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

Will it be restored after the 10 year period?

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Rosenberg & Press
Rosenberg & Press | Max L. Rosenberg
Your credit is not based on the statute of limitations for when the bankruptcy reporting drops off your report. It is actually based on your use of credit and your debt to income ratio. There are ways of reestablishing your credit within three to five years after filing, depending on how you spend and what methods you take to rebuild. A good consumer attorney can assist you with this. However if you do not use your credit for ten years, even after the bankruptcy drops off your report, you will have no credit at all. Thanks for tuning in.
Answer Applies to: Connecticut
Replied: 7/15/2011
Cartwright Law Firm
Cartwright Law Firm | Andrea Cartwight
Your FICO score normal drops any where from 100-200 points after the filing of a bankruptcy. However, normally by the time a client files for bankruptcy their credit score has already dropped so substantially that filing for bankruptcy does not adversely affect your credit score any further. In a lot of situations, bankruptcy is a client's only alternative. It normally takes 3-4 after the filing of a Chapter 7 bankruptcy to rebuild your credit. Also, if you will be keeping a mortgage and/or car then in some situations your credit may be rebuilt sooner. If you should have any further questions or concerns, please feel free to contact me.
Answer Applies to: Michigan
Replied: 6/23/2011
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Your credit score is a moving target and will adjust based on what you do after filing a bankruptcy case. It never gets "restored"; it always gets adjusted.
Answer Applies to: California
Replied: 6/22/2011
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
Filing BK will have an adverse impact on your credit. It will be reported for generally 7-10yrs.
Answer Applies to: Washington
Replied: 6/22/2011
Law Office of Maureen O' Malley
Law Office of Maureen O' Malley | Maureen O'Malley
Credit scores take a dip after filing, but rise continually if you incur no more debt for awhile. Maybe use cash for 3 years, then check your score again. If it's good, and you get a credit application, fill iy out but charge only what you can afford and pay in full each month. The bankruptcy is removed after 10 years; your score at that point depends on what you do after filing.
Answer Applies to: Virginia
Replied: 6/27/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    If you need to file bankruptcy your credit score is already tanked. It can only go up from here. You can rehabilitate your credit in less than 10 years if you use credit responsibly after the bankruptcy.
    Answer Applies to: California
    Replied: 6/22/2011
    Law Office of Harry L Styron
    Law Office of Harry L Styron | Harry L Styron
    Depending on your income after you file, you may be eligible for an FHA loan 1 year after filing Chapter 13 and 2 years after filing Chapter 7. Other creditors may extend you credit within a year or two. Bankruptcy is just one element of the credit score, which can be rebuilt as soon as someone extends you credit and you establish that you can pay it.
    Answer Applies to: California
    Replied: 6/21/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    After a bankruptcy your credit score will drop. Over time it will improve. Paying bills on time is the best approach to improving credit. There is no waiting period for applying for credit. Credit can be approved or denied depending on the circumstances and whether the lender wants to extend credit. Usually the interest rate will be substantially higher. Be careful about signing on for credit after bankruptcy.
    Answer Applies to: California
    Replied: 6/21/2011
    Greifendorff Law Offices, PC
    Greifendorff Law Offices, PC | Christine Wilton
    Your credit score is more heavily impacted from the late payments and collection accounts than filing bankruptcy. Bankruptcy will often improve your credit score because you discharging all the debts. So, no more high balances to credit lines, which also lowers your score.
    Answer Applies to: California
    Replied: 6/21/2011
    Breckenridge and Walton
    Breckenridge and Walton | Alan D. Walton
    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.
    Answer Applies to: Michigan
    Replied: 6/21/2011
    Law Office of Asaph Abrams
    Law Office of Asaph Abrams | Asaph Abrams
    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?
    Answer Applies to: California
    Replied: 6/21/2011
    The Northwest Debt Relief Law Firm
    The Northwest Debt Relief Law Firm | Thomas A McAvity
    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.
    Answer Applies to: Oregon
    Replied: 6/21/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    It will be restored and it will not take 10 years. Probably in 2 to 3 years spending on how bad it is now.
    Answer Applies to: California
    Replied: 6/21/2011
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    The bankruptcy will hurt your credit. Your credit score is not automatically restored after 10 years. You have to work are repairing your credit.
    Answer Applies to: California
    Replied: 6/21/2011
    Burnham & Associates
    Burnham & Associates | Stephanie K. Burnham
    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.
    Answer Applies to: New Hampshire
    Replied: 6/21/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    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.
    Answer Applies to: Indiana
    Replied: 6/21/2011
    Law Office of Lynnmarie A. Johnson
    Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
    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.
    Answer Applies to: Michigan
    Replied: 6/21/2011
    Colorado Legal Solutions
    Colorado Legal Solutions | Stephen Harkess
    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.
    Answer Applies to: Colorado
    Replied: 6/21/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    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.
    Answer Applies to: Georgia
    Replied: 6/21/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    It should start rebuilding after one year and be restored after a couple, three years if you manage it well.
    Answer Applies to: California
    Replied: 6/21/2011
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    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.
    Answer Applies to: California
    Replied: 6/21/2011
    Symmes Law Group, PLLC
    Symmes Law Group, PLLC | Richard James Symmes
    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.
    Answer Applies to: Washington
    Replied: 6/21/2011
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