Will Chapter 7 Bankruptcy Lower My Credit Score?
Yes, chapter 7 bankruptcy will lower your credit score. However, the exact amount your score will drop depends on a number of factors, including your current credit score and how much debt you have. Chapter 7 bankruptcy can also stay on your credit report for up to 10 years, which can make it difficult to get approved for new lines of credit.
If you're considering filing for chapter 7 bankruptcy, you're probably wondering how it will impact your credit score. While there's no denying that bankruptcy will have a negative effect on your score, the good news is that it's not permanent. In fact, many people are able to rebuild their credit and eventually qualify for new lines of credit after going through bankruptcy.
Of course, the exact impact of chapter 7 bankruptcy on your credit score will depend on a number of factors.
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