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 can significantly lower a person’s credit score and remain on their credit report for years. Theo and Amelia will therefore need to work on rebuilding their credit after receiving their discharge. Monitoring reports, saving for emergencies, and budgeting can also be useful financial habits, but the direct negative impact described is damage to their credit score.

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