Let Geri Lyons Chase's experience work for you

Addressing concerns about credit scores and bankruptcy

On Behalf of | Feb 2, 2024 | Bankruptcy Law

Extended periods of financial strain can take a devastating toll on various aspects of a person’s life. Individuals in Maryland who face high levels of debt may wish to protect their futures by seeking much-needed debt relief, but they might have some concerns about the process. One topic that might leave many uncertain if bankruptcy could be a viable path for relief might involve the impact this could have on one’s credit, and the results might not be as bad as one thinks. 

The topic of credit scores 

One of the first things to note is that bankruptcy may inherently affect one’s credit score and may remain on a person’s credit report for up to 10 years. However, those who struggle with high levels of debt may already be facing similar concerns. Experts indicate that seeking relief via bankruptcy could help reduce or eliminate certain debts and remove negative items from one’s credit report. 

It could also be helpful to note that those who file for bankruptcy might not have to wait up to 10 years to start rebuilding their credit. In many cases, a person may be able to start taking steps to achieve similar goals soon after finalizing the bankruptcy process. The relief obtained via bankruptcy could also help free up income and provide a person with a greater ability to manage remaining financial obligations. 

Is bankruptcy a viable option 

While bankruptcy could help provide much-needed relief from debt concerns, it might not be the best path in every situation. Those who face similar issues and remain uncertain of how best to approach the situation could consider speaking with a bankruptcy attorney for assistance in addressing their options. An attorney can help a client prepare to make informed choices while creating a strategy with which to reduce or eliminate his or her debts via the appropriate outlets.