Joseph Kurt Kaple Bankruptcy Law Blog on Lawyers.com

Joseph Kurt Kaple, experienced Miami bankruptcy attorney of The Kaple Law Firm in Aventura, Florida hears this question a lot.  What happens to my credit if I file for bankruptcy in Miami? 

Filing for Chapter 7 bankruptcy in Miami, straight bankruptcy, can destroy or fix your credit.  If you currently are in debt over your head, and you're receiving collector calls night and day primarily due to delinquent accounts, filing Chapter 7 in Miami can sometimes improve your credit.  However, if you have a good record before filing, and need to file due to illness or loss of job, your credit will most likely take a hit. 

For instance, if your FICO score is 530 due to missed payments and charge offs, after filing bankruptcy and your discharge has been entered by creditors, your account balance will now show "$0" due, and the reporting must cease pursuant to the bankruptcy court order.  At which point, your credit score can sometimes improve to 650 within a year.

Please consult with an experienced Miami bankruptcy lawyer for specific evaluations.

The Kaple Law Firm
18851 N.E. 29th Avenue, Suite 700
Aventura, FL 33180
Phone: 305-749-3158
Toll Free: 866-675-5110