One of the reasons people hesitate to file bankruptcy is fear about the impact of bankruptcy on their credit. Paying attention to your credit is a good thing, but it should not keep you from investigating whether bankruptcy is the right option for you.
This article was initially published in Milwaukee Journal Sentinel by Jesse Garza on September 29, 2017.
This article was initially published in The New York Times on September 10, 2017.
People considering bankruptcy often worry about the impact that bankruptcy will have on their credit. Many people defer bankruptcy longer than they should fearing they will never be able to get a credit card, mortgage or car loan again. Learn the truth about bankruptcy and credit and what can be done to restore credit after bankruptcy.
Having financial issues can understandably leave you feeling considerably stressed. You may want to grasp onto the first signs of help offered to you if you think the possibility exists of reducing or eliminating your substantial debt. However, not all debt relief offers provide true assistance, and you could potentially find yourself facing an even more difficult situation if you choose an untrustworthy method for managing your debt issues.
Worried about your credit? New changes in credit reporting could improve your score. The big three credit reporting companies, Equifax, TransUnion and Experience just announced that they may remove reports about tax liens and civil judgments if data in them is missing specific information.
Don't let worries about credit affect your decision to file bankruptcy. Find out how a bankruptcy is reported on your credit report and what you can do to build credit after your bankruptcy.