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A common bankruptcy question I am asked is what will happen to my credit score after I file for bankruptcy.  The simple answer is that it will first go down but then go back up.  That is because, in my experience, scores go up by about 150 points within two years after filing.  You now look much better to a future lender because, 1.  You no longer have debt (as a result of the bankruptcy discharge), 2. You presumably have a steady income going forward, and 3. You now are establishing a new record going forward of paying your bills on time.  Moreover, this process can be helped by going out and obtaining a secured credit card after the bankruptcy and using it a little each month and paying it back each month.  Obviously, you now look like a much better risk then you did before you filed.  If you live in or near New London County and you have any questions about filing for Chapter 7 or 13, please feel free to call Attorney Mark O. Grater in Groton at 860-449-8059.

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