How Will Bankruptcy Effect My Credit

The answer to this question depends on your individual situation. Unfortunately, if you are behind on your bills, your credit may already be bad. Bankruptcy will probably not make things any worse.

While a bankruptcy can appear on your credit record for ten years, you have a chance for a "fresh start" to stay current with your remaining debt's and reestablish your credit within a short time.

Since bankruptcy wipes out your old debts, you are likely to be in a better position to pay your current bills. Your "debt to earning ratio" improves immediately, and as you are not allowed to file bankruptcy again for 8 years, you may be seen as a worthy credit risk in just a few months after your bankruptcy is discharged.

Many of our customers report having received credit card offers and mortgages within as little as six months after filing bankruptcy. Take a minute to read this recent article from MSN Money on bankruptcy and future credit.

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