How will bankruptcy shape my credit score?

There is little doubt that bankruptcy will reflect negatively on your credit score.  However, most people that are considering bankruptcy already have a poor credit score, because of missed payments, being over extended, judgments, and other negative items on your credit report.

Typically, soon after filing bankruptcy you are able to get a small unsecured loan such as a credit card with a high interest rate and a low limit. In some cases a bank will ask you for a deposit, this is called a secured credit card.

Most people fully recover their credit score in 2 - 3 years and most banks at this point will consider mortgage lending.

Every credit score is different, please feel free to call and talk about yours.