Will Filing for Bankruptcy affect my Credit Score?

How Will Bankruptcy affect My Credit Score?

Many individuals seem to believe bankruptcy will demolish their credit score and make it difficult for them for the rest of their lives. This is simply not true. Many bankruptcy filers notice that their credit increase after filing. Depending on the type of bankruptcy you and your lawyer decide to file for, the bankruptcy can stay on your record for up to 10 years. Other than this, your credit score will improve, and you will be dissolved of all debt. Before you file bankruptcy contact a licensed bankruptcy attorney Taylorsville for legal assistance.

How Will Filing Bankruptcy Help Me in the Future?

Filing for bankruptcy is sure to help you in the future if this is the right path for you. Not everyone with debt will make a good candidate for bankruptcy, which is why it is so important to consult with Taylorsville bankruptcy attorneys before filing.

For most, the credit score will dramatically increase shortly after filing. As an example, let’s say you have a credit score of 530 it may increase to a credit score well above 600 right after filing. You may also appear more attractive to loaners based on the fact that you have no debts and cannot file for bankruptcy again for 8 years, depending on the type of bankruptcy you and your legal representation has filed for.

Why it’s Important to Get Legal Representation

Filing for bankruptcy is a serious process that has semi-permanent and long-standing effects on your credit score and ability to make certain financial moves. Bankruptcy should only be filed for someone it could benefit and not hinder. If you are filing for bankruptcy Taylorsville, it is best you hire a bankruptcy attorney near you to assist you with the process, as well as determining whether or not bankruptcy is the best option for your financial situation. If you are looking for Taylorsville bankruptcy attorneys, contact the staff at Alta Legal to schedule a consultation today.