There is no clear answer to this question.  Unfortunately, if you are behind on your bills, your credit may already be bad.  Bankruptcy will probably not make things any worse. In fact, it is not uncommon for our clients to see that their credit score has actually increased.

The fact that you’ve filed a bankruptcy can appear on your credit record for ten years from the date your case was filed.  But because bankruptcy wipes out your old debts, you are likely to be in a better position to pay your current bills, and you may be able to get new credit.

If you decide to file bankruptcy, remember that debts discharged in your bankruptcy should be listed on your credit report as having a zero balance, meaning you do not own anything on the debt.  Debts incorrectly reported as having a balance owed will negatively affect your credit score and make it more difficult or costly to get credit.  You should check your credit report after your bankruptcy discharge and file a dispute with credit reporting agencies if this information is not correct.

Schedule a Free Consultation

We understand that the thought of filing for bankruptcy is a scary prospect for many people and you’re worried about the long-term consequences. Call our Toledo bankruptcy attorneys to schedule a free, no obligation consultation. We’ll walk you through your options so that you can make the best choice for you and your family.