(Video) How Does Filing for Chapter 7 Bankruptcy Affect Your Credit Score?

Posted by Wesley Scott on September 6, 2017 at 12:41 PM
Wesley Scott

Kain & Scott is Minnesota’s oldest bankruptcy law firm- we have been around since 1972. We have seen a thing or two when it comes to the aftermath of filing Chapter 7 Bankruptcy and have helped thousands of Minnesotans get their lives back.  Here is the truth about what the effect filing Chapter 7 bankruptcy will have on your credit:

  • The bankruptcy will be on your credit report for 10 years.
  • This is a fact. Your credit reports will show a Chapter 7 bankruptcy for 10 years.
  • After filing you will have less debt on your credit report which is good not bad.  Just because you have a high credit score does not mean you can get a loan. Why? Because banks don’t care if you pay other creditors they only care if you're going to pay them. The same bank that would turn down a couple for a loan whose credit score is 720 would give another couple a loan that has no debt and a lower credit score.
  • Filing Chapter 7 is good for your credit score no matter what.  For most debtors their credit is already low or they know it will be soon. People file bankruptcy every day who have 700+ credit scores. Why? Because they saw the freight train coming down the tracks.
  • You'll be eligible for Kain & Scott's FREE 90 Day Credit Repair Program

CONCLUSION

Getting your life back is exciting. When you are ready or when the time is right, reach out to Kain & Scott, Minnesota’s highest and most Google reviewed bankruptcy law firm. 

Find out what to expect during your  Free Bankruptcy Consultation  You will see that it's not as scary as you think Download our Free eBook

Topics: Bankruptcy, Credit, Debt, Credit Repair