What Happens To Credit Score After Bankruptcy?

samruba · #1 (**permalink**) 06-20-2010, 03:27 PM

I am in a tough fnancial bind right now and am considerng bankruptcy as my alternative to take care of all my debt..... I am just concerned with what will happen to my credit after I file. What happens to credit score after bankruptcy?

janna · #2 (**permalink**) 06-20-2010, 05:49 PM

What happens to credit score after bankruptcy?You can expect your credit score to take a drastic nosedive after you've filed for bankruptcy. Then again, it's a given, because your accounts have already been behind on payment--which is why you're filing in the first place.

sapphirecapital · #3 (**permalink**) 06-20-2010, 10:50 PM

I think it stays 10 years on your report

littleroc02us · #4 (**permalink**) 06-22-2010, 11:36 AM

Don't file bankruptcy unless you see no way out. What are the specifics in your case?

tdls17 · #5 (**permalink**) 07-03-2010, 04:01 PM

Your score will plummet and stay on record for minimum 7 years. Have you considered all other options? filing BK isn't the end of the world; your credit can recover; but it will take time.

billb45 · #6 (**permalink**) 07-13-2010, 10:25 AM

Yea.. from the info i've gathered, I agree with littleroc. Only use it as a last resort option.

Eric80 · #7 (**permalink**) 07-23-2010, 01:27 AM

After Bankruptcy, the credit score does not mean anything to creditor anymore. It will take a long time to get some score again (if you can). that's what Bankruptcy means,

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