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Queens Bankruptcy Attorney Bruce Feinstein Esq.'s |
For all the facts available about filing for bankruptcy, there are just as many harmful myths that cause confusion and stress to people in debt. In this post, I hope to set the record straight and dispel some of the most common bankruptcy myths once and for all.
When people face the prospect of filing for bankruptcy in Queens, one of their top concerns is often how bankruptcy will affect their FICO score. FICO, or Fair Isaac Corporation, scores are credit scores the majority of lenders use to determine your potential credit risk. The myth surrounding bankruptcy and ruined credit scores is well established, but not fact. Bankruptcy has the possibility to lower your credit score, but this is by no means the bottom line. Not only are many other factors at play, but your score may actually improve when you file for bankruptcy.
