Bankruptcy doesn't have to be something bad.
It can actually be the start of something good.
Your situation is unique, and it's personal.
Your attorney should be as well.

How Credit Scores Are Figured

There was a time in the past when a lender had nothing to go on but the word and reputation of an individual who was soliciting money. Meeting face-to-face with a potential borrower was an important part of effectively sizing him up to determine whether he was the sort of person who would and could repay a debt. Obviously this now seems to be a system with countless shortcomings. It has been replaced with a far more elaborate method of assessing creditworthiness.

The focus of much modern lending is placed squarely upon a person’s credit score. This serves as a means of quantifying the risk that an individual poses to a prospective lender, landlord, service provider, or employer. If credit mistakes have stung you, bankruptcy may offer the solution. Contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000.

Factors that Influence Your Credit Score

Each of the three major credit bureaus uses a different mathematical algorithm to devise its score for an individual. But because the calculations are intended to relate to real and important concerns there are some aspects of an individual’s financial situation and past credit history that are common to all three.

Some of the factors that influence your credit score include:

  • Payment history on your accounts
  • Outstanding and available balances on existing accounts
  • The length of a person’s established credit history and the age of accounts
  • A diversity of accounts
  • The presence of recent inquiries seeking new loans or credit

If you have recently filed for bankruptcy, this can have an effect on your credit score. However, sometimes this difficulty is worth the financial relief that bankruptcy can provide. If you have any questions about the advantages and disadvantages of bankruptcy, we can help.

Contact Us

Let us help you to identify the best way forward from your state of present financial distress. Contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000.

"When I had my power cut off because I just didn't have the money to pay the power bill, a friend suggested I call Paula Greenway. From the moment I walked in her office I felt like a burden was lifted from my shoulders."
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"I would just like to say that I was impressed by the staff of Greenway Bankruptcy Law, LLC and their attention to professionalism. They made the bankruptcy process not only pleasant but simple."
Jennifer S.
I can't tell how comforting it is to know your attorney is working on your case. I would and have recommended their service to friend and associates."Ed H.
"I would like to thank Greenway Bankruptcy Law, LLC for the way in which they handled my bankruptcy case."
Robert M.
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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
Tuscaloosa: (205) 737-3350
Gadsden: (256) 467-6650

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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000 |  Directions | Paula Greenway+