Is Bankruptcy Going to Ruin My Credit For 10 Years (for 7 years)?

02 Feb Is Bankruptcy Going to Ruin My Credit For 10 Years (for 7 years)?

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.

Related Posts Plugin for WordPress, Blogger...
The following two tabs change content below.
I'm a consumer protection lawyer in Oregon, working with people in Klamath; Lake; Jackson; Josephine; Curry; and Deschutes County. I speak regularly on bankruptcy and consumer protection issues nationwide.
No Comments

Sorry, the comment form is closed at this time.