Affect My Credit?
Yes. But will it make your credit worse?
That is the question. There is no one answer to
this question. Unfortunately, if you are behind on
your bills, you credit may already be bad. Under
such circumstances, Bankruptcy may not make things
any worse. The fact that you’ve filed a bankruptcy
can appear on your credit records for ten years. But
since bankruptcy wipes out your old debts, you are
likely to be in a better position to pay your
current bills, and you may be able to get new
credit. However, some credit vendors actively
solicit business from persons with recent
bankruptcies because they know that the law forbids
another filing for 6 years. Your credit rating
during and after filing of either a Chapter 7 or
Chapter 13 will be, as it is now and was in the
past, the personal opinion of any creditor grantor
who looks at your credit record.