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Facts about bankruptcy, credit scores and discrimination
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Facts about bankruptcy, credit scores and discrimination

On Behalf of | Feb 16, 2023 | Bankruptcy & Asset Protection

For Floridians who are experiencing financial problems and are thinking about bankruptcy, there are many factors that may prevent them from moving forward with the process. This is true even if they meet all of the other requirements to clear their debts with a Chapter 7 liquidation bankruptcy or a Chapter 13 repayment plan bankruptcy.

Many might be worried about preconceived ideas and misunderstandings surrounding a bankruptcy filing. That includes a negative perception when seeking employment or if they are already employed. It can also involve being fearful about what a bankruptcy filing will do to their credit score. Knowing how bankruptcy impacts a person’s life beyond their finances is essential from the outset.

Calming fears about credit and discrimination following bankruptcy

A bankruptcy filing will be on a person’s credit report for 10 years after they have filed. This is part of the Fair Credit Reporting Act and goes beyond the normal seven years for other credit information. Despite that, people who think they cannot get credit after filing for bankruptcy are mistaken. There are high-interest credit cards and various alternatives that can help people rebuild their credit.

Some might also worry that a bankruptcy coming up on a background check for a job or under some other circumstance will negatively affect them. Discrimination against a person who has filed for bankruptcy is against the law. A person cannot lose their job because of a bankruptcy.

People should know the facts before letting these fears stop them from filing

What people need to consider when thinking about their credit score when filing for bankruptcy is that they are likely already seeing their score getting incrementally lower because of high debt, late payments and other challenges.


Clearing the debt through Chapter 7 or Chapter 13 bankruptcy can give them a fresh start. After a few years and keeping their finances in check and paying their bills on time, their credit scores can improve rapidly.

To understand these issues, know how they can be affected and decide what strategies to use, it is important to have professional assistance with the entire bankruptcy process. Calling experienced and caring professionals who genuinely want to assist people is a positive way to start.