How much will filing for bankruptcy affect my credit score? 15 Answers as of February 22, 2012

I am thinking about filing for bankruptcy and I just want to know how badly it's going to affect my credit. Obviously, my credit score has taken a huge hit since I haven't been able to pay off my debts recently, but I want to know how much worse it is going to be from here.

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Ipson Law Firm, PLLC
Ipson Law Firm, PLLC | Michael Ipson
Hard to say. It may not affect your score at all if it is already bad. Realistically, if you file your score is going to be bad. Once you file you can start working on repairing it immediately and should be able to see significant improvement within a relatively short period of time.
Answer Applies to: Utah
Replied: 2/22/2012
Philip R. Boardman, Attorney at Law
Philip R. Boardman, Attorney at Law | Phil Boardman
It is a sliding scale. The worse your score is currently, the less the bankruptcy will affect you. You can plan on it dropping your score by 75 to 100 points.
Answer Applies to: Virginia
Replied: 2/21/2012
Yahima Suarez, A Law Firm, PL | YAHIMA SUAREZ
Once you file for bankruptcy you will have no credit. You will start from 0 again. In addition, your credit will show that you filed for bankruptcy. It is not something that could be hidden. After you file for bankruptcy little by little you can start building credit again. How long it will take is uncertain as it will depend on creditors and the type of applications you complete to ask for credit.
Answer Applies to: Florida
Replied: 2/20/2012
The Law Offices of Deborah Ann Stencel | Deborah A. Stencel
The effect of a bankruptcy filing on a credit score would depend on the current state of your credit. If your score is already quite low, the effect would be much less than if your score was quite good. If your score is low due to past issues, filing a bankruptcy may be the fastest way to bring your score up. It does depend quite heavily on the issues on your score, whether you have debt you will continue to pay (such as a mortgage or car loan), and your behavior post-filing.
Answer Applies to: Wisconsin
Replied: 2/20/2012
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
It does not get much worse and in fact if you follow a couple of pointers, you can increase it very quickly after bankruptcy.
Answer Applies to: New York
Replied: 2/20/2012
    Law Office of Robert Sisson | Robert Sisson
    It will affect your credit score. But consider the alternatives of being behind in your bills and not being able to dig out.
    Answer Applies to: Wisconsin
    Replied: 2/20/2012
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    Sometimes it ups your score. You are about to commit financial and legal suicide. Do not ruin your life and file pro se. Exemptions and keeping (or losing) vehicles is something that you will mess up without legal help. Save yourself from disaster. Abandon your pro se plans, and get a lawyer. It will save you money.
    Answer Applies to: Georgia
    Replied: 2/20/2012
    J.M. Cook, P.A. | J.M. Cook
    Your score will dip when you file but for the most part will start to go back up after discharge.
    Answer Applies to: North Carolina
    Replied: 2/20/2012
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    It will actually be the thing that improves your credit score. Why? Because you can keep going like you are now, treading water, and your score will remain lousy. Filing the bankruptcy gives you a start over point where you can actually start to rebuild your credit. If you don't start over, you'll stay this way indefinitely.
    Answer Applies to: California
    Replied: 2/20/2012
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    This question always amuses me. Your credit is already bad. Clean it up and start over.
    Answer Applies to: California
    Replied: 2/20/2012
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    Your credit score will probably get better. Can it get any worse if you have not paid your bills and the debts show on your credit report as late and not paid and increasing in size every month.
    Answer Applies to: California
    Replied: 2/20/2012
    THOMAS G. GILL, P.A. | Thomas G Gill
    In most cases the debtor's credit score will improve within a year after bankruptcy.
    Answer Applies to: Maryland
    Replied: 2/17/2012
    Neuhaus Law Office
    Neuhaus Law Office | Gregory M. Neuhaus
    Your credit score will take a 240 point drop. I advise not worrying so much about your credit score and decide if you can pay off your debts without the bankruptcy.
    Answer Applies to: Nebraska
    Replied: 2/17/2012
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    Depending on how bad your credit is, a bankruptcy might not hurt you much more. Thus, it can be a big benefit for you to file and get debt free. Now, a bankruptcy can hurt since it stays on your credit for 10 years. But if you don't do something to fix your credit, you will have bad credit until you fix it.
    Answer Applies to: California
    Replied: 2/17/2012
    James Branum Law
    James Branum Law | James Branum
    Depending on your situation, your credit score will either go down or it may go up. The later is often the case, especially if you are currently carrying a relatively high debt load, since one's credit score is based in part on the amount of total debt one has.
    Answer Applies to: Oklahoma
    Replied: 2/17/2012
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