Many people contemplating Chapter 7 or Chapter 13 bankruptcy are concerned about the impact that the filing will have on their credit rating after the bankruptcy is finished. Although a bankruptcy does not look favorably on one’s credit score, the impact can vary depending upon your credit score before filing.
If you are behind on your accounts and your debt-to-asset ratio is large and your credit is already disrupted, and you choose to file, your credit will take somewhat of a drop but not necessary a huge plummet. If, on the other hand, your credit is favorable prior to filing, then your credit score will be impacted heavier post filing.
Rebuilding your Credit
After filing for bankruptcy, it’s now time to start to repair your credit. Contrary to popular belief, this can be done fairly easily and in a short period of time if the proper steps are taken. Daigle Law Office offers access to what is known as the 720 program which will rebuild your credit in optimal time.
This website provides additional information about the program from the experts who designed it. http://www.720creditscore.com