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00:00:01 How does filing for bankruptcy affect your credit score? So, when you file a bankruptcy, everything that’s on your credit report typically is is just removed. It’s washed clean like it never happened. The fact that you file the bankruptcy then stays on your credit for up to seven years. Uh things that you keep in a chapter 7 like a car or a house, debts that you reaffirm on will typically start to report after the bankruptcy is over with. Same thing in a chapter 13. Once the bankruptcy is over,
00:00:29 you know, a mortgage that you keep or a vehicle will then continue to report on your credit. If your credit score is low when you file bankruptcy, like if it’s got a, you know, some negative marks on it and it’s, you know, a low score, maybe it’s in the 500s, typically once you file the bankruptcy, you’ll see that credit score boost up, you know, somewhere around 100 points, give or take. If your credit score is high, you know, it’s in the 700s, it might drop after filing bankruptcy.