How Will Bankruptcy Affect My Credit?

Filing for bankruptcy can be a difficult decision but it could also be the best option to get a fresh start financially. However, this comes with certain consequences such as how it will affect your credit score. It is important to understand what filing for bankruptcy means and how it may impact your ability to borrow in the future.

When you file for bankruptcy, your credit score takes an immediate hit and may stay down for several years. The exact amount of points taken off depends on the type of bankruptcy filed and whether or not you have other negative items on your credit report. In most cases, filing for Chapter 7 will cause more damage than Chapter 13 because it eliminates all debt obligations rather than restructures them. Additionally, creditors are less likely to loan money if they believe that you are unable to pay back a loan due to past financial struggles.

The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.

Our main goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706