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Will My Credit Score Be Negatively Affected by My Bankruptcy Forever? by Jim Brown There are really two different questions at work here. The first is whether or not your bankruptcy will negatively affect your credit score and the second is how long it will affect your credit score. While a bankruptcy can legally stay on your credit history for up to 10 years, there is no straight forward answer as to how your score will be affected. Let's address the first question: Will the effect that bankruptcy has on your score be strictly negative? Your credit typically doesn't look too good by the time you are ready to file bankruptcy. By then, your credit score can't really be damaged much more. Believe it or not, a bankruptcy filing can do some positive things for your score. - It wipes the slate clean. The growing debts that you were forced to carry weren't just a stress on you and your family--they were a stress on your credit score. After your discharge, the debts that were weighing down your score are zeroed out. - It lets you build your score back up to where you want it to be. Debt is like a speeding train. The effects are hard to stop and often very damaging. Once you no longer live in fear of the threats of your creditors, you can start making the responsible decisions you wanted to make--like making payments on time. Surprisingly enough, many debtors have seen their credit score get better post-bankruptcy. Now, the second question: How long will bankruptcy stay on my credit report? As I said before, legally it can be on there up to ten years. But are you really sure that an old bankruptcy filing on your history means something substantial? It certainly can't stop you from making good choices like reviewing your credit history and making sure everything is accurate. In my experience as a St. Louis bankruptcy attorney, if someone who filed bankruptcy has not rebuilt there credit in 2 to 3 years than it probably doesn't have anything to do with the fact that he or she filed bankruptcy. Plus, rebuilding a damaged score without the help of a bankruptcy attorney could be much more difficult. With all the myths floating around, it is somewhat refreshing to be able to tell people the truth about Missouri and Illinois bankruptcy. The fact of the matter is that, if you are in debt, you have to make tough decisions—but the tough choices you make are intended to free yourself of the prison that debt puts you in. Missouri attorney James Brown has been helping hard-working American families get relief through bankruptcy for more than 15 years at Castle Law Office. He has released five publications, including the essential guide to debt relief, called, "Get Out of Debt: Secrets Your Creditors Don't Want You to Know." To request a free copy or simply get more information about options for relieving debt, you can visit his website at http://www.CastleLaw.net .

 

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