Bankruptcy May Help Your Credit Score

Many people are under the impression that filing bankruptcy will destroy their credit score forever. They assume that getting new credit will become impossible.

However, if you currently are having trouble paying your bills, it is likely this situation will persist for several years. During this period you may miss regular payments or at least make late payments. This causes serious damage to your credit score.

When you file a Chapter 7 bankruptcy, you immediately begin the process of rebuilding your score. Often within 18 to 24 months, your credit score is higher (sometimes substantially higher) than where you began.

Attorney Fred Boyk can assist you in devising a strategy whereby you can improve your credit score after bankruptcy, enabling you to get credit cards, car loans and even a home mortgage after a bankruptcy discharge. A Chapter 7 bankruptcy filing could give your credit score a fresh start.