How will bankruptcy affect my credit in the long run? 27 Answers as of June 20, 2011

If I file for bankruptcy now, how much of an affect would it have on my credit in the long run? Like 5 to 10 years from now?

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The Northwest Debt Relief Law Firm
The Northwest Debt Relief Law Firm | Thomas A McAvity
If you currently have more consumer debt that you can handle on your own, your credit will likely be considerably better in the long run and in as little as eighteen months after filing. The analysis should be where your credit will be if you do not file versus where it will be if you do. While the bankruptcy will appear on your credit report for up to ten years, its impact on your actual credit score at that time should be negligible at best. We routinely see people increase their credit scores to the mid seven hundreds two years after filing.
Answer Applies to: Oregon
Replied: 6/20/2011
Law Office of Maureen O' Malley
Law Office of Maureen O' Malley | Maureen O'Malley
It remains on your record for 10 years but its effect decreases. Clients of mine have bought a house after 2 years. Just use cash for a couple of years, save some money, and check your credit score annually.
Answer Applies to: Virginia
Replied: 6/17/2011
Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
In the long run, bankruptcy usually helps your credit as it discharges debt that would otherwise be still reducing your credit score, particularly if said debt was still delinquent.
Answer Applies to: California
Replied: 6/17/2011
Lakelaw - Loop Bankruptcy
Lakelaw - Loop Bankruptcy | David Leibowitz
Long run, bankruptcy has less impact than your future credit activity.
Answer Applies to: Illinois
Replied: 6/17/2011
Daniel Hoarfrost, Attorney at Law
Daniel Hoarfrost, Attorney at Law | Daniel Hoarfrost
Your credit in the long run depends primarily on your income situation 5 to 10 years from now and your payment history at that time.
Answer Applies to: Oregon
Replied: 6/17/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    It should have very little effect on your credit after 2 to 3 years. After 5 years you should be fine.
    Answer Applies to: California
    Replied: 6/17/2011
    Rosenberg & Press
    Rosenberg & Press | Max L. Rosenberg
    According to recent research published by the FICO analytic blog, it will likely take you between 3 and 5 years to rebuild your credit after filing bankruptcy. A foreclosure, short sale, and deed in lie will likely take three years.
    Answer Applies to: Connecticut
    Replied: 6/17/2011
    Mercado & Hartung, PLLC
    Mercado & Hartung, PLLC | Christopher J. Mercado
    BK will reported on your credit for 7-10yrs. It will have an adverse impact on your credit, however you will eventually be able to improve your credit score and get loans.
    Answer Applies to: Washington
    Replied: 6/17/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    It will stay on your record for 10 years. However, how likely is that your credit will get better if you do nothing? After bankruptcy you can start making it better.
    Answer Applies to: California
    Replied: 6/17/2011
    Burnham & Associates
    Burnham & Associates | Stephanie K. Burnham
    Bankruptcy will stay on your Credit Report for 7 years from the date of discharge. However, you can rebuild your credit within 2 years with careful use of credit.
    Answer Applies to: New Hampshire
    Replied: 6/17/2011
    Law Offices of Steven A. Wolvek
    Law Offices of Steven A. Wolvek | Steven A. Wolvek
    A bankruptcy filing stays on your credit report in California for 10 years. However, I have had clients buy homes within a year or two after filing. Creditors want to see at least 15 months of good new credit following a bankruptcy filing.
    Answer Applies to: California
    Replied: 6/17/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    In the long run, bankruptcy will improve your credit because you will wipe away debts and judgments that would stay on your record the same length of time of bankruptcy but could be collected on, in many states, for much longer.
    Answer Applies to: Indiana
    Replied: 6/17/2011
    Breckenridge and Walton
    Breckenridge and Walton | Alan D. Walton
    It should improve your credit score, and most lenders are not concerned if the bankruptcy is several years ago. It cannot be reported if it is more than 10 years old.
    Answer Applies to: Michigan
    Replied: 6/17/2011
    Law Offices of John J. Ferry, Jr.
