Aside from the bankruptcy remaining on your credit record for 10 years, your score may drop significantly. Hard to say with specificity since I don't know what it is to start with. Even if the drop is not very far, you will probably experience problems renting property, opening and/or maintaining a bank account, and in some cases a job. If you haven't filed yet, don't do it! Work it out with your creditors in writing and pay the debt off. A bad credit score will come off your credit record in 7 years and will not hurt you as deeply (in my opinion). Companies will generally work with you if they see that you did the responsible thing by working through the difficulty.
More than likely if you file for bankruptcy your credit score will go down. They report the filings for up to seven years and sometimes ten.
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
That depends on, what's on your credit bureau file. The score will look at the age of your credit cards, balances and payment history
You do not have to necessarily get credit counseling before you can file for bankruptcy.
The bankruptcy will still be reported on your credit file for up to ten years however, it will denote that the car loan was paid off. So to answer the question wil it raise your credit score. The answer is no.
First off once you file bankruptcy you cannot do it again for 7 years. Bankruptcy stays on your credit report for 10 years. Rather to try to describe what the different types of bankruptcy will do to your credit click the link for more information.
No, sorry, that wouldn't help a bit, and just damage your credit score.
The fact that you have a repossession on your credit report is not a determining factor of whether your can file for bankruptcy. Generally in bankruptcy you can remove the debts from the repossession of your vehicle.
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
As with everything, bankruptcy law can be complicated and the manner by which credit ratings occur can seem mysterious at best. Filing for bankruptcy will in general lower your credit score, but with some good spending habits and good financial stewardship will again rise over time, especially since part of your credit score has to do with income to debt ratio. When you file for bankruptcy, the debts do not simply disappear as if they never existed. Your history of late or missed payments, if you have one, will remain on your credit report and will continue to drag down your credit score. Additionally, the bankruptcy will stay on your record for many years. A Chapter 7 bankruptcy will remain on your credit report for 10 years from the date of the filing
Your credit report is irrelvent. Certainly many debts are not on one. If you owe the debt, report it.
It is less detrimental to your credit score to be late on paying your bills (more than 30 days late) than it is to file bankruptcy.