During the time Christensen was counseling bankruptcy filers in regard to their credit, he had a client who had filed at least one annual bankruptcy petition for the past six to seven years. While he was reviewing her file and bankruptcy filings, he discovered that the woman had filed eight to nine times during that period and most of those filings had been rejected for not completing the process.
Although a Chapter 7 petition can only be filed every eight years, Chapter 13 filings, on the other hand, have even fewer issues and even the ones that haven’t been finalized can affect your credit score. “It ain’t pretty,” Christensen warns. “A bankruptcy will typically drop your credit score 30% to 35%. With credit scores ranging from 300 to 850, if you’re in the 800s, you’ll lose 150 to 170 points for filing.”
One single bankruptcy can drop an average person credit score to 500s. Christensen’s client had a score in the 300s!
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