Credit Scores In Today's Society

What does it mean to be “credit worthy” and why does everyone care so much? Is it actually that important? Credit scores in today’s society can actually be critical. They are used as a determination of a borrower’s risk. They are used to determine insurance rates. They are used to obtain application approval for rental properties. They are even used in consideration of new job candidates. Because of the various implications of a credit score, the “grooming” of credit has become a major industry in modern society. This becomes particularly popular for recent bankruptcy filers, possibly because they’ve already felt the limitations of a poor credit rating and they don’t want to experience it again.

In fact, in many situations, financial ruin was the turning point that allowed consumers to change the way they were viewed by the credit reporting agencies. Consumers who are drowning in credit card debt (a …show more content…
Bankruptcy is an accepted solution and many take advantage of its protection in order to get out from under stifling charges and exorbitant interest rates that prevent them from lowering balances that go up endlessly. Once the discharge is received, the filer can actively recover financially by obtaining safe and conservative credit, financing, etc. and making on time payments on minimal charges and balances. Most bankruptcy filers are surprised at just how quickly they can repair their credit post-bankruptcy.

The positive effect of bankruptcy on an individual or family’s finances far outweigh the negative and in some cases, the discharge of debt is the only way they will ever get out from under their escalating revolving credit balances. If you need to discuss the possibility of obtaining a discharge of debt through a Chapter 7 bankruptcy filing, please get in touch with one of the experienced southern California bankruptcy attorneys at Westgate Law