Bankruptcy...have you filed and how's your credit now?

Question

I have bad credit due to a tragedy that happened in my life 5 years ago. My credit score is around 500. I am now thinking I should just file bankruptcy (chapter 7) since my credit is ruined anyway. Most of the items on my credit report are charged off. Am I going to be better off filing bankruptcy? How long will it take to improve my credit after bankruptcy? There is no way to pay these debts.

Answer 1

It stays on your credit report for 7 years but about 90 days after you file you will start getting credit card offers in the mail and your score will start improving as soon as you establish more credit. Your bankruptcy will be discharged after 90 days so that helps.