How Bankruptcy Affects Your Credit Score

  • It remains on your credit report for up to 10 years after the filing of the case.
  • Potential lenders that sees a bankruptcy as a part of a consumer’s credit report information will view it as an extremely negative item, worse than delinquencies or account in collections.
  • It could potentially lower a good credit score by 100 or more points.
  • It may make it more difficult for you to obtain credit, buy a home and get insurance in the future.
  • Credit that you are able to obtain may be from sub prime lenders that carry very high interest rates.

Long story short, bankruptcy ends up costing you more money for future credit transactions.

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