Preparation is a must prior to filing
A low credit score would seem to be a strong hint that you should be filing for bankruptcy soon, but is not always a good gauge. According to experts, consumers who file bankruptcy can have very different credit histories with a wide range of FICO risk scores at the time they file. And they can be affected in very different ways. Bankrate.com reports:
Attorneys say that if you do have to file bankruptcy, preparation and timing are extremely important, especially with the new provisions in the law such as the Chapter 7 bankruptcy "means test," which determines a consumer’s disposable income.
Read more: Bankruptcy timeline: Pre-bankruptcy
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