How Will Bankruptcy Affect My Credit Score?
March 3, 2023 by Improvecredit
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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