That is impossible to say because each case is different. You can visit my website to read an article on tips to rebuilding your credit after bankruptcy: http://www.chs-law.com/2005/05/rebuilding-credit-after-bankruptcy.html
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.
No, a credit score is compiled from a consumer's complete credit history.
A bankruptcy stays on your credit report for 10 years and you may have to answer about it for the rest of your life. Who knows what effect it has on your credit score? Companies that lend money. Only when you apply for credit after bankruptcy will you know the full detrimental effect.
How many points your credit score will go up after bankruptcy comes off, will depend on where it was beforehand. Your credit score may improve drastically into the 600's, or it may still be low.
Yes, a Bankruptcy is one of the most damaging accounts which can show up on a credit report. The good news is that after 2 years, the account doesn't impact your credit score as much. Once it is deleted, your credit score is improved.
will bankruptcy increase you credit score over time
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.
No, a credit score is compiled from a consumer's complete credit history.
The fact of filing bankruptcy is already going to lower your credit score, and the point of bankruptcy, part of it anyway, is to resolve unpayable debt such as collection accounts. It is in your best interest to add the collection accounts to your bankruptcy, but if you consult your BK attorney, he is likely to advise you of this. The bankruptcy is the first next step in repairing your credit and improving your credit score.
A bankruptcy stays on your credit report for 10 years and you may have to answer about it for the rest of your life. Who knows what effect it has on your credit score? Companies that lend money. Only when you apply for credit after bankruptcy will you know the full detrimental effect.
How many points your credit score will go up after bankruptcy comes off, will depend on where it was beforehand. Your credit score may improve drastically into the 600's, or it may still be low.
Yes, a Bankruptcy is one of the most damaging accounts which can show up on a credit report. The good news is that after 2 years, the account doesn't impact your credit score as much. Once it is deleted, your credit score is improved.
Yes. It is more difficult, but it is also ESSENTIAL to recovering from bankruptcy. You must take out credit and have precise, on time payments in order to help rebuild your damaged credit score post bankruptcy.
Yes, but only after the bankruptcy is removed from your credit report - which can take over ten years from the discharge.
After 7 years, you can start rebuilding your credit.
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.
Your credit rating after bankruptcy is based on a number of factors. Many people are consider a good credit risk after bankruptcy if they have no debt and a job. Visit my web site for an article on rebuilding credit after bankruptcy: http://www.chs-law.com/2005/05/rebuilding-credit-after-bankruptcy.HTML.AnswerMy score raised from 530 to 572 when I received my chapter 7 dicharge.