When asking yourself, "Should I file bankruptcy?" it is important to focus on the issues that are most important to you. Some wonder if Missouri or Illinois Chapter 7 or Chapter 13 bankruptcy will leave them with huge insurance premiums. But, instead, maybe these folks should be thinking, "How is my current credit score already affecting my insurance premiums?"
It is too hard to say with 100% confidence that anything will definitely make your insurance premiums go up or down. The formula for calculating insurance premiums has been kept secret since the dawn of insurance companies. It is clear, though, that a bad credit score alone will affect your insurance rates. Well, wouldn't a bankruptcy make it worse? Not necessarily. In fact, a Missouri or Illinois bankruptcy probably wouldn't do any more damage than a bad credit score is even doing. Bankruptcy might even help you avoid those devastating insurance bills.
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"But James, how could bankruptcy possibly help me with my bad credit?"
By the time you need to file a Chapter 7 or Chapter 13 bankruptcy in Missouri or Illinois, your credit is probably already in bad shape. There won't really be much credit for bankruptcy to hurt, most likely. Plus, bankruptcy helps you get such a handle on your debt that you can finally have a fresh start with your credit score. For many, it is only up from there. The continuous downward spiral of your credit score from being behind on all your credit accounts stops and you can get on track to building a better score; and lower insurance premiums.
In the end, it is your choice. You can choose to get protection from foreclosure, credit card debt help, and relief from the harassment of your creditors or you can continue to try to claw your way out of overwhelming amounts of debt. Instead of thinking of all the negative effects bankruptcy can have, think about the negative effects your debt is already having. Many people find that Missouri or Illinois bankruptcy is the right choice for them and their families.
Give a St. Louis, Missouri or Fairview Heights, Illinois bankruptcy attorney a chance to change your life. Learn all you can about the options you and your family have for getting out from under crushing amounts of debt. Look for free information from reputable lawyers in your area like bankruptcy FAQ, articles, blogs, and even free publications.
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