The decision to file for bankruptcy is often the culmination of stress and uncertainty. The prospect of rebuilding credit is a concern that many filers don't fully process until they need to take out a loan.
When you file for bankruptcy, your credit score can drop between 75 and 200 points. So what does that mean for the rebuilding process?
Bankruptcy allows consumers a way out of debt, but it’s important to remember that there are repercussions that can ruin people’s credit as well as put consumers at risk of losing their property.
Bankruptcy will, without a debt, be picked up by the major credit reporting agencies and will have a significant impact on your credit score.