How will filing bankruptcy affect my credit score?

The impact of bankruptcy on your credit score is a common fear. You may have questions like: Will my credit score be ruined forever? How long will it take to bounce back? Will I ever get credit again? The thought of living without credit can be distressing because it acts as a safety-net for our lives. People become so consumed with the thought of losing their credit that they will struggle with debt for years only to end up filing bankruptcy. Here are a few answers our most frequently asked questions.

Q: How filing bankruptcy will impact my credit score?

A: If you have a good credit score, bankruptcy will severely damage your credit score. However, while many individuals are concerned about the impact of bankruptcy on their credit score, it is important to note that many of the issues that prompt the bankruptcy filing (such as late payments, delinquent accounts or lawsuits) will also have a negative impact on credit even if no bankruptcy is filed.

Q: How long will a bankruptcy remain on my credit report?

A: If you file for either Chapter 7 or Chapter 13 bankruptcy, it will be noted on a credit report for up to 10 years.

Q: Can I still get loans or a credit card after I file bankruptcy?

A: Most individuals may be surprised to get credit card offers in the mail after filing for bankruptcy relief. The credit card companies know you cannot file bankruptcy again for several years, so you won’t be able to discharge any of the credit card debts you incur during that time. Credit card and car loans are likely to have very high interest rates.

Q: Can I refinance my home after filing bankruptcy?

A: Yes, like purchasing a vehicle, it is also possible to refinance a home after filing for bankruptcy; however, the terms of such financing will obviously be less ideal than if you had an excellent credit score.

For more information on credit scores visit