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How badly does a bankruptcy affect my credit score?
I am considering doing this because I am on a fixed income and rent, utilities, and auto insurance have recently gone up. I was paying more than minimum payments on my debts, but now can no longer do that as I have less than $150.00 per month to pay for groceries, gas, etc. for my adult disabled daughter and myself. Besides going to a food pantry for a little assistance (which I am), what else/more can I do to alleviate this situation?
Asked by
califpoppy
1 year ago
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Having maxed out credit cards, but on-time payments my credit score prior to filing for Ch 7 was 530, post discharge it was 632 and now six months later is 692! There is life after Bankruptcy!
GWNorris3rd 1 year ago
Ive been where you are and spent more of my life getting past that.. One thing I have learned is the only way to resolve the situation is AVOID BANKRUPTCY At AT ALL COSTS!!
Filing BK will trash your credit for the next 10 years. NO if's and's or but's. I had no choice because I was being sued for damamges from a car accident that I was involved in, caused by a 3rd party...
It's taken me almost 12 years to fully regain a decent credit score (over 720)...
Having said that one of two things needs to happen, either you need to find ways to lower your debt, or raise your income.. if you can babysit or type or do something to make a few extra bucks then go for it... everything goes into the household fund.
Same thing with the bills... have a car, but, live close to transit? time to sell the car, and start walking... Clear out the garage, sell everything not nailed down on Ebay... Take in a boarder...
Again, every nickle goes into the general household fund... I took on any temp job i could find, and fixed computers on the side. It took me almost 12 years to reclaim my credit, and I will never let myself get back into that hole again.. if i cant pay cash for it. I dont get it.
good luck!
matman1490 1 year ago
My attorney told me that filing bankruptcy does not ruin your credit for 10 years.
zbird 1 year ago
My sister filed 5 years ago and has been able to buy a townhouse and lease a 2011 car!! My husband and I filed 7 years ago and are still hovering in the "poor" credit score rating while her credit rating is 780!!
sadienoah 1 year ago
My scores actually increased after filing about five years ago. My current score is around 740 and I was able to finance a new auto on 0% financing a couple of years ago which I have satisfied in full. I have worked extremely hard increasing my score since my bankruptcy. Each situation is different so you need to do whatever is best for you. You'll find people on both sides but the best thing to do is speak to an attorney and figure out a game plan. You need to look at it as a business decision and take all emotions out of the decision process. I wish you the best.
ppnew 1 year ago