When a client is ready to file bankruptcy, they are stressed, concerned and nervous. They often do not know what their next step is or how the bankruptcy process works. At Giles & Lambert, PC, we try to provide clear advice on the process so that you are assured of how a bankruptcy works.

Additionally, one service we offer clients through a provider is a credit score analysis of how bankruptcy may help you personally.  We run a credit report for all clients on the day you hire us.  That report will actually show current and predictive post-bankruptcy scores. By using CIN Legal Data Services’ preferred credit reports, we can try to give you peace of mind about the impact of filing.  The majority of folks will find that 12 months after filing their credit score has really improved.

According to CIN, the credit score analysis provided with the report calculates the potential score impact of a Chapter 7 bankruptcy filing. This simulation assumes that three months after filing, except for student loans and mortgages, all debt is discharged. It adds an open, revolving credit card with a $500 credit limit two months after discharge, and then maintains a balance of $300 on that card for 10 months. The final score is calculated one year after the bankruptcy discharge.

Out of clients who hired us last week, the average report estimated scores would increase by about 110 points in a year, and some estimated an increase of more than 150 points. While this does not happen for everyone depending on personal circumstances, it does help let clients know how bankruptcy can improve their financial situation.

Making this report part of our process helps client know they are taking the right steps to resolve debt issues.