Will Bankruptcy Affect My Credit?

Unfortunately, if you are behind on your bills, your credit may already be bad.  The fact that you’ve filed a bankruptcy can appear on your credit record for ten years.  Bankruptcy will probably not make things any worse.  And since bankruptcy discharges your old debts, you are likely to be in a better position to pay your current bills, and you may be able to get new credit.

Filing a bankruptcy does not mean you can’t get a house, a car, a loan, or a credit card for ten years.  In fact, you will probably be offered new credit even before your bankruptcy is over!  The question is, how much interest and fees will you have to pay?  And, can you afford monthly payments, so you don’t begin a new cycle of painful financial problems.