Law Offices of Mark S. Nelson

How Does a Bankruptcy Affect My Credit Score?

There are many fears associated with filing for bankruptcy, but one big concern is what will happen to your credit score. Many people want to know if their credit score will be damaged forever, or how low it will go and if they can eventually bring it back up. Having bad credit can be a huge inconvenience in our modern society, so these are legitimate worries to have if you are thinking about filing for bankruptcy.

How Will Bankruptcy Impact My Credit Score?

It's close to impossible to predict how far your credit score will drop after you file for bankruptcy. The overall impact to your credit score will largely depend on where your credit score is now and what information is on your credit report. The higher the credit score, the more detrimental the drop of your credit points might be, but this will all depend on your situation. Don't shy away from filing bankruptcy just because you don't want your credit score to drop. It will definitely decrease, but it might still be your best option for debt repayment or relief if you have limited resources for paying back your debt.

The good news is that your credit isn't lost forever if you decide on the bankruptcy option. Once you have filed and your finances are back on track, you can start to focus on rebuilding your credit score. This will involve building a good payment history with new creditors or with any accounts you still have after the bankruptcy. Bankruptcy will remain on your credit report for up to 10 years, but over time it will impact your report less and less once you start positively rebuilding your credit history.


If you still believe that bankruptcy is the best personal option for you, you should get in contact with a bankruptcy lawyer who can give you more information. Contact the Law Offices of Mark S Nelson for an appointment. 

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Law Offices of Mark S. Nelson

215 McHenry Ave.
Modesto, CA 95354

Phone: 209-353-1277
Fax: 209-529-6207
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