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Your credit score can be likened to your criminal record. Both will follow you around for a very long time, and both are supposed reflections of the person you are. Only you and perhaps your attorney will know your criminal record. But your credit score can be pulled when you apply for a credit card, or go to get a new car, or even try to move in to a new place.

For those not in the know, your credit score is based on a number system between 300 and 850. A secret formula (OK a mathematical algorithm) determines what your number should be. Experts and creditors agree that your credit score is said to be a very accurate prediction of how likely you are to pay off your bills.

Layoffs and pay cuts moved more people into bankruptcy last year, and researchers are asserting that the situation is most likely not going to improve until the unemployment issue improves. In Wisconsin, bankruptcy filings raised to 30 percent in 2009. This came on top of a 35 percent increase in the preceding year.

According to bankruptcy lawyers, it is not only layoffs and firings that are motivate people to file. It’s the losses of once-regular over time pay and full time status that have left consumers not able to keep up with monthly payments that in the past were not an issue to pay.