Can Bankruptcy Improve My Credit Score?
Filing a Bankruptcy may improve your credit if you have bad credit. However, if you have good credit, then bankruptcy may not be the best option. Bad credit usually happens after some form of bad luck. Losing your job or a major cut in pay will change a good paying history in a very short period. Once the slow pay start and then the interest rate go up they end up a no pay. A car that has been reposed is one of the biggest negatives, Once it happens the car lot use it against you to give you a higher interest rate on the next car, which makes the next car a higher payment, which means the chances of a second reposed car are greater. The balance of the reposed car will never go away it is worth if for a collector to sue at some point. The same happens with an apartment broken lease, they add on so many fees it end up a very large debt. The though about thing on our credit is that it will fall off after 7 years, no only the good things fall off after 7 years. This is why by filing the bankruptcy will Discharge the account and now it will fall off. Because it does this to all the account creditors will allow you to start rebuilding in a much shorter point.
If your income has had a change and the debts are piling up talk to a bankruptcy attorney to see how the filing might help you.
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