if you file bankrupcty what will your credit score drop to and how long will you able to start repairing your credit
Hard telling where they drop to, ours startd in the mid to high 500's, we are now at low 700's between DH and myself and it's been a year and 4 months since bk7 discharge with the help of law firm. and NO it's not Lexington. Over 30+ deletions, several corrections, for both DH and myself, several in dispute, and several in progress, should be clean credit reports in a year or less. Start rebuilding now. If you had any 0 balance accounts when you filed,use them to start showing payment history. Get a secured card, either AmericanPacific wwww. apbank.com, or Orchard, read Credit After Bankruptcy by Stephen Snyder who also has a new book coming out in January on credit repair/rebuilding and spent several days with Fair Isaac to learn the in's and out's of credit and fico scores. Dont' know the name of it yet. He's been thru bk , he knows..... Order your cr's from them directly, start your disputes, read these boards, also creditboards.com. Some start by disputing addresses, names etc., some start with "not mine" wrong account number, depends on what you are after. Hope that helps, it's a frustrating and exciting and saisfying journey albeit, I'd rather have been able to have kept my job, but que sera sera..........
Good advise above my post! I guess you have to determine if you really need to file Bankrutcy. If you are wondering what ballpark figure your score is going to be. Do a FICO score simulator and click in the file bankruptcy option. If your credit is already shot you could probably file BK and have your scores above what they are now within a year. The debt would be gone off of your reports and you could rebuild and repair. Filing bankruptcy should always be a last option but it might be your best one.
Use the FICO score emulator and try the "file bankruptcy" option. You will find it will drop to the 400-500 range. I don't know my scores immediately after my Ch7 but as of May, about 2 years later, they're documented in my sig. You can start immediately doing work. If you're debating BK, remember it's very, very hard to remove that black mark before 10 years passes. I am 2.5 years post BK and have great scores (for a BK and still get turned down routinely.
