Credit Score: How Does Chapter 7 Bankruptcy Affect My Credit Score

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Attorney Shawn Devries explains, generally, filing for chapter 7 bankruptcy is bad for your credit.
Securing loans and credit cards may be difficult as potential lenders will be wary of an individual
with troubled payment history.

Your credit score determines how easily you can access loans and credit cards. In the case of a poor
credit score, individuals can secure loans, but lenders will most likely impose higher interest rates. On the other hand, a good credit score will easily secure you a loan at favorable terms.

A chapter 7 filing will appear on your credit report for 10years. However, the impact of chapter 7
bankruptcy reduces every year, especially with better credit habits.

In cases of fraudulent bankruptcies, individuals have a chance of removing the bankruptcy from their
credit record before ten years are over.

Unique to our firm is we enroll our clients in a credit building course through 720 Credit Our clients have unlimited access to their materials to help give guidance on how to rebuild their credit after filing bankruptcy.

When it comes to uncompromising dedication and knowledge of Bankruptcy Law, our team at the Devries Law Firm, P.A is comprised of dedicated individuals with impressive credentials and experience. Contact us for a consultation to discuss your issues today!

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