If I file bankruptcy what happens to my credit score?

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  • August 8, 2023 at 10:06 am #10773
    Geoff Massanek
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    August 11, 2023 at 7:21 pm #10984
    Team StellarFi
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    Filing bankruptcy helps get rid of your debt, but it also reduces your credit score considerably (anywhere between 130-200 points) depending on how good your score currently is. The higher your score, the more it drops when you file for bankruptcy.

    Additionally, the bankruptcy record will remain on your credit report for anywhere between 7-10 years. This will impact any new credit you may want to apply for. It is difficult to get approval for loans and credit cards with bankruptcy on your file.

    But, you don’t need to wait until the record disappears from your credit report to start rebuilding your credit. You can begin rebuilding your credit as soon as you get your final bankruptcy discharge.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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