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How filing for bankruptcy affects your credit score

If you are facing the anxiety-producing stress of overwhelming debt, especially a mountain of credit card debt, you may be considering filing for bankruptcy. Many people who are unable to make their monthly debt payments know that they need help. However, they fear bankruptcy because they see it as a last resort and an extreme solution that may ruin their financial future.

When considering bankruptcy and how it can affect your credit report and score, it is important to separate fact from fiction. Rather than avoiding the issue out of fear or misinformation, you should get the specifics that pertain to your case. 

Types of bankruptcy

One of the most basic things you should understand about filing for bankruptcy is that there are different types. The two most common types of bankruptcy filings for individuals are known as Chapter 7 and Chapter 13. Chapter 7 is the most common form of bankruptcy in the United States and is often referred to as a liquidation bankruptcy. Chapter 13 differs from Chapter 7 because it is a debt reorganization. The type of bankruptcy you file has a different impact on your credit record and credit score.

How bankruptcy can affect your credit score

One of the biggest myths regarding filing for bankruptcy is that your credit will be ruined forever. This is simply not true. In fact, filing for bankruptcy in many cases is the best first step toward a brighter financial future, because it can give you a fresh start to begin rebuilding. The fact of the matter is that you can get credit again, and not only after many years, but sooner than you may think.

Rather than relying on hearsay to make your decision about whether you should file for bankruptcy, speak to a bankruptcy attorney. A qualified attorney can discuss your options with you and get you on track toward getting rid of your debt and starting fresh so you can eliminate creditor harassment and your constant worry about unpaid bills.

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