Will filing bankruptcy affect my credit rating?

Filing bankruptcy can have a significant impact on your credit rating. It will generally result in a significant drop in your credit score, making it more difficult for you to obtain credit in the future. The record of your bankruptcy filing will stay on your credit report for up to ten years, which can make it difficult to get approved for loans, credit cards, or even rent an apartment. However, it is important to note that the impact on your credit rating can vary depending on your individual circumstances. Taking steps to rebuild your credit after bankruptcy, such as making timely payments and responsibly managing your finances, can help improve your credit score over time. It is recommended to reach out to a credit counselor or financial advisor for guidance on how to rebuild your creditworthiness post-bankruptcy.