The thought of filing bankruptcy can be overwhelming and stressful. It can also leave you with several questions, including how this will impact your future and credit score. If you are considering bankruptcy and are concerned about your credit score, do not hesitate to contact our experienced New York bankruptcy attorneys today to discuss your options. Our legal team is committed to helping you navigate through this process seamlessly. Continue reading to learn more about the ways in which bankruptcy can affect your credit score.
How will bankruptcy affect my credit score?
It is common for people who are considering Chapter 7 or Chapter 13 bankruptcy to have concerns about how bankruptcy will affect their credit scores. It is important to note that although creditors do not like seeing bankruptcy on your credit report, the damage that can be done to your credit, as a result, can depend on how good your credit score was before you filed for bankruptcy. For example, if you are unpaid on many accounts and you have more debts than assets, your credit score will already be in the tank. If, however, you have a great credit score before you file for bankruptcy, your scores will take a larger hit.
Contact the Law Offices of Michael D. Pinsky, P.C. today to speak with our legal experts to learn more about how bankruptcy can affect your overall credit score. We are committed to ensuring that you have the information you need to make these important decisions.
Can bankruptcy improve my credit score?
Bankruptcy will not be able to provide immediate improvements to your credit score, however, it will be beneficial in the long run. Bankruptcy can help alleviate your debt load and help you get control of your assets again. This can then put you in a better place to make loan and credit payments on time.
It is also important to keep in mind that bankruptcy may not be the answer to get a handle on your debt. It is in your best interest to consult with an experienced attorney to weigh your options and choose the best one for you. Contact the Law Office of Michael D. Pinsky, P.C. today to speak with our skilled legal team.
How long does bankruptcy stay on my credit report?
Depending on whether you file for Chapter 7 or Chapter 13 bankruptcy, it may appear on your credit report for up to 10 years.
If you have questions or concerns about how this can affect you, reach out to our seasoned bankruptcy attorneys today.
CONTACT A BANKRUPTCY LAWYER TO DISCUSS YOUR DEBT OR COLLECTION ISSUE
Michael D. Pinsky, P.C. represents clients in bankruptcy actions and related matters. Please call 845-394-2616 or contact the firm online to schedule a consultation.