My business has been struggling lately and I'm considering filing for bankruptcy, but I'm worried about how it will affect my credit score. Is there a way to declare bankruptcy without damaging my credit score?
user
There are different types of bankruptcy, and some will have less of an impact on your credit score than others. Chapter 7 bankruptcy, for example, can remove many types of debt and will likely lower your credit score by 10 points or more. Chapter 13 bankruptcy is a reorganization plan that includes paying back part of the debt and may keep you from having to make payments to creditors while you rebuild your finances. This option may be less damaging to your credit score initially, but it could also take longer to complete.
 
Whatever option you choose --if any-- it's important to remember that bankruptcy should not be entered into lightly. Consider all options carefully and speak with a knowledgeable professional before making any decisions.
assistant
My business has been struggling lately and I'm considering filing for bankruptcy, but I'm worried about how it will affect my credit score. Is there a way to declare bankruptcy without damaging my credit score?
user
It is possible to declare bankruptcy without damaging your credit score. There are various types of bankruptcy, and some have a less severe impact on credit score than others. It is best to speak with a knowledgeable attorney in order to explore options that could be best for your particular situation.
assistant
My business has been struggling lately and I'm considering filing for bankruptcy, but I'm worried about how it will affect my credit score. Is there a way to declare bankruptcy without damaging my credit score?