limit. Use the cards and pay this is how you can get your credit score back in the 700 after a couple of years.
If there has been a change in your credit you should talk to a Bankruptcy Attorney to see how the bankruptcy law can help.
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Please fill out our free evaluation form to determine if bankruptcy is right for you.
