by K. Hunter Goff
As an Orlando bankruptcy lawyer I speak with clients and potential clients every day who are considering filing for bankruptcy. Invariably, before we even get into the amount of debt the person has and how filing bankruptcy can benefit him or her, the person tells me they have an "A++" credit score. Or, I am made aware of their "850 Beacon Score".
"That's nice", I might say, and then ask them to "tell me about the money you have saved up for retirement, tell me about the discretionary income you have each month, and tell me how nice it is to not have to make 8 different minimum monthly payments each month to credit cards".
Absolute quiet.
You see, a credit score, and the banking industry that promotes and relies on a person's credit score, are dependent upon the individual consumer constantly feeling the need to pay off debt and then take out new debt. According to a recent blog post by Gene Melchionne, a consumer and bankruptcy lawyer in Connecticut, a person's credit score tells you two things "how you handle the debt you already have and how will you likely handle any new debt."
Think it over. Would you really care about your credit score if you didn't need to borrow money? If you could become debt free, and get off of that debt hamster wheel, you would no longer be a slave to your credit score! Even so, some clients are still worried about what filing bankruptcy will do to their credit score. As their bankruptcy lawyer, I simply tell them about experiences of past clients. Many, within months of receiving their bankruptcy Discharge, have financed the purchase of car. What is more surprising to those not familiar with the bankruptcy process, is that many of my clients received credit card offers in the mail on the same day their bankruptcy Discharge came.
In the vast majority of cases, a person's credit score will rebound a couple of years after a bankruptcy Discharge.
Many people have lost site of really important financial matters like, "Am I doing enough to make sure I'm comfortable in retirement?" They have become a slave to some computer generated credit score number for years.
That "850 Beacon Score" isn't going to do much to supplement your monthly social security check. - 41115
Want to find out more about (http://tinyurl.com/362kxta) credit scores and bankruptcy? Then visit K. Hunter Goff's site on how to choose the best (http://tinyurl.com/35d6p6c) bankruptcy lawyer for your needs.
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New Unique Article!
Title: Bankruptcy Relief And Your Credit Score
Author: K. Hunter Goff
Email: hunter@khuntergoffpa.com
Keywords: credit score, bankruptcy, bankruptcy lawyer, bankrutpcy law, lawyer, law, legal, finance
Word Count: 385
Category: Finance:Credit
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