When Your Credit Score Tanks

Some people with a low credit score assume the only way to improve it is to pay off all the debt. But what can you do if that’s impossible?

It happens to the best of us: an emergency, a lost job, a medical crisis. Suddenly the bills overwhelm you, and all that talk about improving your credit seems like a joke. You know you can’t make even the minimum payments. Everything you’ve heard about budgets and financial planning just sound like white noise – bad advice from people who don’t understand how desperate your situation really is.

A lot of people believe there’s no option at that point. They’ll give everything they have to make monthly payments, but all that work barely covers the cost of interest. They might even spend out of their savings in order to keep their home or car. And they take out payday loans that only make things much worse.

The Credit Score Secret

Those in the know have discovered hope for their credit score: It’s possible to improve your credit after bankruptcy even faster than if you never filed. That’s because it’s much easier to start fresh and make the right choices when you aren’t totally overwhelmed with debt in the first place.

It’s a myth that bankruptcy destroys your credit. Sure, that may be true for people who already have a great score. But if you’re in so much debt that you can’t pay it back, your credit is probably already very low.

Because of this myth, people will do anything to avoid bankruptcy, including the above mentioned tactics of using their savings and getting bad loans that lead them even further into trouble. All the while, they could have saved their retirement, avoided further debt, and started totally free of credit card and medical bills.

Improve Your Credit After Bankruptcy

At my bankruptcy firm in Memphis, TN, I offer a free credit program to help you improve your credit after bankruptcy. You may think I’m talking 5 years, or that I mean improving it to a C or D rating. But no – this program helps you improve your credit to an A rating in just one year. Yes, even if you’ve filed bankruptcy.

If that sounds too good to be true, just think about it: how much easier would it be to build your credit back if you didn’t spend every dollar on interest rates, penalties, and fees? If you had no debt at all, how much better could you plan your life and make the right choices?

Bankruptcy stops foreclosure and repossession. It stops wage garnishment and gets rid of medical and credit card debt. It can save you from payday loans, aggressive creditors, and many other debts. It’s incredibly powerful. And while it can affect your credit score, I’ve helped thousands of people recover from bankruptcy much stronger than they were before they started. You can do that, too.

If you’d like to learn more, I’d be happy to talk through your options with you and answer your questions. Contact me today to discuss your situation for free.


Darrell Castle is a Memphis-based bankruptcy attorney who has helped tens of thousands of people navigate the bankruptcy process. In addition to his Memphis firm Darrell Castle & Associates, which has served as his home base since 1984, he has started law firms in Milwaukee, Detroit, St. Louis, and Kansas City.