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Will Bankruptcy Destroy My Credit?

Will Bankruptcy Destroy My Credit?

One of the most common questions about filing for bankruptcy is whether or not filing for bankruptcy destroys credit. In all honesty, if you are at the point where you are considering filing for bankruptcy, your credit has more than likely already suffered some damage. When an individual is unable to maintain his or her financial obligations to banks, credit card companies, leasing agents, mortgage companies, medical groups and other creditors, it has direct impact on a credit score. Late payments, delinquencies and a failure to fulfill your financial commitments will cause your credit score to plummet.

If your car has been repossessed, or your home has gone into foreclosure, it will be reflected on your credit report. Filing for bankruptcy is a way in which you can put an end to the financial difficulties you have been experiencing, start fresh and begin the process of rebuilding your credit. In a situation in which your credit has been significantly damaged, the best chance you may have of restoring your credit could be to file for bankruptcy. The unsecured consumer debt you had will be discharged in Chapter 7 – and will no longer be due, and will never bother you again. Once your bankruptcy is complete, and you have finished the mandatory financial management class with your debts discharged, there are key steps you can take that will help you reestablish your credit and get your ability to take a loan restored.

If you feel that bankruptcy may be the best solution to your financial problems, it is in your best interests to immediately contact a skilled bankruptcy lawyer. The lawyers at Hensel Law Office, PLLC have successfully guided many, many people through the bankruptcy process. They have years of experience with various forms of bankruptcy, and can help you to get the benefits of a fresh start. When you retain legal counsel from a Michigan bankruptcy lawyer at the firm, you can rest assured that you will be given high-quality legal representation and sound advice you can use to help free yourself of crushing debt so that you can begin rebuilding your credit. To get started, contact the firm today.


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