How We Can Help you

Bankruptcy Blog

Library

Can Filing Missouri or Illinois Bankruptcy Raise Your Insurance Premiums?

It is easy to scare yourself away from filing Missouri and Illinois bankruptcy but, is it for the right reasons? For example, many folks want to ask immediately, “Will this Missouri Chapter 7 raise my car insurance premiums?” when, instead, they may want to ask, “Will my current credit score raise my insurance premiums?”

You see, while the formula the insurance companies use to calculate your premium is still a secret, it is clear that a bad credit score alone will affect your insurance rates. So, while bankruptcy may affect your credit, it may not be doing any more damage than your debt is already doing. In fact, Missouri and Illinois bankruptcy will give you a new starting point. The moment you file bankruptcy, the continuous downward spiral of your credit score from being behind on all your credit accounts stops and you can start building the credit score you want immediately. This will begin to put you on track not only for a great credit score, but also lower insurance premiums.

So, you can continue to suffer under crushing amounts of debt and see your credit score sink further and further down or you can get the protection from foreclosure, credit card debt help, and relief from harassing creditors that you need to keep your family safe and start building a new credit score. It’s your choice.

When you are suffering under debt for months or even years, it isn’t always clear what your next move should be. But, instead of thinking about the negative effects that bankruptcy can have, think about the negative effects that your debt is already having. I think you’ll find that Missouri or Illinois bankruptcy is a great option to get out of debt—and move on with your life!

Still not sure what your next move should be? Doing nothing changes nothing. Request a free copy of my Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.” This free information can help you decide how much debt is too much debt, what bankruptcy can do for your situation, and how you can find the best St. Louis, Missouri or Fairview Heights, Illinois bankruptcy attorney in your area.

News

FAQs

Videos