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Well, you've made the decision to file bankruptcy and you're wondering, "Will filing a bankruptcy
lower my credit score?" Unfortunately, the FICO scoring system is proprietary in nature
and while the filing of a bankruptcy will certainly lower your credit score, unfortunately,
I can't tell you how much. But it will definitely lower the score. It's an adverse credit event
on your credit report. There are some things you can do after your bankruptcy to help you
reestablish and rebuild your credit. The first, and most important, is after your bankruptcy
is over, get a copy of your credit report. It is impossible to rebuild credit on an inaccurate
credit report. The fundamental of rebuilding your credit requires that your credit report
be correct. And after a bankruptcy, that means that all of your trade creditors are listed
with zero balance and having it...and having been included in your bankruptcy. Once your
credit report is correct, you're on your way to rebuilding your credit after your bankruptcy
and enhancing your credit score. Somebody who's good at this should be able to reestablish
their credit into a normal reasonable range in about 24 months. My name is Andy Forman.
Good luck with rebuilding your credit after bankruptcy.