Once a person files for bankruptcy, is there a "standard" score deducted from your overall

I am trying to find out whether there is a set formula or score that credit bureaus automatically deduct from a credit score when a person files for bankruptcy. If so, what is the point value that%26#039;s deducted?

Once a person files for bankruptcy, is there a %26quot;standard%26quot; score deducted from your overall credit score?

Ya, all of them jk don%26#039;t really know.

Once a person files for bankruptcy, is there a %26quot;standard%26quot; score deducted from your overall credit score?

A bankruptsy deals only with your debt. It does not give you good or even better credit.

Your credit score is based on how you pay your creditors.

If you owe HBC $5000 and have a lot of slow pays before filing bankruptsy it shows on there. That is not removed by the bankruptsy.

The whole purpose of a credit report is to let people who give credit an idea of what kind of risk you are. Filing for bankruptsy don%26#039;t make you a good risk and your report is going to show that. Like it should.

Once a person files for bankruptcy, is there a %26quot;standard%26quot; score deducted from your overall credit score?

There is not a standard deduction of a credit score when you enter into bankruptcy. But rest assured, it definitely hurts your score. Bankruptcy tells potential creditors that you failed to pay bills, which means it%26#039;s the most damaging event to happen in your credit life. So you can still imagine something like at least 100 points reduced from your current score, just to give you an idea. But remember, your credit report will reflect a bankruptcy for 7 to 10 years, depending on what you file. So, if there is any way you can avoid bankruptcy, do it. Promise to make payments, sell off your assets to pay balances, whatever.

Good luck.

Once a person files for bankruptcy, is there a %26quot;standard%26quot; score deducted from your overall credit score?

You are assuming that anyone cares about your score. Most creditors will see bankruptcy and stop there.

Once a person files for bankruptcy, is there a %26quot;standard%26quot; score deducted from your overall credit score?

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Once a person files for bankruptcy, is there a %26quot;standard%26quot; score deducted from your overall credit score?

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