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How will Chapter 13 bankruptcy affect my credit score?

Your credit score, otherwise known as a FICO score, is a measure of how likely you are to pay your obligations in a timely manner. Your credit score will probably decline temporarily after a bankruptcy case has been filed because bankruptcy indicates an inability to pay your debts. However, if you keep up with your repayment plan requirements, your debts will be discharged at the completion of the plan. Because the discharge effectively erases the remaining unpaid debt, your credit score will likely improve.

Barry Rosenzweig
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Barry Rosenzweig, has 25 years experience as an attorney helping clients solve their legal problems.