Chermack Law

  • Practice Areas
    • Family Law
    • Bankruptcy
    • Adoption
    • Housing Law
  • About Liz
  • Contact
  • Blog
  • Se Habla Español

Credit scores and bankruptcy

Posted on August 13, 2014 by Elizabeth Rosar Chermack

When someone schedules an initial consultation with me to discuss their debts and what options they have to resolve their debts,  their credit score is often on their mind. People want to know how filing bankruptcy will impact their credit rating. It is difficult for me to give an exact answer. Once a client retains me to file bankruptcy, I use a service to pull their credit reports (with my client’s permission, of course!) so I can enter information about their creditors into their bankruptcy petition. That service also provides me with a report to share with my clients. The report includes an “analysis” of what the company believes my client’s credit score will be one year after filing bankruptcy. It usually shows that the client’s credit score will improve/increase one-year after filing bankruptcy. I tell my clients not to take that “analysis” too seriously, but it is interesting to see. Only time will tell, of course, whether a person’s credit score will actually improve in accordance with that company’s prediction.

Recently, Bloomberg posted an article regarding credit scores and an upcoming change in how credit scores are calculated. The main point of the article is that this change will “reduce the importance of overdue medical bills and remove blemishes on once late, paid-off accounts.” This is good news for many people. 

Elizabeth Rosar Chermack is a Minnesota Bankruptcy Attorney, and can represent you in your bankruptcy matter.  Call (952) 491-0390 or send an email to liz@chermacklaw.com to schedule a consultation with Liz.

ATTORNEY ADVERTISING MATERIAL. The content of this website is for informational purposes only and is not intended as legal advice. No attorney/client relationship is formed by use of this website. Do not submit confidential information via this site unless and until there is a signed retainer contract on file.

Elizabeth Rosar Chermack, Attorney at Law, is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code.

Posted in Bankruptcy Law |
« How can I afford to hire a bankruptcy attorney?
If I file bankruptcy in Minnesota, can I keep my car? »

Leave a comment Cancel reply

You must be logged in to post a comment.

Recent Posts

  • Updated means test numbers – effective November 1, 2020
  • Uncontested Flat Fee Divorce and Custody Cases
  • Family Law Intake Forms
  • Balancing Act: Episodes 31 thru 35
  • Balancing Act: Episodes 28 thru 30

CyberChimps WordPress Themes

© Elizabeth Rosar Chermack, Attorney at Law. Disclaimer: The content of this website is provided for informational purposes only. Information you obtain from this website is not, nor is it intended to be, legal advice. You should consult an attorney for individualized advice. Use of this website does not create an attorney-client relationship. Elizabeth Rosar Chermack, Attorney at Law, is a designated debt relief agency by an Act of Congress and the President of the United States. She assists consumers seeking relief under the U.S. Bankruptcy Code.