How Will Bankruptcy Affect My Credit Score?

When we find ourselves in a situation where we are considering bankruptcy, it is usually our last option we consider. We may have been experiencing financial difficulties for quite some time and it doesn’t matter how hard we try, we just can’t seem to dig our way out of it. It seems as if bankruptcy is the best option to hit the reset button and to give us a fresh chance at life. There are often questions that are asked about filing bankruptcy, which are best to ask a bankruptcy lawyer. And the following article is not intended as legal advice. We’ll just look at the topic of bankruptcy and how it will affect us, including how it will affect your credit score.

Avoiding Bankruptcy for Fear of Effect on Your Credit

Bankruptcy would almost seem like the easy way out, but most people are afraid of the effect that filing bankruptcy is going to have on their credit. You really need to take a look at the bigger picture, however, and decide if it is the best option for you and whether you are doing yourself any justice by not filing for bankruptcy. It is often necessary to crunch the numbers and sometimes, it is best if you get a professional involved in the process. They can help you to make the right decision and choose the best course of action for your personal needs.

As far as your credit score is concerned, bankruptcy is going to stay on your credit report for quite some time. That time may vary to a certain extent but for the most part, you can expect for it to stick around on your credit report for as much as 10 years. In addition, if you still have any credit left, it is going to be seriously hurt by filing bankruptcy and you will see your numbers drop significantly. That is only one part of the equation, however, and there are other things to consider.

First of all, if you are having a serious financial difficulty and find yourself wanting to file bankruptcy, you are likely already harming your credit score. You might be falling behind on your payments and if you aren’t now, you could end up falling behind in the not so distant future. There is no doubt that it can have an impact on your credit and it will continuously go down. As soon as you hit this type of downward spiral, it is very difficult to get out of it and you only find that your credit score is getting worse.

Effects Can Be Temporary

In addition, you might find that the amount that your credit score drops when you file for bankruptcy is really only a temporary issue. In many cases, you can begin requesting new credit cards immediately after the bankruptcy has been settled. Admittedly, you’re not going to get the serious credit card offers that you may have if you have an extremely high credit score, but you are still going to have the opportunity to build your credit.

So, how much will your credit score drop when you file for bankruptcy? In most cases, it will drop anywhere from 160 up to 220 points. If you have a good credit rating, it is going to take it down to the point where it is considered to be a poor credit rating. Most lenders are not going to extend you credit when you have a poor credit rating, so you may have a difficulty if you want to buy a home or a car. As we said, however, there may be options available for credit cards or you can get a secured credit card, which is similar.

Which Type of Bankruptcy Will You File?

You also need to consider the type of bankruptcy that you file. Chapter 13 bankruptcy is relatively common, and it will stay on your credit report for up to seven years. The benefit is the fact that it will discharge that on your credit report and if you are on a 3 or 5-year repayment plan, you may get out from underneath the debt prior to that time. Chapter 7 bankruptcy tends to stay on the credit report even longer and maybe there for 10 years. It has the benefit of discharging all of the unsecured debt that you have.

As you can tell, there is a lot to think about when you decide to file bankruptcy. It isn’t just a matter of your credit score, it is a matter of your available credit. Make sure you talk to a professional before you make the decision.

Remarriage After Divorce In Nevada – Dealing With The Waiting Period

Are you planning on getting remarried after a divorce? If you are, and you live in Nevada, you shouldn’t necessarily assume that you’ll be able to get married as soon as your divorce is finalized. You’ll have to go through a waiting period before you can marry again. Here’s a few things you should know if you’re hoping to remarry in the future.

It’s Smart to Check Out The Waiting Period Ahead of Time

Don’t wait until the last minute to investigate the waiting period with a Nevada attorney. This isn’t the kind of thing that you will want to be caught off guard by. You’ll want to make sure you’re familiar with the waiting period ahead of time. If you investigate the waiting period now, you’ll be able to prepare for the future. You’ll be able to check and see how long you’ll have to wait, and you’ll be able to plan around that. If you don’t have the right information, you could run into problems later on.

The Waiting Period Isn’t Very Long

If you’re concerned about the waiting period, you don’t have to be. While you may have to wait to get remarried, the waiting period isn’t all that long. This waiting period shouldn’t cause any major difficulties for you.

The state of Nevada doesn’t require people to wait years before they can remarry. The requirements are reasonable, and they don’t pose a problem for most people. If you study these requirements, you’ll see that they aren’t particularly strict. Most people never have to worry about these requirements; they can get remarried without any issues.

The Waiting Period Is Determined by The Date Your Divorce Was Finalized

Not everyone is able to finalize their divorce right away. In some cases, the divorce process can drag out for months or even years. Because the waiting period begins after your divorce is finalized, a long divorce could make it difficult for you to get remarried.

If your divorce isn’t finalized yet, you’ll want to work to ensure that it is finalized as soon as possible. Once your divorce is finalized, you can start planning for the future.

You may want to set up a consultation with a Nevada divorce lawyer. The right attorney will be able to help you end your marriage in a timely manner. They’ll work with you and ensure that you are able to get married again.

You Can Have A Wedding Even If You Can’t Get Married Legally

If you’re in the process of planning a wedding, and you’re worried that the waiting period will get in the way of that, you can relax. You don’t have to postpone your wedding if you’re still within the waiting period. It’s possible to have a wedding and get legally married later on.

The wedding ceremony isn’t legally binding on its own. You’ll need to fill out and sign paperwork if you want to legally marry someone. It’s possible to have a wedding, celebrate with your family and friends, and get legally married at a courthouse at a later date.

At the end of the day, a wedding is just a party. Don’t put a hold on your wedding if you can’t get legally married. Get married now and worry about the legal side of things once you’re past the waiting period.

Dealing with the waiting period can be frustrating, especially if you want to get married as soon as possible. While the waiting period can be a setback for some couples, it’s easy to cope with if you have the right information. Learn a little bit more about the requirements for remarriage in Nevada so that you can figure out what your next step should be.