Bankruptcy and Future Credit

: Reese Baker & Associates

  Filed under: Credit

debtIf at the moment you are being swallowed up by debt with no light at the end of the tunnel, the last thing you are probably thinking about is your future credit. If you are going for a bankruptcy solution then you may want to ask your bankruptcy attorney as to how this will affect you in regards to your future credit rating.

Better In The Long  Run

Your bankruptcy is going to appear on your credit score. No doubt, any future creditors when seeing this will give it some attention. What they will also consider is what was your credit like before you filed for your bankruptcy. Some lenders realize that people fall into temporary difficult financial circumstances and bankruptcy is their fastest and only solution. It doesn’t mean that they are non payers or have a delinquent attitude when it comes to their debt responsibilities.

It helps to have an understanding of how your credit record is compiled. Make sure that you make it a habit to occasionally check your credit report to ensure there is no false information on it. Mistakes can be made when data is being entered which can have a serious effect on your rating.

Even though your bankruptcy will have some effect on your credit rating, your poor financial situation at the moment is not helping it either. You can talk to your Bryan/College Station bankruptcy attorney concerning this and he should be able to answer your questions in detail.