How will bankruptcy effect my credit?

The truth is, filing for bankruptcy can stay on your credit report for up to 10 years (though it’s usually seven for Chapter 13). But, this is not necessarily a strict barrier against gaining credit again; credit card issuers know that - after you file for Chapter 7 protection - that you have no debt, and you can’t file for bankruptcy for six years, so you’re often an ideal candidate to receive more credit cards. Acquiring a mortgage or a car loan, on the other hand, may be much more difficult to secure; but if you’re in a position in which you are considering bankruptcy, a home mortgage may be seven to 10 years away anyway. Finally, probably the most common difficulty after filing for bankruptcy is finding a landlord who will approve your application; in those cases, cosigners, advanced payments, and roommates may be necessary. You can find more information in our rebuilding credit section.