Grand Rapids Bankruptcy Attorney – Bankruptcy’s Effects On Credit

A common fear among individuals considering bankruptcy, is what the bankruptcy will do to their credit record and how long they will be affected.  It is true that under the Fair Credit Reporting Act, this notation on your credit report will last for ten years, but the effects it may have are not always clear cut.  In many cases, creditors view the bankruptcy as a step up from an individual’s prior credit conditions and some creditors may even view the bankruptcy as favorable, since, after discharge, the debtor will be free of other financial obligations and be more able to make payments on new lines of credit.

To better understand if filing for bankruptcy is the right action for you, it is recommended to set up a consultation with a local bankruptcy attorney.