    Law Offices of John J. Ferry, Jr. | John J. Ferry, Jr.
    The bankruptcy will be on your credit report for 10 years. However, since you will presumably get a discharge of all your credit cards and any other unsecured debts, your credit may actually improve after a year or two. In general, a bankruptcy knocks your credit score down by about 200 points. If you are considering bankruptcy, your credit is probably already shot. Late payments and other negatives remain on your credit report for 7 years.
    Answer Applies to: Pennsylvania
    Replied: 6/17/2011
    Bankruptcy Law Office of Robert Weed
    Bankruptcy Law Office of Robert Weed | Robert Weed
    Bankruptcy now will have almost no impact at all on your credit five or ten years from now.
    Answer Applies to: Virginia
    Replied: 6/16/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    If you are considering bankruptcy, one can assume your credit is already gone or about to be. Therefore, filing bankruptcy will allow you to start again and actually rebuild your credit.
    Answer Applies to: California
    Replied: 6/16/2011
    Sussman & Associates
    Sussman & Associates | Mitchell Sussman
    In long run, little or no impact.
    Answer Applies to: California
    Replied: 6/16/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    No effect after 10 years but before that your credit will get worse if good now but will probably remain the same if bad now until your rebuild it by borrowing and paying on time in the course of two or three years.
    Answer Applies to: California
    Replied: 6/16/2011
    The Doan Law Firm
    The Doan Law Firm | Shawn Doan
    Although a Chapter 7 bankruptcy can be lawfully reported for up to 10 years on your credit report, your credit scores will likely improve soon after your discharge has been entered.
    Answer Applies to: California
    Replied: 6/16/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    Bankruptcy stays on your credit report for a long time-for ten years. You can get credit after a bankruptcy discharge. The best way to improve credit is to pay all bills on time.
    Answer Applies to: California
    Replied: 6/16/2011
    Law Offices of Alexzander C. J. Adams, P.C.
    Law Offices of Alexzander C. J. Adams, P.C. | Alexzander Adams
    You can and will recover. Use google to search for this topic and you will find numerous stories of success in credit after bankruptcy. Just think of Donald Trump.
    Answer Applies to: Oregon
    Replied: 6/16/2011
    Symmes Law Group, PLLC
    Symmes Law Group, PLLC | Richard James Symmes
    A chapter 7 bankruptcy stays on your credit report for 10 years. With that said you can start rebuilding your credit immediately after filing bankruptcy by repaying your debts on time and having pre-paid credit cards. Filing bankruptcy for some people may actually increase your credit rating because you cannot file bankruptcy again for 8 years.
    Answer Applies to: Washington
    Replied: 6/16/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    10 years from now it has no effect as it is not in your credit history. Initially bankruptcy usually makes it harder (but not impossible) to borrow, and also makes it more costly. Longer term, since you debt load is lower, it may actually improve your credit score. The effects diminish a great deal after a couple years.
    Answer Applies to: Georgia
    Replied: 6/16/2011
    Financial Relief Law Center
    Financial Relief Law Center | Mark Alonso
    It is difficult to determine the future affect on your credit because there is no way of knowing how quickly you begin to build and apply for new credit. I have seen clients quickly build credit back by reaffirming some debt and actively working on building credit post bankruptcy.
    Answer Applies to: California
    Replied: 6/16/2011
    Judith A. Runyon, Esq. Attorney at Law
    Judith A. Runyon, Esq. Attorney at Law | Judith A. Runyon
    It stays on your credit report for 10 years.
    Answer Applies to: California
    Replied: 6/16/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    Generally improves it quicker than if you don't file.
    Answer Applies to: California
    Replied: 6/16/2011
    Law Office of L. Paul Zahn
    Law Office of L. Paul Zahn | Paul Zahn
    By 5 to 10 years, if you manage your credit property, the effects should be minimal.
    Answer Applies to: California
    Replied: 6/16/2011
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