How does declaring Bankruptcy effect my current credit rating?
Cheshire Smile asked:
I know that once you declare bankruptcy you can’t file again for another 7 years, but how does filing affect my overall credit rating? Do already paid off credit cards in my name remain valid or are those accounts closed?
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I know that once you declare bankruptcy you can’t file again for another 7 years, but how does filing affect my overall credit rating? Do already paid off credit cards in my name remain valid or are those accounts closed?
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Comments (4)
The accounts may be closed, but even closed accounts show up in your credit history. Open accounts don’t automatically close with a bankruptcy.
However, bankruptcies are a huge negative mark on your credit score. It will drag down your score for the next seven years.
I found interesting information about your answer & options here. (this article: Personal Bankruptcy, the myths and facts:) luck!
you credit rating become ZERO….. and will stay that way well after the bankruptcy is discharged….
The credit card debt becomes part of the bankruptcy.. and the cards get shut down… IMMEDIATELY….
if i learned anything about bankruptcy on answers you will need a lawyer so if you are leaning toward taking bk i suggest you get one!!!f