Faith & Finance

Rob West

Aftershocks of Bankruptcy

March 6, 2020
00:00 25:00

You’ve reached the point where you can’t manage your debt. Your credit cards are maxed out and you’re falling behind on your bills! You may think that your best option—maybe your only option—is bankruptcy. Wiping your debt clean might seem like an easy way out but it doesn’t mean the road ahead will be easy. Today, our host, Kingdom Advisors President Rob West, reveals what bankruptcy means for your credit.

•          We often get calls from folks who are considering bankruptcy. In many cases they still have other options like getting into a debt management plan like the one offered by Christian Credit Counselors.

•          Bankruptcy might seem like a quick way out of your debt problems, but there’s nothing quick about it! This will have a long-term impact on your credit score. That’s why bankruptcy should only be considered as the absolute last resort.

•          The higher your credit score is before bankruptcy the bigger the fall after. For example, let’s say your FICO score is 700 (which is in the good range). After bankruptcy, expect it to drop by 200 points or more. However, if your score was only 680, it might only drop around 150 points. Either way, that’s still a big drop.

•          Only the public record of a Chapter 7 bankruptcy stays on your credit report for 10 years. All other references to either kind of bankruptcy remain on your report only 7 years.

•          Christians should never look at bankruptcy as a way to get out of paying what we owe. Look at Proverbs 3:27, which says, “Do not withhold good from those to whom it is due, when it is in your power to do it.” We represent Christ in the world.

On today’s program we also answer your questions:


•           What percentage should I be putting into my 401(k)?

•           We’ve been married for 16 years. We’re not good at managing money; we live paycheck to paycheck. Whenever we put ourselves on a budget, expenses come out of nowhere! I don’t want to complain and I do know that God provides, but what are we to do?

•           We’re newly married and we have about $40,000 that we’d like to wisely allocate to the best places. But we do have debt. What would you suggest?

•           Is there a way to consolidate student loans into one payment?

•           I want to get my credit in order. I’ve been late on mortgage payments for 14 months but have now been on time for 2 years. Unfortunately, my credit score’s low. How can I improve it? 


Ask your questions at (800) 525-7000 or email them at Visit our website at where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

Featured Resources From Faith & Finance

Listen to Faith & Finance on Amazon Echo and Google Home Learn How

About Faith & Finance

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

About Rob West

Rob West is the host of the nationally syndicated radio program Faith & Finance heard on more than 900 radio outlets each day. Rob also serves as the President of Kingdom Advisors, an international community of financial professionals who are specialists in delivering biblically wise financial advice. Rob serves as primary spokesperson for the organization and gives leadership to organizational strategy.

A radio veteran, Rob previously co-hosted a live, call-in, financial radio program with his father from 1998 through 2008 at WAFG, Fort Lauderdale, FL. Rob has dedicated his professional career to working at the intersection of faith and finance having led a successful faith-based financial services firm, serving as the host of several radio programs on a biblical approach to finance, and speaking frequently on the topic. Rob and his wife, Julie, live in Marietta, GA with their four children.


Contact Faith & Finance with Rob West

Mailing Address
Faith & Finance
P.O. Box 471526
Tulsa, OK 74147