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Will filing bankruptcy lower my credit score?

1 Answers. Asked on Mar 28th, 2013 on Bankruptcy - Virginia
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Answered on Mar 28th, 2013 at 3:28 PM

That depends on what your credit score is before you file your bankruptcy case.  If it is very high (over 700) then it will likely be lowered temporarily after you file for bankruptcy.

If your credit score is very low, then the score could actually increase after filing bankruptcy.

Either way, you can rebuild your credit after filing a bankruptcy case so that your credit score steadily improves over time.

Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.  

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If you're struggling to pay off your delinquent debts and getting hounded by collection agencies, then it's time to address your financial problems. And filing for personal bankruptcy may be the ideal solution. Whether you're an individual or married couple considering Chapter 7 or Chapter 13 bankruptcy, or a business considering a Chapter 11 reorganization, or a farmer considering Chapter 12, you need the advice and guidance of an experienced bankruptcy attorney. Your lawyer can help determine which form of bankruptcy is right for you, prepare and file all of the paperwork, and advise you throughout the bankruptcy process.
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