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Bankruptcy improves your credit score

By Cathy Moran

To a distressing extent, people in dire financial straits still worry that escaping overwhelming debt via bankruptcy will destroy their credit score. This article in Smart Money shows why filing bankruptcy can improve the debtor’s credit score and offers tips to get the most improvement following bankruptcy.

While I resist the growing importance of credit scores in non financial parts of our lives and the obsession among consumers with credit scores rather than “assets and liabilities”, it’s nice to have confirmed my contention that a discharged debtor is objectively a better credit risk after bankruptcy than he was before.

Cathy Moran
Bankruptcy in Brief

More from the Soapbox

  • Credit Scores Trend Upward After BankruptcyCredit Scores Trend Upward After Bankruptcy
  • Can You Get A Car Loan After Bankruptcy?Can You Get A Car Loan After Bankruptcy?
  • Credit Reports HealCredit Reports Heal
  • When Debt Collectors Won’t Stop, Despite BankruptcyWhen Debt Collectors Won’t Stop, Despite Bankruptcy
  • 4 Essential Tips To Get Ready For Bankruptcy4 Essential Tips To Get Ready For Bankruptcy

Filed Under: How bankruptcy works, Life after bankruptcy

About Cathy Moran

I'm a veteran bankruptcy lawyer and consumer advocate in California's Silicon Valley. I write, teach, and speak in the hopes of expanding understanding of how bankruptcy can make life better in a family's future.

About The Soapbox

You've arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said "try").

Here, I allow myself to tell stories and express strong opinions on how I think law should work for the consumer and small businesses when it comes to debt.

Moran Law Group
Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

How Bankruptcy Works

Bankruptcy Discharge vs. Dismissal

Dismissed and discharged. In a bankruptcy case, these two terms are at the opposite ends of the scale of results in bankruptcy. Yet they are often confused. A discharge is a win!  The bankruptcy discharge order wipes out your personal legal liability to pay a debt. A dismissal is usually a loss.  It means … Read more

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