answersLogoWhite

0


Best Answer

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.

User Avatar

Wiki User

โˆ™ 2006-03-27 17:26:24
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar
Study guides

๐Ÿ““
Create a Study Guide

Add your answer:

Earn +20 pts
Q: How much will your credit score drop when you file bankruptcy?
Write your answer...
Submit
Related questions

If you file for bankruptcy and it is dismissed will credit score go down?

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.


How does surrendering your house in chapter 7 affect your credit report?

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.


How will your credit score be affected when the bankruptcy drops off?

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


Do you have to get credit counseling before you can file for bankruptcy?

You do not have to necessarily get credit counseling before you can file for bankruptcy.


Will paying off a car loan raise your credit score after a 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.


How does bankruptcy effect your credit score?

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.


Can you file for bankruptcy with a repo on your credit?

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.


If you are an additional card holder on a parent's credit card account and you file bankruptcy will the bankruptcy appear on their credit?

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.


Can you file bankruptcy to stop a foreclosure if your name is not on the mortgage?

No, sorry, that wouldn't help a bit, and just damage your credit score.


How does bankruptcy affect your credit rating?

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


When filing bankruptcy what do you do with creditors that 'drop off' your credit reports before you file?

Your credit report is irrelvent. Certainly many debts are not on one. If you owe the debt, report it.


Does your credit score go to zero when you file bankruptcy?

Interesting Question! A credit score of Zero occurs for a variety of reasons-most due to no credit history, but not due to bankruptcy. Zero credit score can occur because you have not had any credit within the past seven years; you have never had any credit; you have had your credit account suspended due to report of identity theft or fraud; or you were convicted of a felony. There may be other reasons for a zero credit score not mentioned here. The normal range of score is around 300 - 850 (depending on your information source). After bankruptcy, a FICO score in the mid to high 400 range, but after a couple years, this tends to come back up to the 500s, even low 600s (depending on how many accounts were included in bankruptcy). Hope this helps!


If credit card puts lien on house and i file bankruptcy can i still file the credit card in the bankruptcy?

You have to, it is a debt...it is just a secured debt...by the lien on the property.


Will bankruptcy automatically fall off credit score and when?

Bankruptcy should be removed after 6-7 years from discharge, if you have another bankruptcy within 6-7 years, it will take longer to remove or could be permanently on your file


If a credit card company sues you can you file bankruptcy?

Thier actions, or lack, do not effect your ability to file for bankruptcy.


Is it better to file bankruptsy or be late on bills?

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.


If you file bankruptcy will that remove a charge off report from a credit card?

Filing bankruptcy does not remove a charge off report from a credit card on your credit report. It just adds bankruptcy to your credit report.


What happens to your credit score after you file for chapter 13?

Well, unfortunately it is going to drop and be listed for about 4 years I believe.


Which hurts your credit worse bankruptcy or late payments?

Late payment will drive your credit score into the ground rapidly. Many people question filing a Bankruptcy even though their credit is shot through late payments on mortgages and other bills. Filing Bankruptcy put all collection activity on hold and your accounts show current and up to date as long as you make your payments on time. Most people are surprised tofine their credit in much better shape after a BK than before with a much higher credit score Late payments can always be corrected, and this will be reflected on your credit file. Bankruptcy, however, will stay on your credit file for six years.


Can getting a new credit score affect your credit score?

If a consumer does multiple inquiries into their credit file, your score will drop, especially if your inquires are from credit card companies. The theory is: a consumer may not have enough money and needs more credit to sustain his/here lifestyle which bring in more debt, thus applying for more credit.


How do you finance out of Bankruptcy?

File for bankruptcy and then try and start over. Your credit will be messed up though.


Can you file bankruptcy on credit cards that are not in your name but you are responsible for?

check Federal Bankruptcy act 801.3


Should I file for bankruptcy after a repossession and other bad debts piling up?

Only if you think that you cannot get out of the debt, or if your credit score is already very bad.


Can you purchase a home after you file bankruptcy and surrender your current home?

After your discharge, you can purchase a home at any time. If you pay cash, you may have some serious problems explaining where the money came from and why it was not reported in the bankruptcy documents. If you apply to borrow, you will have trouble qualifying for a mortgage, since credit score will be low, due to the bankruptcy and the poor credit you had prior to filing. You will have to be serious about repairing your credit score, and it will take 3-4 years for you to do that.


How long does bad credit affect your credit score?

as long as your credit file contains negative information it will always impact your credit score