The Impact Bankruptcy Has on Your Credit
The current state of the economy has left all consumers concerned with their credit scores. This is particularly the case with individuals who are considering filing for bankruptcy. There are many myths and rumors about what bankruptcy can do to your credit. The only way to truly learn how bankruptcy will impact your credit is to speak with an experienced bankruptcy lawyer.
At the Karfeld Law Firm, P.C., we have over 35 years of experience handling a wide variety of bankruptcy and debt relief issues for clients in and around the greater St. Louis area. We fully understand the bankruptcy laws and can effectively explain them to our clients. We take the time to listen to our clients and pride ourselves on providing quality, tailored legal services to each and every person who visits our office. Contact our office today to learn more about our firm.
It is true: filing for bankruptcy will hurt your credit. However, there are many other things besides bankruptcy that will hurt your credit score as well. In many cases, your credit score will be hurt regardless of if you file for bankruptcy or not. A garnishment or lawsuit will also hurt your score if you decide not to file for bankruptcy and go with the alternatives.
We strive to help clients prioritize, among many other objectives, how important their credit score is to them. Some of the other objectives include keeping their house, keeping their car, protecting loved ones and relieving stress. Protecting your credit score can sometimes be accomplished in conjunction with some of these other factors, but is negated by others.
Bankruptcy will stay on your credit report for 10 years.
This can be an overwhelming fact for many people. 10 years sounds like a very long time. However, it is important that you keep your entire situation in perspective: what is 10 years compared with regaining control of your finances. Also, though the bankruptcy filing may stay on your credit report, your score may actually improve soon after declaring bankruptcy as you are taking steps toward remedying your situation.
To schedule confidential consultation with experienced bankruptcy attorneys and discuss your credit questions, contact us or call us at 314-732-0748. Our office is open Monday through Friday, from 9 until 5, with evenings and weekends by appointment. We are located in downtown St. Louis, just four blocks from the Gateway Arch.
We are a debt relief agency. We help individuals, businesses and government entities file for bankruptcy relief under the Bankruptcy code.
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