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Filing for bankruptcy is a significant financial decision, and one of the most common concerns people have is how it will impact their credit score. While bankruptcy does affect your credit, the long-term consequences may not be as severe as many believe—especially when compared to continuing to struggle with unmanageable debt.
When you file for bankruptcy, your credit score will likely drop, often by 100 to 200 points or more. The exact decrease depends on your current score and the type of bankruptcy you file—Chapter 7 or Chapter 13. A higher credit score may experience a larger drop, while those already struggling with poor credit may see less of a decline.
During this time, the bankruptcy is visible to lenders and may influence your ability to obtain new credit or loans.
Although the impact on your credit score is immediate, it’s not permanent. Many people begin rebuilding their credit soon after filing. Some ways to rebuild include:
While bankruptcy does impact your credit score, it also provides a clean slate to regain financial stability. For many, it's a better alternative than continuing to miss payments, accumulate late fees, or face lawsuits from creditors. Over time, consistent financial habits can lead to a stronger credit profile—even after bankruptcy.
At Anyama Law Firm, we assist individuals and families across California with understanding the bankruptcy process and navigating the path to financial recovery. If you're considering bankruptcy, we’re here to help you explore your options and plan for a better future.
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Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.
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