Will filing for bankruptcy affect my credit?

Your credit will suffer some damage, but the good news is, not more than it’s already suffered, because the problem is, once you’re behind three months or more on a credit card, your credit is already damaged equal to what a bankruptcy would be. And even if you did some type of credit counseling, what they don’t tell you is, they have also damaged your credit. So what I tell people, is think of bankruptcy as a wall on your credit. It’s a big black mark but then the next day after you file it, you begin improving that, and the real thing is to stay current on everything, with your house, your car, all the things, your utility bills. And as long as you keep doing that, you will rebuild your credit much quicker than you think you will. Yes, it stays on your credit report for 10 years, but that doesn’t mean you have no credit for 10. Just like anything, the further you get away from it, the easier it is to get new credit.