How Will Bankruptcy Affect My Credit Score?

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How bankruptcy affects your credit score varies. In fact, bankruptcy can actually benefit some people while it may negatively affect others. Call on us if you are overwhelmed financially and considering bankruptcy for a path to a healthier financial future.

At Kramer Law, we file Chapter 7, 11 and 13 bankruptcy cases on behalf of our clients. We have represented thousands of clients over the years desiring to improve their financial standing. Sometimes bankruptcy is the right remedy for a client, and sometimes another form of debt relief is more suitable. In addition, our law office is linked to several financial experts able to assist with future financial planning.

Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376)
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Contact Kramer Law today for a free, no-obligation consultation: 1-855-Kramer Now (1-855-572-6376).

Potentially Negative Impact

Credit scores are often what connect people to any short-term or long-term loans or services, whether through a bank, mortgage program or other financing agency. If your credit score is in good standing, it is likely that a bankruptcy can have a negative effect on that score.

While filing bankruptcy is an attempt to get rid of debt in order to be able to maintain better credit, some banks or mortgage companies may see the bankruptcy and conclude that too many people may have taken a chance on you before. The new company may not want to be a part of known indebtedness and run the risk of losing money.

Positive Impact

It is likely that a person’s credit score is already in negative standing if he or she has filed for bankruptcy. In these cases, it is possible for a credit standing to actually improve at a bankruptcy case’s conclusion. This is because bankruptcy can only be filed in specific time periods. A credit company may approve an applicant who has a bankruptcy on his or her credit report because the company knows the person will not be able to file bankruptcy again anytime soon, and has taken steps to rectify the debt and rebuild credit.

Call on Trusted Orlando Bankruptcy Attorneys

The process of bankruptcy in itself can be tedious, tiring and stressful, but in the end it is intended to give you a fresh start for future financial goals. At Kramer Law, we sit down with our clients to discuss the best and worst possible outcomes so that you are not blindsided, all the while working to ensure the best possible conclusion of your case.

Call us today to begin representation with one of the most respected law firms in Orlando. We can be reached quickly and conveniently, and we meet with you when it works best for your schedule.

One law firm for life, Kramer Law is here to assist you, your family, your home, and your business with any legal issue

Get Help with Legal Issues Now! - Call 855-Kramer-Now (855-572-6376)
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Altamonte Springs Office
999 Douglas Avenue
Suite 3333
Altamonte Springs, FL 32714
407.834.4847
Downtown Orlando Office
37 N. Orange Avenue
Suite 500b
Orlando, FL 32801
407.339.0269
CALL (407) 834-4847