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Q.If I file for bankruptcy how will my credit be affected?
A.The answer depends on your credit status before filing for bankruptcy. Most bankruptcy petitioners already suffer from a low FICO score, or credit rating, because of the negative information on their credit report and therefore filing for bankruptcy and clearing all of the bad debt may actually improve their credit score. On the other hand, if your credit is good or near perfect, bankruptcy will have a negative affect on your credit rating.
A bankruptcy notation will remain on your credit report for between seven and ten years.
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