This may appear contradictory if you are unaware of how bankruptcy actually functions and how potential creditors evaluate your credit report.
The date on which you filed for bankruptcy will be the primary concern for the majority of your creditors. If it was recently, they will likely deny your request for additional credit. On the other hand, if your bankruptcy has been discharged, you still have a chance of approval.
The second factor they will consider is the debt you have claimed. They want to determine whether you filed for bankruptcy because you merely did not want to pay off your debts or because you had no other option. If they determine that the former is true, they will likely not consider you as a candidate for additional credit.
Your credit score will improve after your bankruptcy has been discharged, and it may even be higher than it was before you filed. The conclusion is that filing for bankruptcy actually improved your credit score.
Bankruptcy can therefore be an excellent way to start over when your health is at risk and your expenses are eating up your salary and more. You should never let your conceit overcome your common sense. Bankruptcy is the solution if you can no longer withstand the pressure, and you should not feel humiliated about filing for bankruptcy because it happens to everyone. It is probably more embarrassing to not pay your bills than to confess you can no longer handle the pressure.
The status of your credit will be heavily influenced by the chapter of bankruptcy you file under and the amount of money involved, although there are additional factors to consider. The safest course of action is to obtain professional assistance. A bankruptcy attorney can analyze your bankruptcy case and determine every factor that will impact your credit score. A financial expert can assist you in identifying the optimal course of action and implementing it.
These professionals will assist you in comprehending how the bankruptcy filing process works and will prepare you for the actual filing.
If you want to determine what effects bankruptcy will have on your credit score, you should always seek professional assistance.
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