How long will filing for bankruptcy impact my credit rating?

How long will filing for bankruptcy impact my credit rating?

Janet Bodnar (Deputy Editor, Kiplinger’s Personal Finance) gives expert video advice on: Who is eligible to file for personal bankruptcy?; How do I file for bankruptcy?; How long will filing for bankruptcy impact my credit rating? and more...

Technically filing for bankruptcy stays on your credit report for 10 years. It is a black mark. It does stay on your credit report. The people who have filed for bankruptcy can very often get credit far before the 10-year period expires. Now, that's a good thing but on the other hand you're certainly not going to get the best rates on your credit. Bankruptcy still is a black mark because it doesn't really look all that good. You may be able to get a credit card, but you're not going to be paying prime rates. You're going to be paying very high rates and it may be more difficult to get other types of loans, like a mortgage for example. Those lenders may be more picky than the credit card issuers are. So bankruptcy is something you should try to avoid even though you probably will be able to get some form of credit before the 10 years expires.