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Will bankruptcy ruin my credit score?

One of the most common questions asked of bankruptcy attorneys is, "how will it affect my credit score?" People dread the thought of a tanked credit score following them around for the next ten years. Typically filing for bankruptcy will lower your score, but it will not ruin your score for a decade. There is no magic number stating how many points your score could drop because it all depends on your acquired debts and current credit status.

Hospitals modernizing the ways they collect health care debt

For many people in Ohio who have large amounts of debt, one of the big sources might be medical debt. A big piece of a person's credit information is tied to their outstanding debts; as people who have gone through a serious illness or injury knows, medical bills can add up quickly -- even to the point of spiraling out of control.

Legislation seems to be keeping a lid on credit card fees

People in Ohio who are struggling with credit issues may find that no matter what they do, they aren't able to significantly reduce their credit card debt. Some of that is the nature of the beast; the higher the credit card balance, the more a person is charged in interest. A path to credit restoration might be a very long one indeed for people who only pay the minimum payment every month. The overall balance barely goes down, and the card holder pays mostly interest every month, rather than paying down the principal.

Bankruptcy and your credit score: Things to know before filing

Even with ads and catchy jingles on the radio, few people here in Ohio really think about their credit scores on a regular basis. Then again, if you’ve ever had to file for bankruptcy or are considering it right now, this statement couldn’t be further from the truth. So what do these people know about their credit score that many people don’t and how can readers new to our blog use that information to help themselves down the road?

Ohio below national average for credit card debt

We wrote on our blog recently about how credit card debt around the country has fallen in recent times. Large amounts of credit card debt, for Ohio residents and others around the U.S., can increase financial headaches and keep credit scores down -- thus making it difficult to qualify for favorable rates on loans or mortgages. This can mean that having lots of debt without ever paying it off can have a very real effect on a person's living situation.

Average credit card debt falls, but not everyone's doing well

For many people, the economic difficulties of the past few years have been a big wake-up call. When the recent recession was at its bleakest, many people in Ohio and around the country found themselves saddled with onerous credit card debt and a poor credit score.

Mistakes on credit reports can cause serious problems too

A bad credit score can affect the ability to open a checking account in Ohio, find an apartment to rent, get a new car and in some cases it can even affect the ability to be seriously considered for a certain job. For those with insurmountable debt, bad credit can be an issue that seems to compound financial problems.

More Ohio credit card debt means lower credit score for many

The possible effect of bankruptcy is on the minds of many people in Ohio when they file. This includes how such an action will be seen long term through things like a credit score. Now, many find that they must chance a credit score change because of the amount of unmanageable credit card debts that they have accumulated. Before the recent recession and housing bubble, many banks were encouraging people in Ohio and elsewhere to take money out of their homes through equity loans. When the value went down during the recession, the money was still owed. Some found it hard to make payments and turned to credit cards for help. This may lead to financial stress and a lowering of a credit score.

Credit score can improve quickly after Ohio bankruptcy

People in Ohio worry that if they decide to file for a personal bankruptcy that they will have difficulty recovering financially. Just the opposite is true, however, as one recent report notes. In fact, there are steps that people can take as soon as their bankruptcy is finalized that can begin to rebuild a credit score and return to good financial standing.

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Phone 513-729-7196
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Office Locations

The Rose Law Office
35 East 7th Street,
Suite 610

Cincinnati, Ohio 45202

Phone: 513-729-7196
Fax: 513-621-6402
Cincinnati Law Office Map

The Rose Law Office
6020 Cheviot Road
Colerain, OH 45247

Phone: 513-729-7196
Fax: 513-621-6402
Colerain Law Office Map