Is Bankruptcy Going to Ruin My Credit For 10 Years (for 7 years)?
By Karen Oakes, Southern Oregon Bankruptcy Attorney on Feb 2, 2007 in Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Credit Reports, General Bankruptcy Information
No, sometimes your credit score goes UP when you file bankruptcy (this would happen if you have a truly horrible score to start with). Once you have filed for bankruptcy, negative information that creditors are reporting should be updated to reflect that you have filed for bankruptcy. Your report should only have the negative mark of bankruptcy–no “repossessions”, “charge-offs”, balances due and owing, etc. All those different negative comments when added together affect your credit score and decrease that score. Once you have only the one negative remark, the score should improve.
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