Do you get a bad credit record after filing for bankruptcy? Well, it means that you are broke, but it does not necessarily mean that you will have a bad credit record. The fact that you filed and declared yourself or your business bankrupt is a good thing, as you didn’t wait for someone else to declare it for you. Having financial problems isn’t something you want to share with the world, and being in debt is bad, but you have to start somewhere in fixing your financial status, whether it is personal or not. The credit repair procedure will have to begin immediately and should any law firms be involved, you will have to sort this out too.
An attorney can assist you if there are any legal situations with other companies that you have to sort out, but the question of do you get a bad credit record after filing for bankruptcy is no, not necessarily. When you are bankrupt, it is important that you file for bankruptcy so that the business people you deal with know of your financial problems and don’t pressurize you too much about your debt. It could also be a personal matter, where the same standards apply, but an attorney will have to work with you and prove that you are in fact bankrupt. In most cases law firms and financial advisors will be assigned to your case to determine the severity of your situation and the steps that should be taken.
Even though it’s a sad thought, filing for bankruptcy is the right thing to do when you have hit rock bottom with finances. Taking it from there is what you do next, one day at a time and now that you know the answer to the question “do you get a bad credit record after filing for bankruptcy” you can move on.