bankruptcy score
Once a person files for bankruptcy, is there a “standard” score deducted from your overall credit score?
I am trying to find out whether there is a set formula or score that credit bureaus automatically deduct from a credit score when a person files for bankruptcy. If so, what is the point value that’s deducted?
Thanks for the responses. I actually filed for bankruptcy 10 years ago. The bankruptcy report will be removed from my credit file next month. My credit score is presently 700. I was curious as to how many points my FICO score would increase.
There is not a standard deduction of a credit score when you enter into bankruptcy. But rest assured, it definitely hurts your score. Bankruptcy tells potential creditors that you failed to pay bills, which means it’s the most damaging event to happen in your credit life. So you can still imagine something like at least 100 points reduced from your current score, just to give you an idea. But remember, your credit report will reflect a bankruptcy for 7 to 10 years, depending on what you file. So, if there is any way you can avoid bankruptcy, do it. Promise to make payments, sell off your assets to pay balances, whatever.
Good luck.
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