Filing for bankruptcy can have a significant impact on your credit score, and it will likely lower your credit score. The exact impact will depend on a variety of factors, including your current credit score, the amount of debt you are discharging, and whether you have any late payments or collections on your credit report.
A Chapter 7 bankruptcy will remain on your credit report for up to ten years, while a Chapter 13 bankruptcy will remain on your credit report for up to seven years. During this time, it may be difficult to obtain new credit or loans, and the credit that is available to you may come with higher interest rates and fees.
However, it is important to note that bankruptcy can also provide a fresh start and allow you to rebuild your credit over time. Working with a bankruptcy attorney and following responsible financial practices can help you begin to rebuild your credit and move forward from your financial difficulties.