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How Filing for Bankruptcy Affects Credit – Advisory from ISBA

Question: If I file for bankruptcy, how will it affect my future credit? Answer: Most people find it difficult to obtain long-term credit, such as a mortgage, shortly after a bankruptcy has been filed. For other types of credit, experiences vary. Many people can obtain credit on good terms within three years after a bankruptcy, but the bankruptcy itself may remain on your credit report for 10 years. For more information about Illinois law, visit If you have a legal question, send it to Illinois Law Now is a series of newspaper and internet posts prepared by the Illinois State Bar Association that address legal issues of interest to the public. For additional information about the law, visit