Category Archives: Credit Score

How will bankruptcy effect my credit score? A bankruptcy attorney explains what happens and how to rebuild your credit score after bankruptcy.

How Soon Can I Rebuild Credit After Bankruptcy?

One of the many questions a bankruptcy attorney is asked is, “When can I rebuild my credit after bankruptcy?” This is a very intelligent question, and it shows that clients are aware that their bankruptcy can put a dent in their credit; in addition, it shows that they are considering pro-active measures to rebuild their credit after they are relieved of their heavy debt. There are some differences in rebuilding credit following a Chapter 7 bankruptcy versus a Chapter 13 bankruptcy that I think our blog readers should understand. Rebuilding Credit in Chapter 7 Bankruptcy In Chapter 7 bankruptcy, you can attempt to rebuild your credit as soon as you receive your bankruptcy discharge. This means you will have to wait the usual three to four months that it takes to get your bankruptcy discharge. Some cases may take longer, especially if creditors are objecting to the bankruptcy. The bankruptcy…
Read More »

Posted in Credit Score | Leave a comment

Will a Bankruptcy Affect My Excellent Credit Score?

Are you drowning in debt even though you have an excellent credit score? Are you thinking about filing for personal bankruptcy and worried about the impact it will have on your credit? Remember, bankruptcy and financial difficulties are common among all people. As of September 30, 2014, 935,420 Americans filed for non-business bankruptcy. A bankruptcy can help anyone struggling to get by, living check-to-check, even if his or her credit is excellent. A Chapter 7 or Chapter 13 can eliminate debt like credit card debt, medical bills and certain taxes. In addition, when you file for bankruptcy, an automatic stay goes into effect that halts collection attempts, including lawsuits. In an interesting story, recently a writer for DailyFinance named Andrew Ward told readers that he would be filing for bankruptcy this year even though he has good credit. “While my near 700 credit score exemplifies my ability to pay my…
Read More »

Posted in Bankruptcy, Credit Score | Leave a comment

What Will Happen to My Credit Score After a Bankruptcy?

Are you struggling to make credit card payments and drowning in a sea of debt? If you are, you should be aware that a Chapter 7 bankruptcy allows people to discharge unsecured debts like medical bills and credit card debt. Meaning, if you have huge amounts of debt on your cards, you could potentially get rid of it in just a few short months. It should also be noted that filing for bankruptcy generates an automatic stay, which stops collection attempts, meaning you will receive no more harassment from collectors if you are behind on payments. Recently, a person wrote in to Fox News to ask columnist Erica Sandberg what types of credit cards he would qualify for, since he filed for bankruptcy in the past. Sandberg told the questioner that some companies would cautiously welcome him back. “Credit issuers — from banks and credit unions to credit card companies…
Read More »

Posted in Credit Score | Leave a comment