Credit Score and Bankruptcy

The impact of filing for bankruptcy is considerable on the filer’s credit score.  However, more likely than not, the credit score has already taken a hit from late payments or a significant debt to credit available ratio.

All debts discharged through bankruptcy should have a $0 balance within 30 to 60 days of the final bankruptcy discharge.  It is important to recheck your credit report after this time.

Bankruptcy filings will remain on your credit report for up to 10 years, however most people rebuild their credit score far before 10 years.  Some creditors may even view bankruptcy as a positive when determining whether to issue new credit. 

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