The Decision of whether to file for bankruptcy protection may not be an easy one. Typically one of the main worries is that your credit rating will be so damaged that obtaining a loan in the future will be near impossible.
However, it may be surprising but that in may cases, the damage done to your credit score may not be as bad as you might think.
One reason is that you might not have that good of a credit score to begin with. You might have late payments, high balances, charged-off or collections accounts, and maybe even some judgments or garnishments.
In light of this, you might even see a boost in your credit score after filing bankruptcy.
Contact my office for an appointment to learn more about Bankruptcy and your Credit Score.
Information taked in part from “Declaring Bankruptcy Can Improve Your Credit Score” by Aleksandra Todorova, and published in “SmartMoney” January 22, 2007.