How Does Filing Bankruptcy Affect My Credit Score?

Credit Scores and Bankruptcy

Whether or not bankruptcy will impact your credit score is an understandable concern. However, the important thing to realize is that if you are in a financial state that requires bankruptcy, your credit score has likely already been impacted. Your credit can hardly get any worse. The only way to go from here is up. With the help of an experienced and compassionate bankruptcy attorney, you can be well on your way to a better financial future.

Minneapolis Bankruptcy Law Firm

Prescott Pearson & Tande, PA serves bankruptcy clients throughout Minnesota. This is all we do, and we do it well. For more than three decades, we have built a strong reputation for quality bankruptcy representation. In fact, our Twin Cities bankruptcy lawyers have handled more than 70,000 bankruptcy cases over the years.

We understand your fears and concerns about your financial future and will be there for you every step of the way. The first step is seeking help. You can do that today by calling us at 651-968-8096 or toll free at 888-366-0827. You can also send us an email. We offer free initial consultations.

Your Credit Score After Filing for Bankruptcy

After filing for bankruptcy, you will want to start rebuilding your credit score. Having a good credit score is very important. Here are a few general points to consider in rebuilding your credit:

  • You can re-establish credit through building a solid job history.
  • A car can be attained after one year of steady employment, sometimes less.
  • Wait a few years to purchase a home.
  • Consider saving for a bigger down payment on your home.
  • Only open one line of credit after you have paid your debt.
  • Always make sure your credit report is accurate to begin with.

Something to consider before filing for bankruptcy is your current credit card accounts. We advise you not to charge up to the limits prior to filing. Otherwise it could lead to objections to any debt discharge.

Call for a Free Consultation Today

  • Minneapolis-St. Paul Area: 651-968-8096
  • Minnesota Toll Free: 888-366-0827

Consultations are free at Prescott Pearson & Tande, PA Call or email us today to learn more about your bankruptcy options, including Chapter 7 and Chapter 13. Our bankruptcy lawyers offer quality services at competitive rates and effective representation statewide.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.