How Will Bankruptcy Affect My Credit Score?
March 3, 2023 by Bill Ihle
If you choose to file for bankruptcy, you should know that your bankruptcy will affect your credit report. A bankruptcy does not delete accurate information from your credit report regarding your past delinquencies, bankruptcy is a matter of public record and will be reported in the public section of your credit report. A bankruptcy will have a negative effect on your credit report and credit score. A potential creditor, landlord, or employer in the future may view this negatively. Depending on the type of bankruptcy you file, it many remain on your credit report for 7 to 10 years. If you choose a Debt Repayment plan as an alternative to bankruptcy, be advised that your accounts will be closed upon submission of proposals with could have a negative impact on your credit score.
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