Bankruptcy and Credit Score go hand in hand for a lot of people. Often because there is a mistaken belief that they should avoid bankruptcy whenever possible since it has an adverse effect on their credit score. What those people don't realize is that bankruptcy may well be the last chance they have at getting a fresh start and actually repairing their credit score.
A Bankruptcy and Credit Score are linked because a bankruptcy will show up on your credit report for up to ten years. But, if you are in such dire financial straits that you are looking at bankruptcy as a possibility then the odds are that your credit score is already shot. Your best chance of building your credit back up and getting out from under your creditors is to let a Stockbridge GA Bankruptcy Attorney get the ball rolling on your bankruptcy so you can discharge your debt.
Even though a bankruptcy should give you a clean financial bill of health, you still need to double check the details.
Get familiar with your credit report after bankruptcy!
Any debts that were discharged during your bankruptcy should be shown as having no balance due. If they show as still being delinquent then it will further hurt your credit score and take that much longer to show improvement. If your score does not update shortly after your bankruptcy filing is completed then you need to consult with your Conyers GA Bankruptcy Attorney immediately.
This is not as much of a problem in recent years as it used to be though. In 2005, the three biggest credit bureaus came under fire for their lax practices in regard to updating credit reports. Since then improvements have been put into place to rectify the situation. If you would like to check your credit report for errors, the three largest credit bureaus are:
- Equifax
- Experian
- TransUnion
To find out more about the way a bankruptcy can effect your credit report, schedule a free consultation with one of our attorneys today! They have the expertise to answer all of your questions regarding a bankruptcy, and ensure that it’s the right choice for you!