Effects of Bankruptcy

 

In 2010, more than 1.5 million Americans filed for bankruptcy. Unfortunately, many bankruptcy attorneys do not adequately explain the effects of bankruptcy to their clients. Put simply, the total financial and emotional costs of filing bankruptcy can almost never be truly quantified. Both consumers and businesses/commercial collectors will target you and you can wind up being hounded by collection agencies who know when you are near bankruptcy. Even the credit score impact alone can be devastating. For example, when you file for bankruptcy, every credit account you decide to include within that bankruptcy will become listed on your credit reports as an account.

 

Usually, the more of those that appear, the worse your credit score. Additionally, the bankruptcy filing and bankruptcy discharge listings themselves (separate from those included in bankruptcy listings) will also appear in the court records section of your credit report. Because so many negative items are attached to one single bankruptcy proceeding, removing all traces of that bankruptcy filing may seem daunting. For that reason, and if at all possible, you should avoid bankruptcy.

 

For more helpful tips and tricks contact Vitesse Financial today. Vitesse has over 15 years of experience, and by calling today you qualify for a FREE financial consultation from a Vitesse Credit Professional. Call 866.407.9110 TODAY!

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This entry was posted in Authorized User, Bad Credit or No Credit, Bankruptcy, Credit Repair Services, Credit Repair Software, Credit Score, Improving Credit and tagged , , , , , , , . Bookmark the permalink.

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