Will filing bankruptcy affect my credit?

There is no obvious answer to this question. Regrettably, if you are behind on your bills, your credit may already be poor. Bankruptcy will most likely not make things any worse. The verity that you filed bankruptcy, if correctly explained, could be less harmful than a history of unpaid accounts.

The fact that you have filed a bankruptcy will show on your credit record for ten years. But because bankruptcy wipes out your old debts, you are likely to be in an improved situation to pay your current bills, and you might be able to get new credit. The best way to re-establish your credit is to acquire new credit and make the payments on the new debt on time.

The large local credit reporting firms remove Chapter 7 after nine years and nine months, and Chapter 13 after six years and nine months. 

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