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.
Latest posts by Karen Oakes, Esq. (see all)
- When Consumers Get Notices About A Business’s Bankruptcy — When You Are Suddenly A Creditor. - March 7, 2018
- Bankruptcy Attorney Named by Trump as Ambassador to Israel - December 23, 2016
- Truth or Consequences: The Department of Justice in Bankruptcy Court (updated for 2016) - March 5, 2016
- Honesty? Is Honesty Honestly The Best Policy In Bankruptcy? - January 22, 2016
- How to Discharge Your Student Loans In Bankruptcy! Yes, It Can Be Done! - July 25, 2015