Best Bankruptcy Lawyers in Winston-salem, NC

Have you heard that bankruptcy is REALLY bad? You are not alone. Most people don’t have an accurate idea of what bankruptcy really is. Most assume it will ruin your credit & that it is the worst thing you can do credit-wise. That’s not true. In fact, sometimes filing bankruptcy improves your credit score! By the time most people consider bankruptcy, their credit shows high balances, a history of late/missed payments, or foreclosures or repossessions. Once your debt is discharged in bankruptcy, and that debt is eliminated, your credit score may actually go up! Most people see higher credit scores within a year of receiving their bankruptcy discharge. According to a study by the Federal Reserve Bank of Philadelphia, Chapter 7 debtors saw their credit scores increase by an average of 80 points within 6 months of filing bankruptcy. Chapter 13 debtors saw an average increase of 75 points. According to a study by FICO, within 4 years, 48% of people that filed bankruptcy had credit scores of 620 or higher. While every case is different, and while credit scores depend on a multiple of variables, these studies are helpful in showing that bankruptcy does not always have the devastating effect on one’s credit score that most people assume. Call us today for a free consultation. Let us help you wipe the slate clean so you can start living again!