Question by nikki m: will filing bankruptcy ruin your credit?
I want to file bankruptcy but I don’t know how it will affect my credit. Im in process of a repo, which is going to destroy my credit too. Does anyone have experience with bankruptcy?
Best answer:
Answer by bastetg4
It will temporarily damage your credit pretty badly. A lot of credit card companies and other lenders won’t lend to people with a bankruptcy on their credit report. The bankruptcy will stay on your report for 10 years. Your repo might not be as bad to your credit score as a bankruptcy, but it depends on your situation. I was considering bankruptcy about a year ago and decided against it, but you might decide it’s worth it.
There’s a board on the MyFICO forums specifically about bankruptcy, with a FAQ and a lot of info to help you make the decision. Their forums have helped me with rebuilding credit.
Good luck!
Give your answer to this question below!