Better Credit Scores After Bankruptcy

A study by Harvard and the Federal Reserve found people who FILE for bankruptcy are generally in a better position financially with access to better credit than people who do NOT file an attempt to slowly pay down bills.

A study by Harvard and the Federal Reserve found people who FILE for bankruptcy are generally in a better position financially with access to better credit than people who do NOT file an attempt to slowly pay down bills. See https://peterfrancisgeracilaw.com/2020/08/05/chapter-9-is-bankruptcy-bad/

That’s right folks, filing a bankruptcy can be a GOOD thing. You eliminate your obligation to the balances with the opportunity to REBUILD. According to the Federal Reserve,

“[people who file bankruptcy] experience a sharp boost in their credit score after bankruptcy, whereas credit scores recover at a much slower pace for individuals who remain [in debt]. The credit score of bankrupt individuals exceeds the credit score of insolvent individuals by 40-80 points. In addition, those who go bankrupt open new unsecured accounts post-bankruptcy at a higher rate (by around 15 percentage points) than those who don’t file bankruptcy, while the number of inquiries is very similar across the two groups. This indicates a difference in access to credit, not demand for credit. [The Federal reserve] conclude[ed] from this evidence that the ability to file for Chapter 7 bankruptcy is associated with better access to credit, and while both insolvency and bankruptcy are forms of default, the debt discharge associated with bankruptcy leaves filers in a better financial position than individuals who become insolvent in similar circumstances.”

So your credit score could increase by 40-80 points! The money you are spending slow paying the minimums is money you can start SAVING or using to pay for essentials like groceries and gas instead of relying on the credit.  

It’s not time to wait. It’s time to handle your debt once and for all. Geraci Law is here for you. We’re happy to meet with you in office or virtually. It’s time to decide if you are ready to be DEBT FREE with a higher credit score and fresh start to reach your credit goals.

Read entire study here https://scholar.harvard.edu/files/pgoldsmithpinkham/files/dgy_bankruptcy.pdf  

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.

Helpful Links & Resources

Geraci Law updates our site constantly with useful tools about debt, budgeting and education.

Helpful Links & Resources

Geraci Law wants to be a resource to anyone in debt, learning how to budget or wanting to learn more about finances or bankruptcy. There’s a lot of information out there – go with the firm you know and trust.

Check out https://www.infotapes.com/Links for information. We are constantly updating with new links. If you have questions or need a listening ear, give us a call at 800 CALL PFG. It’s free!

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.

Have a GREAT & SAFE Weekend!

Have a great weekend – don’t let debt ruin your Saturdays, let Geraci Law help you come up with a financial plan!

Have a GREAT & SAFE Weekend!

Don’t let debt ruin your future Saturdays. Come up with a financial plan this weekend! Start with a budget – you can use Geraci Law’s FREE budget guide. 

If you have more debt than income, if you are using credit to pay for living expenses – it might be time for a new plan. Call us – we’re here to help.

Looking for more information?

Check out links below:

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.

Budgeting Resources to Help You Succeed

Most financial experts rely on BUDGETS to outline what your disposable income is to determine how to reach goals. But where to start? Many people when using the pen/paper method forget to list certain expenses.

Why is Having a Budget so Important?

Most financial experts rely on BUDGETS to outline what your disposable income is to determine how to reach goals. But where to start? Many people when using the pen/paper method forget to list certain expenses.

All Geraci Law Clients Need a Budget.  You Should Too.

Geraci Law wants to be a RESOURCE to you. Even if you do not need a bankruptcy or maybe you already filed – creating a budget will help you SAVE money. You can use our fillable PDF.

Start with your income, if you are an hourly employee – then take the average gross pay. Look at your stub for all deductions.

For your expenses, list how much you are spending. Log into your bank account to see the transactions.

Download our budgeting form here to get started on your monthly budget.

If the debt is too much and you are not able to save money – call us. Our staff is ready to help in any way we can.

We Provide Free Consultations and Appointments.

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.

Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews since November 2016!

Still need more information? Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.