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    Mesa Bankruptcy Law Office 
    My AZ Lawyers
    1731 W. Baseline Rd.
    Suite #101
    Mesa, AZ 85202
    (480) 263-1699

    Phoenix Bankruptcy Law Office
    668 North 44th Street, Suite #300
    Phoenix, AZ 85008
    (480) 833-8000

    Glendale Bankruptcy Law Office 
    My AZ Lawyers
    20325 N. 51st Ave.
    Suite #134
    Glendale, AZ 85308
    (623) 640-4945

    Tucson Bankruptcy Law Office 
    My AZ Lawyers
    2 East Congress St. Ste. 900 
    Tucson, AZ 85701 
    (520) 306-8729

  • Filing Bankruptcy and Your Credit Score

    Will filing for bankruptcy ruin my credit score?

    If you are in the same financial situation as so many people in the poor economy, you may be considering filing for chapter 13 or chapter 7 bankruptcy.  Bankruptcy is a very personal and private matter that should only be entered into after careful consideration.  The assistance of an experienced bankruptcy attorney could be helpful in your decision when considering bankruptcy as a form of debt relief for your financial situation.

    There is no doubt that your credit scores will drop anywhere from 100-300 points immediately after filing for bankruptcy.  The variation of how much your credit score drops is dependent upon how high your credit score was prior to filing. Keep in mind, by the time you decide to file for bankruptcy protection, your credit scores have already taken a serious hit from: missed payments, being over your credit amount, judgments, credit inquiries, and mismanagement of your credit accounts. That’s the bad news. The good news is that you can start rebuilding immediately after filing for bankruptcy.  You and your credit have been given a do-over and it is time for a “Fresh Start”.

    After you file bankruptcy, it is reported on your credit report as a public record.  There is nothing that you can do to stop this fact as your bankruptcy will be part of the public record.  However, every year more and more people are forced into filing for bankruptcy and it has almost become something that is socially more accepted now than in the past.  Just know that you are not alone!

    Filing for bankruptcy will not always hurt your credit score, in some cases your credit score may rise after you file for bankruptcy. One of the determining factors in your credit score is the debt-to-income ratio. If you have a lot of debt and little income, this ratio will impact your score in a negative way. However, once you file bankruptcy, your debts are erased and you will find yourself with little to no debt.  With no debt, your credit score will increase as your debt-to-income ratio is now in better shape.  In theory, your credit score could actually rise after filing for bankruptcy.

    If you have additional questions as to how filing bankruptcy will affect your credit score, please contact our Arizona Bankruptcy Attorneys for a free consultation.  You can reach our Arizona Bankruptcy Law Firm at (480) 833-8000 in the Phoenix area and at (520) 306-8729 in the Tucson area.  We look forward to hearing from you.

    My AZ Lawyers


    Arizona Bankruptcy Attorney, Lawyers For Bankruptcy In Glendale, Bankruptcy Attorney Mesa AZ, Lawyer For Filing Bankruptcy In Tuscon
    1731 West Baseline Road #101
    Mesa, AZ 85202
    5 stars - based on 14 reviews
    480-833-8000
    Phoenix@Bankruptcy-AZ.com

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