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theo and amelia retained an attorney for advice about their troubled fi…

Question

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? they will need to repair their credit score. they will need to start an emergency fund. they will need to keep a budget. they will need to monitor credit reports.

Explanation:

Brief Explanations

Filing for bankruptcy (Chapter 7 here) typically damages a person's credit score. Repairing the credit score is a negative impact - related task as bankruptcy stays on credit reports and lowers scores, requiring effort to improve. Starting an emergency fund, keeping a budget, or monitoring credit reports are more general financial management steps, not direct negative impacts of bankruptcy. The key negative impact post - bankruptcy is the need to repair the credit score.

Answer:

They will need to repair their credit score.