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How does the filing under Chapter 7 affect a persons credit rating?

April 26, 2017affect chapter 7 Credit rating filing person

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How does the filing under Chapter 7 affect a persons credit rating?

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It will “usually” worsen it, if that is possible. However, some financial institutions openly solicit business from persons who have recently filed under Chapter 7, apparently because it will be at least seven years before the debtor can again file under Chapter 7. If there are compelling reasons for filing under Chapter 7 that are not within the debtor’s control (such as illness or an injury), some credit rating agencies and creditors may take that into account in rating the debtor’s credit after filing.