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Does a bankruptcy filing permanently wreck a credit score?

Most people who file for Chapter 7 bankruptcy think long and hard about making that decision prior to pulling the trigger.

That is certainly understandable, given the weighty considerations involved with a Chapter 7 filing. There is a lot to think about.

Ultimately, many people and businesses do commit to the process (reportedly, nearly 1,108,000 during 2013), retrospectively noting that bankruptcy came as advertised: That is, it did provide a lawful process for shedding onerous debt and regaining financial traction.

Many debtors who have been centrally assisted by a proven debt relief attorney as they secured the benefits of bankruptcy also harbor an additional concern focused upon their personal credit history. Specifically, they wonder whether a Chapter 7 filing will adversely affect their credit score over the long term, perhaps even permanently.

As noted by an article addressing bankruptcy and credit scores, they should be optimistic on that point. That article states that bankruptcy “is by no means a financial death sentence” and that a filer can take a number of proactive steps following a bankruptcy filing to propel a fallen credit score back to a respectable -- even highly impressive -- number.

Yes, that takes time, but it also took time to fall into financial difficulties and ultimately file for bankruptcy, right?

The path back to a mended credit history is well established and has been successfully followed by legions of bankruptcy filers. It is marked by balances being fully paid each month, by smart use of secured credit and retail cards, by paying bills automatically online and by close and continued monitoring of a credit score and the progress being made.

Millions of debtors gain financial freedom through bankruptcy and subsequently take actions that impressively reboot their credit histories. An experienced bankruptcy attorney can fully explain Chapter 7 and candidly discuss strategies with any client seeking a fresh financial start.

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