Well, you’ve made the decision to file bankruptcy
and you’re wondering, “Will filing a bankruptcy lower my credit score?” Unfortunately, the
FICO scoring system is proprietary in nature and while the filing of a bankruptcy will
certainly lower your credit score, unfortunately, I can’t tell you how much. But it will definitely
lower the score. It’s an adverse credit event on your credit report. There are some things
you can do after your bankruptcy to help you reestablish and rebuild your credit. The first,
and most important, is after your bankruptcy is over, get a copy of your credit report.
It is impossible to rebuild credit on an inaccurate credit report. The fundamental of rebuilding
your credit requires that your credit report be correct. And after a bankruptcy, that means
that all of your trade creditors are listed with zero balance and having it…and having
been included in your bankruptcy. Once your credit report is correct, you’re on your way
to rebuilding your credit after your bankruptcy and enhancing your credit score. Somebody
who’s good at this should be able to reestablish their credit into a normal reasonable range
in about 24 months. My name is Andy Forman. Good luck with rebuilding your credit after
bankruptcy.