Bankruptcy & Your Credit

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Make no mistake, having a bankruptcy on your credit report will have a serious negative effect on your credit score. According to Fair Isaac (the company behind the "FICO" credit score), a bankruptcy will have a substantial negative effect on your credit score, but there are many other factors to consider. For example, if your credit history is spotless, the effect will be much more dramatic than if you already have a poor credit score.

Most people considering bankruptcy already have missed payments, over-extensions of credit and other items on their credit report that bring a FICO score down. For these people, a bankruptcy may not be such a bad thing because their access to credit is already very limited, and relief from existing debt may outweigh any loss of borrowing ability.

Browse through the articles and questions below to learn more.

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