What is the impact on my credit?

A bankruptcy case is reported on your credit for 10 years. Most people discover that their credit score actually increases after filing bankruptcy, by getting rid of all of the negative accounts. One of the keys to success is having a payment post-bankruptcy that will help build new credit history. Even with an improved credit score, some lenders or loan types may have waiting periods before you can take out a new loan. For a mortgage, there is typically a two to four year wait, while many credit cards and car lenders are prepared to extend credit immediately after your case concludes.