Comments on: How long does your credit score fall after filing chapter 7 bankruptcy?

By: catherine m

catherine m — Wed, 09 Dec 2009 21:18:47 +0000

The best way to solve your problem is to seek professional help. You can consult financial experts that can help you and explain every possible way to solve this. There are many credit restoration company that you can find online. A friend of mine was help by a financial expert of graceful financial.

By: CFPwunaB

CFPwunaB — Sun, 06 Dec 2009 14:43:23 +0000

At this point, the last thing you need to worry about is your credit score. Sure, it might fall but in the long run you are probably better off. With this credit score or your future credit score no one is going to loan you anything anyway.

By: Dark Green Money

Dark Green Money — Thu, 03 Dec 2009 08:51:46 +0000

Wise wording for your question.
Your credit score will fall precipitously when you file bankruptcy. But that’s it.

The same way a brush fire clears the old deadwood and allows sunlight to start the new crop of seedling so will your credit score.

But, this is a double edged sword.
If you go get new debt on bad terms and fail to repay as agreed, your score is going to stay right where it is in the “horrible” range.

A typical phase I’ll use is: How easy will it be to make all of your bills ontime and in full each month if you didn’t have $85k of debt.
But for you, if your $0 income persists, the answer is telling: impossible.

By: kflukinger

kflukinger — Wed, 02 Dec 2009 18:42:50 +0000

There is this awesome website that has helped me after a bankruptcy & helped me raise my credit score 120 points. They seem to have all the answers & are real attorney so they know the law & what needs to be done. Just want to pass this website along in case you’d like to check it out.

By: William

William — Mon, 30 Nov 2009 07:01:16 +0000

You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments - credit-report-free.totalh.com

By: Doctor Deth

Doctor Deth — Mon, 30 Nov 2009 05:47:59 +0000

why do care how low it could go?
you won’t be able to get any kind of credit for at least 2 yrs and it will have very high interest rates even then

BK stays on your credit report for 10 yrs - the negative effects of it are mostly gone by 4-5 yrs - I bought a house 5 yrs after mine

if you wind up only being allowed to go chap 13, then you will have to payback a portion of that debt over 3-5 yrs

By: Lauren F

Lauren F — Fri, 27 Nov 2009 18:30:16 +0000

If you are getting sued your score is already as low as it can matter from a practical perspective. Bankrtupcty will, ironically enough, give creditors another incentive to offer you credit. The difference will be that it will be at an astonishingly high interest rate (the offers will start at 30% and go up from there). The reason this will happen is they know you can’t file again for at least seven more years.

Don’t fall for the trick. Figure out what happened to you to get into this situation, and change your life so you don’t find yourself back here again.

In the meantime, pay cash for everything.

By: My Take on It

My Take on It — Thu, 26 Nov 2009 05:55:32 +0000

There is no such thing as a 210 score. Where did you get that? Certainly not FICO.

Sounds like your score will be thrown back to the starting line…in the 300’s if you are lucky. It’s going to suck to be you for a few years, but, it will allow you to breathe a bit easier, and hopefully, learn from the experience and not repeat it.

By: ConfusednOHIO

ConfusednOHIO — Thu, 26 Nov 2009 03:23:03 +0000

are you sure your score is that low? i thought 300 was the lowest. anyways~ bankrupcy will affect your credit for 7-10 years depending on which chapter you file and will drop it significantly.

chapter 7 is 10 years