Will bankruptcy affect my credit? 5 Answers as of August 27, 2010

How bad will personal bankruptcy affect my credit?

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David Nelson
David Nelson | David Nelson
By the time most people are calling me for bankruptcy, their credit is so bad, that it will actually make it better. The reason is that your credit is already toast but you also still owe the money. So, if you have bad credit but you don't owe the money, then your credit must in fact be better than if you still owed the money.

That is in fact how it works.
Answer Applies to: California
Replied: 7/22/2010
Klinger Law Center
Klinger Law Center | Linda Klinger
Although the bankruptcy will be noted on your credit report, it is not the end of the world. Once your bankruptcy is discharged, you can typically get credit cards again, buy automobiles, and over time, obtain a home loan. Bankruptcy wipes your financial slate clean and provides you with a new start. Many people begin rebuilding their credit immediately after discharge.

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Answer Applies to: California
Replied: 7/15/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
A bankruptcy will affect your credit. The issue is how bad it is now. If you have bad credit, it might not get much worse. If you have excellent credit, then it will definitely have a bad effect on it.
Answer Applies to: California
Replied: 7/14/2010
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