How does declaring Bankruptcy effect my current credit rating?

in Bankruptcy

Cheshire Smile asked:

I know that once you declare bankruptcy you can’t file again for another 7 years, but how does filing affect my overall credit rating? Do already paid off credit cards in my name remain valid or are those accounts closed?

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4 comments

das_coon on March 17, 2009 at 8:13 pm

The accounts may be closed, but even closed accounts show up in your credit history. Open accounts don’t automatically close with a bankruptcy.

However, bankruptcies are a huge negative mark on your credit score. It will drag down your score for the next seven years.
burt on March 19, 2009 at 3:52 pm

I found interesting information about your answer & options here. (this article: Personal Bankruptcy, the myths and facts:) luck!
Damn_ I'm_good on March 19, 2009 at 9:52 pm

you credit rating become ZERO….. and will stay that way well after the bankruptcy is discharged….

The credit card debt becomes part of the bankruptcy.. and the cards get shut down… IMMEDIATELY….
ed m on March 20, 2009 at 7:23 am

if i learned anything about bankruptcy on answers you will need a lawyer so if you are leaning toward taking bk i suggest you get one!!!f