Chattanooga Bankruptcy Attorneys Clark & Washington Explain How Bankruptcy Can Improve Your Credit Score
The Chattanooga bankruptcy attorneys highlight how filing for bankruptcy can ultimately lead to an increased credit score.
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CHATTANOOGA, TN, August 03, 2014 /24-7PressRelease/ -- The Chattanooga bankruptcy attorneys at Clark & Washington wish to inform the public of the positive effect filing for bankruptcy can have on your credit score. The traditional belief that individuals have when it comes to filing for bankruptcy is that doing so will ruin their credit. Although it is true that filing for bankruptcy will severely damage your credit your score for the next seven to 10 years, the long-term benefits may make the temporary sacrifice worth it.
Increase Your Score with Bankruptcy
If you are in dire financial straits and elect to forgo filing for bankruptcy in an attempt to settle your debts on your own, chances are you will only heighten the damage to your credit score. Trying to rebuild your credit when you have severe debt can make it increasingly difficult to rebuild your credit ever again.
A benefit of filing for bankruptcy is that after your bankruptcy has been discharged, you can begin rebuilding your credit without worrying about having to catch up with your creditors. In the majority of bankruptcy cases, most of your debts have been settled with and you now have a clean slate to start fresh and rebuild your credit. Alleviating your finances of any delinquent debts drastically helps you improve your credit score without impediment.
Credit scores fluctuate over time from ordinary everyday transactions, so keeping up with your credit score and having a plan can be the difference between having a poor credit score and having a great one. For ways to make sure you increase your credit score after bankruptcy, consult a Chattanooga bankruptcy lawyer experienced in helping people get back on their feet after bankruptcy.
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
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