What will filing bankruptcy do to my credit?

This is a very complicated question with a relatively simple answer.  The first consideration is where is your credit at the time of filing?  If you are the kind of person who made minimum payments on all your debt for years and years and years and just had balances pile up on them and have a very good credit rating, bankruptcy will be a significant hit to your credit.  But that’s often not the case with people who are considering bankruptcy.  In fact, if you are considering filing bankruptcy, there’s a good chance that your credit is already not that great.
So while your credit might take a half step back, you will be able to move forward in a more positive direction by filing bankruptcy.  And in the long run, and this is the most important point, in the long run your credit is going to be much better because until you clear up all your credit, you are not going to be able to rebuild.  We offer a lot of education in our firm in order to help you rebuild your credit because we only want you as a client once.  We don’t want to just get you out of debt; we want to keep you out of debt, too.