BANKRUPTCY BOOSTS YOUR CREDIT REPORT SCORE
Posted on 06 07,2013
More and more Americans are not only tracking their credit scores they are guarding and protecting their credit scores at all costs. They understand how a lower score can impact their ability to obtain credit and also how much they will pay for obtaining the credit. The amount of the interest rate is related to the credit scores. Works the same whether you are buying a car or some furniture. It fact it wasnt until the past few years that we had many clients bring this up at our free bankruptcy consultation. Now we are often told by potential clients that one of the main reasons for them wanting to file a chapter 7 is to clean up their bad credit.
Whereas I believe that the number one objective in filing a Chapter 7 is to obtain debt relief, it is an added benefit when the credit report score can increase 80-120 points 12 months after filing a bankruptcy. I have reviewed many reports this past month, and the 80-120 point increase is around the average improvement after a Chapter 7 bankruptcy is filed. We actually give this report to each client the day they retain. The credit score improvement is based on alot of different variables which is explained in the remark section of the report. You can refer to my blog titled "Rebuilding Credit After Bankruptcy" on how to obtain credit after filing a bankruptcy.
the David McCormick Law Group have been serving the great Virginia area for over 17 years. We have offices in Newport News, Norfolk and Virginia Beach to assist our clients. We have handled over 17,000 cases and helped people get their financial affairs in order and move on with their lives. We would love to help you too. Contact our office by calling (757) 918-8365 and speaking with an experienced bankruptcy attorney today.