Understanding bankruptcy

How will filing bankruptcy affect my credit score?

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After filing bankruptcy, you should expect to see your credit score go down.

However, keep in mind that your credit score will likely also go down if you don’t file bankruptcy. Mounting debts, delinquent mortgage payments, being sent to collections, and foreclosure can all lower your credit score as well.

How much your credit score lowers is difficult to say, but it likely depends on the condition of your credit before filing for bankruptcy.

Also, keep in mind that bankruptcy will stay on your credit report for several years – ten years for Chapter 7, and seven years for Chapter 13. Plus, any accounts included in your bankruptcy will be removed from your credit report after seven years.

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