What Happens To Credit Score After Bankruptcy?

akapulika

I am in a tough fnancial bind right now and am considerng bankruptcy as my alternative to take care of all my debt..... I am just concerned with what will happen to my credit after I file. What happens to credit score after bankruptcy?

wok_boy

It plummets when you go BR.

hopefulfooluk

Bankruptcy must NEVER be used as an 'alternative' - if there is NO alternative it is an escape route but not one that should be used if there are any other options available.

You shouldn't be wanting any credit after bankruptcy anyway so credit rating is not important.

How tough is tough? You can post some more details up here if you like and we will see if there are better options - also you MUST call CCCS / National Debt Line if you haven't already.

MicheH

Credit score? zilch, nada, nuttin'. Extremely difficult to get credit when BR for around 6 years. BR's have no option and know many many who do not give two hoots about their credit ratings becuse they never want debt again. I also know those who will play the credit agencies game and behave in a 'credit fixing' manor to help them on their way to getting a mortgage etc again after the six years.

Ultimately a judge decides whether you have no option but to go bankrupt. It's not a strategy for dealing with debt it's a process that is heartbreaking and crippling when you relise you absolutely have no other alternative. Seek further advice to see if there are other ways.

dojoman

It goes lower than a snakes belly, as already said BR must be the last option you have as it is very hard once you have gone BR.

movingforward2010

Credit score is crap, but i dont care, better than crying everyday and working for nothing, no sleep and making myself ill. Id choose a low credit score anyday

Doucam

Yup, credit score didn't even come into it with us, ours was getting shot to pieces anyway due to not being able to pay...

lottysmum

Why would you be bothered about your credit score - going bankrupt is the end of all the worry, stress and sleepless nights, it's the last last last option though. Finally, you'll have some money in your pocket that's not already spoken for and if you want to buy something that you can't afford right away then you need to save up rather than resort to credit! Best thing I ever did, I've been discharged for 12 months now and couldn't give a hoot about not being able to get credit!

Mr.Mulla

wxmlad wrote: »

Credit score is crap, but i dont care, better than crying everyday and working for nothing, no sleep and making myself ill. Id choose a low credit score anyday

You've pointed out a good point there. :T Credit score would surely be the last thing on my mind after getting myself stretched to the limit to pay the monthly payables. It is indeed a very difficult situation. Bk would somehow come as a relief from that ordeal but you'll have to kiss your credit rating goodbye.

indebtinsussex

wxmlad wrote: »

Credit score is crap, but i dont care, better than crying everyday and working for nothing, no sleep and making myself ill. Id choose a low credit score anyday

agree with this completely x

DVardysShadow

akapulika wrote: »

I am in a tough fnancial bind right now and am considerng bankruptcy as my alternative to take care of all my debt..... I am just concerned with what will happen to my credit after I file. What happens to credit score after bankruptcy?

https://forums.moneysavingexpert.com/discussion/comment/34106205#Comment_34106205

You mean you don't know?