Bankruptcy should only be used as a last resort. It has long standing consequences. If you are in well over your head and have no assets to lose it might be worth getting a free consultation by a trustee.

If you have a job you should consider debt settlement as an option. You can get out of debt in 3 years for less then you owe today, and it does considerably less damage to your credit rating. Get a free quote here: www.totaldebtfreedom.ca

Either way "what about my credit" vs. getting out of debt is a dilemma faced by many. Unfortunately most people are way too focused on their credit.

Read myth #4 here: http://www.totaldebtfreedom.ca/articles/article_3.htm

Most people "get it" after reading this article.

Your credit score will tank for obvious reasons... all of the creditors write off your debts and list them as R9's. R9 means written off or bad debt. This happens even if the creditor writes off a portion of the debt.

The other thing to that will happen is that you'll have a bankruptcy notation on your report. This will warn creditors for 7 years that you declared bankruptcy.

It's a painful situation to say the least.

What happens to credit score after bankruptcy?You can expect your credit score to take a drastic nosedive after you've filed for bankruptcy. Then again, it's a given, because your accounts have already been behind on payment--which is why you're filing in the first place.

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I am in a tough fnancial bind right now and am considerng bankruptcy as my alternative to take care of all my debt..... I am just concerned with what will happen to my credit after I file. What happens to credit score after bankruptcy?