Have you ever thought that whether you file for bankruptcy or not, you will already have a negative standing due to late payments in the first place? So, filing for bankruptcy will not make much difference to your credit status. In fact, bankruptcy will actually improve your credit score in the long term.
This may seem contradictory if you are not aware how bankruptcy filing really works, and how your prospective creditors consider your credit report.
The first issue that will be of interest to most creditors is the date on which you filed for bankruptcy. If it is recent, then they will very likely refuse your request for further credit. On the other hand, if you have been discharged from your bankruptcy then you still stand a chance for approval.
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The second issue they will be interested in is the debt you filed for. What they want to find out is whether you filed because you simply did not want to pay off your debts, or if you had no other alternative. Should they determine that the former is the case, they will probably not consider you as a likely candidate for further credit.
Once your bankruptcy has been discharge you will find your credit score increasing as a result, and at times, it can actually be higher than it was when you first filed for bankruptcy. The conclusion being, that bankruptcy has actually benefited your credit score.
Bankruptcy can therefore be an excellent way to turn over a new leaf, when all those bills are eating up your salary and more, and your health is also at risk. You should never let pride get the better of common sense. If you can no longer take the strain, bankruptcy is the solution for you, and you should not feel ashamed of having to file for bankruptcy, it happens to the best of us. It is probably more shameful not to pay off the bills, than to admit that you can no longer take the strain.
The status of your credit will greatly depend on the chapter you are filing under for your bankruptcy and the sum of money, although there are other important issues to consider. The safest way to proceed is to seek professional help. A bankruptcy attorney can analyze your bankruptcy case and determine all aspects that will affect your credit. A financial expert can help you find the best solutions and proceed accordingly.
These experts will facilitate your understanding of how the bankruptcy filing system works and prepare you for the actual filing.
Professional assistance is always the best solution if you wish to determine what effects bankruptcy will have on your credit.
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