im filing for bankruptcy, how will my credit be after that. will i have a credit score, will it be 0?

Answer 1

I filed back in 2001. my credit has been since day one, pretty darn good considering! (scores averaging 720). The bankruptcy will show for 10 years. I'm haven't tried or needed, to get big loans so I cannot tell you anything on that aspect. As far as credit cards, to get offers (both a blessing and a curse!), I took a college course and subscribed to a magazine from one of those clearing houses and within two months, MANY offers. Of course I did due diligence and researched online for other offers and picked the best for me. If you're careful, are not planning to buy a house for a few years or a career change requiring superb credit, then bankruptcy will not disrupt your life. Hope this helps.

Answer 2

You asked three questions so I will address each in order that you asked.

First, how will your credit be after bankruptcy? It will not be good. It is pretty safe to assume that your credit is not good now so it will be even worse afterward. A bankruptcy can drop your credit score as much as 150 points. The good news is that each year after that it's value against you decreases. Unless you take the steps necessary to have it removed from your reports, it can stay there for as much as 10 years. However, any competent credit repair company can get rid of it a lot sooner than that.

Second, will you have a credit score? Yes. What it will be depends on what was included in the bankruptcy and what was not included. Also the status of current accounts and all the usual stuff. Pay your bills on time and take the usual standard advice that people give you and your score will begin to increase after about six months or so. This will happen slowly, but it will happen.

Will your score be zero? No, a score of zero cannot be obtained. The lowest score you can reach is 300.

If you have any further questions regarding your credit situation, please feel free to contact me at [e-mail]

Answer 3

Filing bankruptcy should always be the very last resort. When you find your self faced with that situation hopefully you have tried to resolve your situation in every other possible way. Most people have.

Yes, you are going to have a very very stressed and devastated credit score. I think it is important to remember that Credit reports are subjective and you can have anything worked on. Anything can be removed. I don't want a lot of hate mail on this but honestly I see it done 20 + times a year. IT takes research on your half and a very reputable rehab company but there is hope after bankruptcy.

I think you should just get through this time and let a few years pass and then work on your credit. Certainly you can have it removed in less then 10 years. I am highly amused when I hear people say that it is impossible. ... if it is impossible then there are a lot of people out there doing the impossible! :)

Kourtnie D
Prosperity Financial, INC

Answer 4

I can't tell you what your score will be, but I can tell you that your credit will be affected for 8 to 10 years, depending on which chapter you are filing. Your amount of secured and unsecured debt is a factor in your credit score, so there is no way of knowing unless you work for the credit bureaus. When someone pulls your credit report, it will still show your debts but will show that you filed bankruptcy on them. If you have secured debts that you reaffirm in a Chapter 7, those debts will remain on your report as an open account as long as you continue to make payments.

Answer 5

I work in the credit field and have filed for bankruptcy my self.. When you file for bankruptcy you are bankrupt for three years in which you cannot obtain credit. Once the 3 years is up you are able to apply for credit but may not obtain it as you will still have the default on your credit report. The default lasts 7 years from date of bankruptcy. I suggest you wait for the 7 years and after the seventh year apply for as much credit as you like ensuring you are able to pay next time around.

Answer 6

it will go down @ least 125 Points thats @ least and its going to remain on u r credit report for 10 YRS. By the way when u apply for a GOLD Card u will get approved but they will send u a copper card. GOOD LUCk.

Answer 7

bankruptcy is bad....stays on your credit for a long time...makes it hard to get loans

Answer 8

YOU'LL PROBABLY HAVE TO START TAKING CHARITY CUZ YOU'LL BE SCREWED, GLUED AND TATTOED!!!