How does declaring Bankruptcy effect my current credit rating?

[Cheshire Smile]

I know that once you declare bankruptcy you can't file again for another 7 years, but how does filing affect my overall credit rating? Do already paid off credit cards in my name remain valid or are those accounts closed? ------

[das_coon]

The accounts may be closed, but even closed accounts show up in your credit history. Open accounts don't automatically close with a bankruptcy.However, bankruptcies are a huge negative mark on your credit score. It will drag down your score for the next seven years. ------

[NarcisaPilvi]

A Bankruptcy Filing and Discharge cannot be removed from the credit bureaus. It takes 10 years for the BK to drop off your credit report.

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