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What Happens to My Credit Rating if I Go Bankrupt?

What Happens to My Credit Rating if I Go Bankrupt?

What happens to your credit score after bankruptcy depends on many factors, including the state of your credit score before you filed for bankruptcy.

In most instances your credit score will already have been affected prior to your filing a bankruptcy, as you would either have been making partial payments or missed payments altogether. If your credit score was a 5 (where 1 is perfect) and you file a bankruptcy, your score will drop to a 9.


Related articles:

  • Your Credit Score In (and Out) of Bankruptcy
  • Is the Credit Rating Overrated?


At 55 years old, to say that I was reluctant to engage any debt relief program or credit renewal service, would be a significant understatement. The thought of conceding to myself and others that I could not make it on my own, was both embarrassing and a personal admission of failure. I had even made an appointment and cancelled hours before, out of anxiety.

A close friend finally persuaded me that a consumer proposal was the only solution. On the second scheduled meeting, I proceed with the arrangements.

I was treated with complete dignity and professionalism. I was educated on what options were available and admittedly, required the details repeated, as the subject matter was not familiar.

The same level of respect continued when I was introduced to Noah Litwack. He helped with finalizing the details and subsequent follow up questions. In these days of voice mail queues, call vetting and predictable information delays, his ability to answer incoming calls and provide prompt response, is both unconventional and genuinely appreciated.

This note is a brief summary of the my experience, but speaks volumes regarding how anyone in similar financially grim circumstances, would want to be treated.

In my case, 18 months ago, I had $15. left over after my biweekly bills were paid and zero credit. I now have a Secured Credit Card and the ability to set realistic future goals, which include condo ownership.



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