{"id":1820,"date":"2010-06-26T15:57:54","date_gmt":"2010-06-26T15:57:54","guid":{"rendered":"http:\/\/www.covstravels.com\/?p=1820"},"modified":"2015-04-11T23:04:18","modified_gmt":"2015-04-11T23:04:18","slug":"chapter-7-bankruptcy-affect-credit","status":"publish","type":"post","link":"https:\/\/www.duncanlawonline.com\/staging\/8350\/chapter-7-bankruptcy-affect-credit\/","title":{"rendered":"How Does Chapter 7 Bankruptcy Affect My Credit?"},"content":{"rendered":"
http:\/\/www.youtube.com\/watch?v=WInu8l5WCN8<\/div>\n

Chapter 7 bankruptcy<\/a> will likely make your credit score drop initially. \u00a0After an initial drop we have seen our clients steadily rebuild their credit scores to the level, or better, of many of their friends or family members. \u00a0Bankruptcy allows you to wipe out your debt so you can start fresh and have a legitimate opportunity to have your fresh financial start. \u00a0Most people find it incredibly difficult, if not impossible, to improve their credit when they have large amounts of debt. \u00a0Chapter 7 bankruptcy will wipe out the majority of this debt and allow you to reestablish your credit worthiness.<\/p>\n","protected":false},"excerpt":{"rendered":"

You should first understand the difference between your credit score and your ability to obtain credit. Often, these words are used interchangeably and confusion can occur. Your credit score is the number the credit reporting agencies assign to your credit. It is based on your history of making payments on your debts. Your ability to obtain credit is based on your ability to make payments in the future and is determined by your income and your debts. If your debts exceed your ability to make payments, you may be unable to obtain credit even if you have consistently paid your debts on a timely basis. In other words, you may have a good credit score yet be unable to purchase a car because you have too much debt.<\/p>\n","protected":false},"author":3,"featured_media":1816,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"video","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4165,4170],"tags":[],"class_list":["post-1820","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-chapter-7-bankruptcy","category-life-after-bankruptcy","post_format-post-format-video"],"yoast_head":"\nChapter 7 Bankruptcy & Your Credit | Duncan Law<\/title>\n<meta name=\"description\" content=\"Chapter 7 bankruptcy drops your credit score initially, but many clients rebuild faster than expected. See how discharge clears the path to real credit recovery.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.duncanlawonline.com\/chapter-7-bankruptcy-affect-credit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Does Chapter 7 Bankruptcy Affect My Credit?\" \/>\n<meta property=\"og:description\" content=\"You should first understand the difference between your credit score and your ability to obtain credit. Often, these words are used interchangeably and confusion can occur. Your credit score is the number the credit reporting agencies assign to your credit. It is based on your history of making payments on your debts. Your ability to obtain credit is based on your ability to make payments in the future and is determined by your income and your debts. If your debts exceed your ability to make payments, you may be unable to obtain credit even if you have consistently paid your debts on a timely basis. 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