As an Orlando bankruptcy lawyer I speak with clients and potential clients every day who are considering filing for bankruptcy. Invariably, before we even get into the amount of debt the person has and how filing bankruptcy can benefit him or her, the person tells me they have an “A++” credit score. Or, I am made aware of their “850 Beacon Score”.

“Great…”, I may say. Then I reply, “Tell me about the discretionary income your have each month… Tell me how great it is not to have to make 8 different minimum payments each month on credit cards… Tell me about the money you have saved up for your retirement.”

Absolute quiet.

You see, a credit score, and the banking industry that promotes and relies on a person’s credit score, are dependent upon the individual consumer constantly feeling the need to pay off debt and then take out new debt. According to a recent blog post by Gene Melchionne, a consumer and bankruptcy lawyer in Connecticut, a person’s credit score tells you two things “how you handle the debt you already have and how will you likely handle any new debt.”

Consider this: Would your credit score matter that much to you if you didn’t need to take out any debt? You would no longer be a slave to your credit score if you could get off that debt merry-go-round by becoming debt free. As their bankruptcy lawyer, I tell client who are still concerned about what filing for bankruptcy will do to their credit score about past clients who financed a new car within months of getting their bankruptcy Discharge. Also, I have clients who, on the day they received their bankruptcy Discharge in the mail also received new credit card offers!

Someone’s credit score will generally boomerang a couple of years after they receive a bankruptcy Discharge, in most cases.

A surprisingly large number of people have become a slave to some computer generated credit score number and have forgotten about the more important financial questions like, “Will I have enough saved for a comfortable retirement?”

An A++ credit score isn’t really going to augment your social security check each month in retirement.

Looking to find the more information on credit scores and bankruptcy? Then visit www.orlandobankruptcylawtalk.com to find the best bankruptcy lawyer for you.