Will Chapter 7 Bankruptcy Lower My Credit Score?
Filing for Chapter 7 Bankruptcy can be a difficult decision to make. It may offer debt relief, but it also comes with a few downsides - one of which is the effect it has on your credit score. Whether you’re considering filing for bankruptcy or already have, knowing how a Chapter 7 Bankruptcy will affect your credit score is essential.
When you file for Chapter 7 Bankruptcy, you may see your credit score drop considerably by as much as 200-250 points. This major decrease in your credit score may remain on your record for up to ten years after filing. During this time, potential lenders and creditors view bankruptcy negatively and are more likely to deny any new loan requests or offers of extended lines of credit.
The Law Offices of Omar Zambrano has helped thousands of people and businesses on the past to get out of debt and start over.
Our 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