How Does Bankruptcy Affect My Credit Score

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Charles H. Gross, Attorney at Law Profile Image

Charles H. Gross, Attorney at Law

Tecumseh, MI

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Clients contemplating filing bankruptcy are concerned about the impact on their credit score. The truth is that for people struggling with debt, filing bankruptcy is often the best way to improve their credit score. A bankruptcy filing will typically eliminate your unsecured debt and allow the process of improving your credit score to begin. Since you cannot file again for 8 years, creditors will now see you as someone with no unsecured debt and no way to file. As a result, you become a viable candidate for a loan.

Most people who contemplate filing should have done so several years before they do so. In reality most have obligations that can never be met and continue to dig themselves into a financial hole. Once your unsecured debt exceeds an amount that you can realistically pay back in two to three years, it is time to consider a bankruptcy filing. Without such a filing, your credit score will continue to decline.

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