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 Does Foreclosure Affect a Credit Score?

Foreclosure is a grim financial issue that a person may face due to overwhelming debts or a lack of income. Whatever the cause of debt concerns or foreclosure threats, a person may need to find a solution to their foreclosure problems quickly. In part, this is due to the serious damage foreclosure can have on a person’s credit score. However, bankruptcy proceedings may be able to help with this concern.

If you are juggling finances in an attempt to keep your home safe from foreclosure, you may find relief through Chapter 7 or Chapter 13 bankruptcy. These debt solutions can help a person deal with a wide range of debt issues, sometimes protecting a person’s home from foreclosure proceedings. For more information, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, by calling (205) 324-4000.

Credit Score Changes from Foreclosure

While some debtors may think of foreclosure as a single concern, it is often a more complex problem than just the loss of a single piece of property. In many cases, people take out significant debts in an attempt to keep a house financially afloat. Eventually, this debt may prove insufficient to cover the cost of the home. However, this debt now needs to be paid off in addition to direct financial issues linked to the foreclosure.

The vicious cycle of debt that can surround a foreclosure may ultimate be the cause of several serious credit score concerns. These concerns may include the following:

  • Credit score damage from excessive credit sources
  • Credit score damage from unpaid or late bills
  • Credit score damage from foreclosure itself

If a person does not seek bankruptcy or some other type of debt solution, they may remain incapable of paying back these loans, which will only continue to further tarnish their credit.

Contact Us

Bankruptcy can be a powerful tool that might help you to begin reestablishing your financial stability. Contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC, at (205) 324-4000 today to learn more about your options.

"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."
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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.
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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