What effect does bankruptcy have on my credit score?

When you file for bankruptcy, your credit rating will most likely drop to 480, but every circumstance is different. A chapter 13 bankruptcy is a three to five-year open bankruptcy. Your credit score can improve while the bankruptcy is pending if you keep up with your Plan payments and monthly mortgage payments. It is not uncommon for a debtor to secure a new loan while under Chapter 13 protection. Warning: Any additional loans, asset sales, or large-dollar asset purchases must be approved by the court. Check to see if taking out a new loan will cost you more than paying off your present debt.

101 words|0.5 min read|Categories: , |By |Published On: June 29th, 2022|Last Updated: March 14th, 2024|

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“You folks are the BEST OF THE BEST in Arizona.” M.H.

You and Jay are the best attorneys I have ever had or needed and thank God for the Honorable Robert Gottsfield in recommending you folks – I would have never made it through the entire process without you and Jay and God Bless you both always and stay in touch as well. You folks are the BEST OF THE BEST in Arizona.

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I can’t say enough good things about Diane. The way she handled my not typical circumstances was amazing. I was very nervous to start the bankruptcy process but Diane just has a very comforting way of explaining the whole process. My only regret is that I didn’t find Diane sooner. If you find yourself in a financial situation that you can’t correct on your own, please Call Diane Drain as soon as possible.

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