Credit Ratings and Bankruptcy

Credit ratings are often the driving force for people.  They do everything they can to keep the credit score up, even as they go further and further into debt.

NC Bankruptcy Lawyer in Charlotte North Carolina for Chapter 7 / Chapter 13

While it is best to try to keep a good credit score, it may not make sense to keep scores up but remain in deep debt. 

There are those who say that it is better to have a poor credit score but owe no one, than to have a good credit score but have more debt than you can repay. 

Credit scores do not mean the same thing that they did years ago.  That is because it used to be hard to get loans and you had to show an ability to pay.  If you didn't pay on time, it might mean you were not managing your finances correctly.

In today's world, loans are made freely and paying or not paying a loan may be beyond someone's control.  It isn't hard for most people to borrow money, and sometimes money is lent to people who anyone looking at the budget should know is shaky.  Creditors shouldn't be surpised when some of the loans are not repaid when they lend in this manner.  

A loss of job, a cut in pay, an unexpected divorce or medical issue.  If someone is in debt and something like that comes up, payments might be late.  It isn't necessarily a charactor issue.  Sometimes the best people get in over their heads doing the best that they can.

The Law Office of Susanne M. Robicsek
1701 Scott Avenue Charlotte North Carolina 28203
phone:704 / 377-0776
fax: 704 / 377-0775

DISCLAIMER: This message is intended as a general discussion of legal issues and not as a statement of fact, legal advice or a legal opinion; Personal opinions may also be expressed. No attorney-client relationship is created by this message; Do not act or rely upon law-related information in this communication without seeking the advice of an attorney licensed to practice in the relevant area.
The Law Office of Susanne M. Robicsek is
a Federally Designated Debt Relief Agency
under the Bankruptcy Code.
I file bankruptcy cases for people in financial need,
and have been doing so since 1989.

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