FICO Scores and Bankruptcy

When deciding whether or not to file for bankruptcy, many people worry about the negative impact it may have on their FICO score. The truth is, successfully filing for bankruptcy provides you with the clean financial slate necessary to begin rebuilding your credit score.

Rebuilding Your Credit After Bankruptcy

After eliminating debts through bankruptcy, many people see their credit scores rise by nearly 100 points within a relatively short period. This credit boost happens because bankruptcy clears your past debts, enabling you to apply for new credit cards. And because you’re no longer in debt, you’ll have the finances needed to make your credit card payments on time, increasing your credit score month after month.

credit score displayed on laptop screen

Are you interested in learning more about how bankruptcy can effectively clear your debts while helping you build back your credit? Then, contact us today to schedule a free consultation!

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