Your Credit


A credit score is a numerical expression based on a level analysis of a person’s credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information typically sourced from credit bureaus.

Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Lenders also use credit scores to determine which customers are likely to bring in the most revenue. The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.

One of the most common questions I am asked is “how will bankruptcy affect my credit?”

Most people that I meet with that are considering filing for bankruptcy are in financial trouble. Most have medical bills, underwater car loans and mortgages, charge cards, credit cards, and collection accounts. By the time someone is looking into filing for bankruptcy- his or her credit is probably already shot. I like to refer to bankruptcy as the chemotherapy for someone’s financial disease. When your credit gets to the point where you have several judgments, repossessions, evictions, and have several accounts that have gone to collections- then bankruptcy can be the tool to clear it all up.

Bankruptcy will always impact your credit score. Your credit score certainly should not be the main consideration when deciding on whether to file for bankruptcy—your family should.

The best way to determine who bankruptcy will effect your credit is to speak with a local bankruptcy attorney. Call (801) 781-2026 today for a free consultation to see if bankruptcy is right for you.

About Jason

My name is Jason Richards, and I am an attorney in Northern Utah. I run my own practice and have offices in Ogden and North Salt Lake. I grew up in Ogden and attended local public schools. I graduated from the University of Utah Law School with a juris doctorate degree. My practice primarily centralizes on bankruptcy and debt collection. I also specialize in criminal defense and other areas of civil litigation. I represent clients who are suffering from crushing debt that seems hopeless. I have helped many people file for relief under Chapter 7 and Chapter 13 of the United States Bankruptcy Code. I have also helped dozens of clients renegotiate their debt and defend them in debt collection actions with ruthless creditors. If not dealt with promptly and aggressively, creditors will achieve their goal to collect. Bankruptcy is certainly not the solution for everyone. Everybody's situation is different. The best way for you to determine if it is right for you is by consulting with a local bankruptcy attorney. Bankruptcy has helped millions of Americans receive a fresh start and financial independence.
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