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Your Credit Score Before Going Bankrupt

It is not uncommon for many people to want to go bankrupt simply because they are burdened with all of the collectors that may be harassing them. Before making this decision the first thing an individual should do is check their credit score. This may not directly affect the situation that is leading one into a bankruptcy but it can help them prepare for their new financial future after their bankruptcy has been processed.

Credit Considerations After Debt

As with any type of legal proceeding it is always wise to have professional assistance. The same applies with the bankruptcy. Any individual that is going to go after this type of financial relief should find a quality Kentucky bankruptcy attorney to assist them.

What you may find when you obtain your credit report is that many of the debts that are listed on it are no longer current. These are classed as out of statute debts. What you want to do is write to the credit bureau so that they are made aware of these debts and they can remove them.

If you have a debt that has been in default for excess of six years then the creditor has no recourse against you. There are exceptions to this however, and whether or not you will need to report these in your bankruptcy is something that will have to be determined. This is another reason why you want to be able to rely on good counseling.

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