affect on credit rating

Shelly Crocker

In fact, a bankruptcy is bad for your credit rating, but you will likely be able to reestablish credit over time. A bankruptcy will be reported on your credit report for 10 years. In addition, you will have to answer “yes” anytime you are asked if you have filed for bankruptcy. Nevertheless, credit card companies and some other creditors will offer you credit again soon after you are done with your bankruptcy, particularly since they know you can’t discharge debt for 8 years.

Shane T Anderson

While a bankruptcy can hurt your credit score in the short term, it gives you a "fresh start" so that you can build up your credit over time. Debts that are not paid off or dealt with in bankruptcy can be even more damaging to your credit rating in the long run.

Okorie Okorocha

It really hurts your credit for a long time. I would look to an attorney who does bankruptcies and debt reduction and see if you have any other options.