Theo and Amelia retained an attorney for advice about their troubled financial situation. Last month, they received a discharge and their Chapter 7.What negative impact will this couple face after filing for bankruptcy?

A Chapter 7 bankruptcy discharge can significantly damage a person’s credit score and remain on a credit report for years. Theo and Amelia will therefore need to work on rebuilding their credit after bankruptcy. Keeping a budget, checking credit reports, and saving for emergencies are helpful financial habits, but repairing their credit score is the direct negative impact identified here.

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