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How Can Bankruptcy Affect My Credit Score?

BankruptcyDavid B is a 61 year old materials/manager engineer who lives in Nassau County. After going through a divorce and loss of a job, he found himself with nearly $250,000 in credit card debt.

How did he build up so much debt? It all started in 2003 when he and his wife split and finally divorced. Immediately after he was divorced he suffered a few, slow years of self employment. As his income decreased he began to live off credit.

One day he was regretfully notified that one of his Chase bank accounts was frozen by Melan & Associates. As a judgment creditor they had a legal right to put a hold on his personal bank account. After working hard for 30 years he felt “powerless.”

Looking into his options he discovered Doyaga & Schaefer and started to investigate bankruptcy. He told us his biggest fear was “loss of credit”. The staff at Doyaga & Schaefer “clearly defined his options when it came to his debt” and crafted a plan for him to file Chapter 7 bankruptcy.

David learned to respect the process of bankruptcy. He filed a Chapter 7 petition, obtained the benefits of the automatic stay and his account was released. He was able to save every dollar and the judgment creditor was stopped (or stayed) from collecting the debt.

David B told our staff that he would recommend bankruptcy because now he can move forward with a clean slate.

 

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