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How will bankruptcy effect my credit? How long does it take it to recover from it?

Sidney, OH |

I have a lot of credit card debt.

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Attorney answers 4


In the short term, your credit will drop due to filing bankruptcy. However, with proper steps, you can actually see your credit score improve. I have written a 10 part series explaining the process but because credit scoring is proprietary, no one can say for sure how many points your score will drop by filing bankruptcy. Hope this perspective helps!


Generally speaking, your credit gets better after you file bankruptcy but it does take some time and pro-active effort in how you use and build future extensions of credit.

Advice on this forum is for informational purposes only and should never be mistaken as a substitute for legal advice. If you are in need of legal advice, you should consult local legal counsel.


The other's have answered your question. Below is my AVVO article on rebuilding credit after bankruptcy. So, I thought I would offer some perspective. Stay focused on the fact that you have excessive credit card debt and can no longer pay it and achieve other financial goals. Your credit, at this point, is meaningless. Your financial stress is far more damaging to you emotionally, psychologically, and financially, than any impact bankruptcy might have. Credit recovers after bankruptcy.

As such, worrying about your credit rating in light of crushing debt is a red herring.


This is a question that most new clients ask me. Generally speaking, there is no specific rule which posts exact time periods for recovery from bankruptcy. Obviously bankruptcy is a serious decision which negatively affects your credit. In the short term, your credit has essentially bottomed out, however you can begin to rebuild your credit right away. Try to avoid the high interest credit offers that you will likely see right after filing a bankruptcy. You may wish to seek the advice of a credit counselor for specific rebuilding tips which fit your unique circumstances.

The aforementioned "answer" is not considered to be legal advice. You are advised to contact an experienced attorney for legal advice pertaining to your specific needs. Furthermore, the above does NOT constitute an attorney-client relationship. France Law Group is a debt relief agency and helps people file for relief under the U.S. Bankruptcy Code.

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