How Can You Repair Your Credit Score After a Bankruptcy Discharge?
Bankruptcy laws and procedures were designed to help people recover from overwhelming debt and start fresh. But even after your debt is discharged, your credit score still bears the mark of your former debt. Creditors still see you as a risk and want proof that you can make monthly payments on a loan or make… Read More »
How Does Bankruptcy Affect a Cosigner?
Cosigning a loan, lease or another financial obligation for a friend or a loved one is a kind gesture but it involves crucial legal responsibilities. Before you cosign any document, you should take time to understand your obligations to creditors in the event that the borrower is unable to make the payments owed. If the… Read More »
Can You Erase Your Bankruptcy Record Early?
Filing for bankruptcy comes with the understanding that notice of the bankruptcy will appear on your credit report for years to come — specifically, seven years after filing a Chapter 13 and 10 years after filing a Chapter 7. A lot can happen in the time between declaring bankruptcy and being discharged with a clear… Read More »
Does Your Bankruptcy Show Up on an Employer Background Check?
Bankruptcy is intended to give people an opportunity to make amends with creditors and move forward with a fresh start. However, as long as a bankruptcy appears on your credit report, it may negatively affect many of your aspirations, from securing a home loan to achieving certain career goals. It is typical for companies to… Read More »
What Happens To Your Credit Score In Bankruptcy?
Active judgments, collections accounts, charge offs and delinquent debts are reported to the credit reporting agencies. These will have a devastating effect on your credit score. Your credit score will suffer greatly, often dropping hundreds of points. The problem is intensified over time as these derogatory reports linger and just sit on your report. A… Read More »