What will happen to my credit score if I file for bankruptcy? 24 Answers as of July 15, 2011

Your credit score is based on various factors relating to how much is available, how much is borrowed, repayment history, etc. One minor factor is bankruptcy, which can actually improve your score. Lenders take may take bankruptcy into account regardless of your credit score. Most could care less after 3 years - but there is no set time - the bankruptcy cannot be reported after 10 years.

It would be restored within a couple of years. While the bankruptcy stays on your report for ten years, its actual impact on your credit score is fleeting.

There's no 10-year waiting- or limbo-period; it's merely a reporting period. Poor credit scores improve after you file. Showing $0 debt instead of severe delinquencies and high balances gives you a better credit score. The FICO is a Great Mystery, but that part at least makes sense doesn't it?

Depends what your credit score is to begin with and what type of bankruptcy you file. It could take you less than ten years to regain credit if your credit score wasn't so bad to start.

It will be restored and it will not take 10 years. Probably in 2 to 3 years spending on how bad it is now.

The bankruptcy will hurt your credit. Your credit score is not automatically restored after 10 years. You have to work are repairing your credit.

Your credit score is based on your actions. Many people successfully rehabilitate their credit score after only a couple of years with smart use of credit. The Bankruptcy coming off your credit report will not be enough on its own.

Bankruptcy is about getting a fresh start. It may show up on your credit report as long as 10 years, but you can certainly work toward building your credit back before then.

Generally your credit score is negatively affected by filing bankruptcy, but for most people, their credit score is already trashed by the time they get to that point. I always recommend to my clients that they start rebuilding their credit as soon as possible by doing things like making car payments on time, getting a secured credit card, etc. While the bankruptcy does remain on your record for up to ten years, most people have rebuilt their credit score long before this. I have had people able to get new mortgages within a couple of years of filing bankruptcy, with proper planning and really working on rebuilding and establishing good credit.

Bankruptcy will show up on your credit for 10 years. Like everything else on your credit - good and bad - the further in the past it is the less effect it will have. Further, if your credit score is currently bad (due to late payments or poor debt to income ratio) then a bankruptcy fiilng may actually improve your credit score.

Many people see their credit score go up when they file. While bankruptcy can be reported for 10 years, and some creditors will make decisions based on that alone, many will give that low weight after a few years. And since you total debt will often go to zero (be sure and challenge any inaccuracies on your report after your discharge), that may pull your score up.

It should start rebuilding after one year and be restored after a couple, three years if you manage it well.

Your credit score may drop when you file bankruptcy, however it is more likely that your credit score might actually increase because you no longer owe all of the debt that is discharged. A bankruptcy will remain on your credit report for 10 years, but you can start rebuilding your credit immediately.

Depending on where it is now, your FICO score can drop 100 to 275 points. There are so many variables, you cannot give a standard answer. However, while it stays on your credit report for 10 years, it is possible to start getting credit within 2 or 3 years.